General Discussion

radius777

(3,921 posts)

47. Know Your Customer laws

Fri Apr 4, 2025, 12:59 AM

Apr 4

were put in place in recent years to protect people and banks from scams, which are rampant. As a result banks scrutinize transactions in a way that they did not previously. The tellers ask more questions, and the computers use AI to detect suspicious transactions.

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MichMan

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My sister bought a Chevy Blazer today. [View all] BlueKota Apr 3 OP

i thought new car prices were gonna plunge thanks to tariffs....lol nt msongs Apr 3 #1

Nope and the used ones BlueKota Apr 3 #11

Depends on who you're listening to. dchill Apr 3 #12

And gas was going to be $1/gallon, and... COL Mustard Apr 3 #26

First I ever heard of give a car dealer a SS number. Historic NY Apr 3 #2

Yes. underpants Apr 3 #5

I will not be financing so they will never get mine at a car dealer 😁 Meowmee Apr 3 #7

As long as you... Chemical Bill Apr 3 #25

Yes probably but they don't have my bank accounts because Meowmee Apr 3 #44

My friend mailed a paper check to the IRS last week central scrutinizer Apr 4 #48

Yes me too Meowmee Apr 4 #50

We opened a separate account for direct deposits. n/t Chemical Bill Apr 4 #53

That is what we will do and not attached to the other accounts. Meowmee Apr 4 #54

I think you also have to give it when checks BlueKota Apr 3 #8

You are correct dflprincess Apr 3 #16

They also need it for certain cash or cash and check transactions. For IRS reporting Hassin Bin Sober Apr 4 #52

They required mine when I paid cash for a car iemanja Apr 3 #34

I would have told him no on the SS. Take it or leave it. Bengus81 Apr 3 #3

I agree. It's ridiculous. About a month ago, I went to my bank... Mark.b2 Apr 3 #10

Heh, over $10k means exactly $10k is under the limit. eggplant Apr 3 #18

Dang! I could have gotten one more dollar. Mark.b2 Apr 3 #20

Not sure, but DENVERPOPS Apr 3 #31

They are definitely supposed to report people who try to skirt the rules. eggplant Apr 3 #32

Drug dealers Magilla Apr 3 #38

As I understand it, the $10k limit for withdrawl was a bank policy to protect... Mark.b2 Apr 3 #36

The Bank Secrecy Act Cirsium Apr 4 #51

Years ago Magilla Apr 3 #37

Still probably was reported to the IRS even though it was $9,999 MichMan Apr 3 #29

I was just an old man wanting to buy a new tractor... Mark.b2 Apr 3 #39

You showed her ! MichMan Apr 3 #41

Good to know. Thanks! Mark.b2 Apr 3 #42

What's funny is that we live in a rural area, so people buying tractors happens regularly. MichMan Apr 3 #43

So what does the bank do if they say a celebrity needs money, refuse to give them their own money? Meowmee Apr 4 #45

They counsel them that they are being scammed, but can't ultimately refuse them MichMan Apr 4 #46

That's been the law for ages. iemanja Apr 3 #35

Know Your Customer laws radius777 Apr 4 #47

I've never had any issues with my credit union central scrutinizer Apr 4 #49

It's permeating underpants Apr 3 #4

Definitely BlueKota Apr 3 #15

Yep, wish I had bought my car in September before the election or even January before Meowmee Apr 3 #6

It just sucks that we are all going to pay because BlueKota Apr 3 #14

Really glad your sis got in under the wire. Funny about the salesman & his coffee! Hekate Apr 3 #9

Thank you. She's been really nervous about it. BlueKota Apr 3 #13

Thine GM should be an EV. the Equinox / EUV wow. swampthingdc Apr 3 #17

Welcome to DU ... aggiesal Apr 3 #23

It used to say NOT FOR IDENTIFICATION on the Emile Apr 3 #19

I'm not giving my social security number to buy a car. That is all n/t aggiesal Apr 3 #21

Chevy Blazer is made in Mexico and China of Chinese parts IronLionZion Apr 3 #22

The Traverse was what she just traded in. BlueKota Apr 3 #33

Gonna be a least a decade before I look at cars. roamer65 Apr 3 #24

Got my Chevy Trax DownriverDem Apr 3 #27

If there were tariffs coming, it would have been made in South Korea MichMan Apr 3 #30

That's reality folks. OAITW r.2.0 Apr 3 #28

The only people who need your SSN is your work and the IRS. Mosby Apr 3 #40