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Wells Fargo & Company Message Board

  • crazy1090631 crazy1090631 Dec 7, 2010 9:27 PM Flag

    I wrote my son's fiance a check for

    a lousy two grand so she could pick up a few silver coins for me when she makes her weekly trip to the coin shop. She has 8 grand in her account. She wanted cash and the teller acted like she was a criminal They needed to sit her down at a managers desk where the manager said "Why do you need this big amount of cash"? My future daughter in-law told her "to buy coins, but frankly it is none of your business, it is my money".

    Wake up people, the fiat currencies are about to crash.

    Got gold?

    What a joke, WFC is bankrupt company. Ask how the derivatives are carried on the balance sheet.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I thought your son had a male friend. A lady is a fiancee not a fiance.

    • Crazy,
      Having just completed the "money laundering and terrorist financing" annual education course at another institution and thinking back to the same type of course taken at Wachovia both before and after its merger with Wells, it is obvious to me why they were questioning her. Large cash payments, and $2000 is a relatively large amount, particularly when it may be taken in aggregate with many other such withdrawals, is potentially an AML situation and the banks are not in "cohoots" with the government, merely meeting the legal requirements placed on them. One has only to read back a few months on this board to find how Wachovia was branded as assisting drug dealers for supporting similar small dollar transactions involving money transfers to Mexico, each of which in isolation would seem innocent. It was fined and Wells had to commit to instituting a rigorous AML program.

      Additionally, why does the "coin dealer" have to have cash instead of accepting check, debit/credit card or official check? Cash transactions invariably have a high probability of illegality and/or tax avoidance.

      Or is your story totally made up and just another fantasy experience used to bash Wells?
      LOTW

      • 2 Replies to lastofthewachovians
      • Gallup calls within 48 hours of taking $500 cash out of the bank to ask how the service was...banks won't even let you cash a check from a insurance or utility company...they require that you deposit it first...lol...watch them make you deposit a refund check from the IRS before you can get cash on it...plenty of fake checks and $100 bills out there...

      • Currency Transaction Reporting was started as a result of the 80's war on drugs. Remember Tony Montana and the suitcases full of money deposited in Florida banks? Many banks got into trouble for large transactions of cash that could be traced to less than legit customers including money going to the mid east funding people that were killing Americans. As I recall, a screen automatically comes up at a certain cash transaction threshold. The threshold would change over time so the bad guys couldn't game the system (eg $4,999.00 on a $5,000.00 limit).

        Why do you care if what you were doing was legit?

        http://en.wikipedia.org/wiki/Currency_transaction_report

    • drivatives are carried on the balance sheet mark to market to the best of Wells Fargo' ability.

      The number one "Financial Reform" that Obama drew the line in the sand on, was that derivatives were to have transparency and to be traded on an exchange, thus banks have no excuse on not knowing the approx value of what is on their balance sheet.

      Judging by your post you believe me to be wrong. With all sincerity please correct me if I am wrong, thanks in advance.

    • Maybe they thought she was a HOOKER and were just checking that she didn't steal money from her JOHN.

    • by the way, since when is 2 grand a lot of money?

      • 1 Reply to crazy1090631
      • Yeah Crazy and the other side of the coin is that when I was running a market, I got a number of calls after the fact thanking me for the actions of my staff when they sat regular customers down and questioned them about out of the ordinary withdrawls.......scams, ponzu schemes, etc.

        If they refused to give her the money, that'd be one thing and warrant your tirade. But for caring enough to make absolutely sure she knew what she was doing without any duress involved.....which I suspect is the case here, the last thing I'd be doing is bashing the company.

        I'm thinking you're either overly naive or just a bit too redneck. Try thinking outside of your own little box before you post negative stuff. Secindly, your reaction seems to be based 100% on hearsay, albeit from a trusted relative of yours I'm sure.

        LG99

 
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