See Also
What Is a Bank Statement: Definition, Benefits, and RequirementsCan Your Spouse Access Your Bank Account? | MoneyLionCan the bank require me to provide my Social Security number?Why Is My Bank Account Frozen?Have you ever wondered why bank tellers often ask questions about your transaction? They are doing it for very good reasons! An important part of the teller's job is to protect customers by watching for potential fraud.
See Also
447. Customer Consent and Authorization for Access to Financial Records—ATTACHMENT to Form DOJ-462Some transactions may require verification of identification, which is a government regulation. Others may require the teller to place a hold on the funds to help manage risk to the customer and to the bank.
Possible examples of transactions that might prompt questions from a teller include:
- Transactions (deposits AND withdrawals) involving an unusually large amount of cash.
- Large dollar deposits to typically lower balance accounts.
- Transactions on new accounts with little history to evaluate.
- Checks drawn on unfamiliar entities or institutions.
