#2257929 - 08/09/21 10:35 PM
Re: Employee Banking
Anonymous
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Anonymous
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About a decade and a half ago, I worked at a financial institution where I also banked.
I was very young, and very dumb. I took out a car loan, and was determined to have it paid off in no time. I think my monthly payment was $105.00. Rather than pay $105.00 all at once, I would make many small payments throughout the month. $5.00 here, $10.00 there, $15.00, whatever. Apparently my excessive amount of payment triggered something on the back end, which got the Fraud Department suspicious. I totally take responsibility for that.
HOWEVER, this "activity" gave the bank a pass to look at every transaction on my account. Where I was shopping, where I was eating, where I was writing checks. I had to sit in a meeting and explain why I was writing checks to this business for this dollar amount, or why I was using my debit card so many times a month at this business. Why was I eating at this restaurant so often? It was a Fking nightmare, and of course my business quickly got around the bank. I put my tail between my legs. If that had happened today, you'd have one big a$$ lawsuit on your hands.
[censored] in my own backyard again, and never bank where I work. And I haven't since.
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#2259525 - 09/10/21 03:21 PM
Re: Employee Banking
Anonymous
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Anonymous
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I bank where I work, but I never use my debit card except for ATMs. So my account history is my payroll, credit card payments, transfers to an online savings account, and ATM withdrawals. Not a lot to scrutinize. Another anon here. The above statement, for me, is a pretty good illustration of why you shouldn't bank where you work. While a person may feel that there is nothing much to scrutinize because they aren't using debit cards (or because they only withdraw cash and never deposit any), the above scenario may actually be of interest to an internal reviewer, depending on volume, amounts, frequency, etc. (As illustrated in the thread, an anon poster questions, "So you pay cash for everything?" and RockChucker pops up with a theory; so if they were your co-workers, yeah, you'd be getting discussed and scrutinized if your account was flagged for review or was subjected to an automatic periodic review merely because you are an employee.) For instance, if a bank employee withdraws $300 in cash once a month, we wouldn't even notice. But if a bank employee visits an ATM once a week, we would notice. We would have internal discussions about it: is so-and-so a gambler? Why all the cash withdrawals? Does he ever deposit any cash, any at all? Why? Does he pay any bills through this account? Why aren't there any "normal" transactions here? Who lives on cash? What doesn't he want his bank to see? What is he buying that he would want to only use cash? etc. It's a very short walk from "This employee's activity is weird" to "We have to file a SAR." Being an employee lowers the SAR threshold to zero, and raises the interest in cash usage considerably. While there might not be a lot to scrutinize, there would be zero to scrutinize if there was no account at the employing bank.
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