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Old 09-27-2010, 02:41 PM   #1
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Best bank that wont hassle over cash deposits?

I am with scotia currently and every time I go to deposit anymore then 1000 (but nothing crazy say 1-5k) in cash they start getting unnecessarily nosey. They usually ask me where i got it from and even ask for proof (which they usually photocopy and put somewhere). It isnt a huge issue because I can always provide said proof, but I feel like its non of their business, what are they revenue canada or something?

Are any of the other banks any better? TD maybe?
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Old 09-27-2010, 02:48 PM   #2
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It's AML, my friend. Anti Money-Laundering. It's regulation now that any deposit over a certain amount has to be questioned. I don't know if ANY bank wouldn't ask you where it's from. Try hsbc...the only reason I say HSBC is because they have very high net worth clients, so they may be less nosey.
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Old 09-27-2010, 03:22 PM   #3
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Unless you have been dealing with your bank for a long time then I'd skip the teller and go with the relationship manager who can also take care of the banking for you. Almost as nice as private banking.

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Old 09-27-2010, 03:34 PM   #4
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500 bucks at a time at the abm... Thats what I have done, haven't been questioned once but sometimes it takes a little while
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Old 09-27-2010, 03:37 PM   #5
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try making one BIG deposit and just say things like Confirmation, birthday, Wedding, Casino etc
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Old 09-27-2010, 03:46 PM   #6
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fintrac wants to know, you'll have the same experience at other banks.
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Old 09-27-2010, 04:08 PM   #7
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BMO has been pretty good so far

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Old 09-27-2010, 09:48 PM   #8
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It's only required for 10k+ deposits. If they hassle you for $1-5k tell them to shove it. Now if you make these on a regular and frequent basis, that's then yes they will ask.
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Old 09-27-2010, 10:47 PM   #9
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You gotta keep the drug money in Swiss accounts, dont you watch any movies! If its legit $$$, and you have proof, there is no problem unless you are keeping something from the tax man!
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Old 09-27-2010, 10:48 PM   #10
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according to FINTRAC's website, they're only concerned with a single deposit or combination of deposits totalling >$10K in a 24 hour period. Kinda sounds like someone at your bank taking things a little too seriously. I usually make cash deposits to my Visa at the ABM and just take it back off if I need it somewhere else, but it only works if you're always carrying a balance. I've never had a problem or been asked anything.
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Old 09-27-2010, 11:01 PM   #11
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They are busting your balls for 1000? Switch banks or use the ABM.
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Old 09-27-2010, 11:22 PM   #12
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Im with CIBC; deposited >$1000 cash many times with no questions asked... And I'm a young guy too! they probably think I am selling drugs haha.
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Old 09-28-2010, 12:54 AM   #13
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Go with BMO, AML and suspicious activity rpts only look at the transaction above 10k. Anything less, dont matter.
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Old 09-28-2010, 09:20 AM   #14
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they're just bored and nosy. One time I bought a watch on a whim and didn't have enough time to call ahead and ask them to prepare the money for me, so I went to a different branch (more convenient) than my usual one, right when they opened up in the morning. I figured they'd be more willing to part with the money early in the morning than later on in the day once they've had more withdrawals... the elderly lady started asking me all these questions, like what do you want 5k cash for, take a certified cheque its safer, are you sure you know what you are doing, bla bla bla. I was tempted to say it's my money mind your own business
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Old 09-28-2010, 09:31 AM   #15
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Originally Posted by Blades View Post
try making one BIG deposit and just say things like Confirmation, birthday, Wedding, Casino etc
Doesn't matter. I got in a huge scrap with Scotia over this. They would NOT let me deposit $5,000 cash. As in manager came over and everything to argue and they wanted to know where I got it etc...

I told them look, just because I'm not broke ass like the rest of you clients doesn't mean your not accepting my money. I also explained I have $2500 cashback (instant deposit of any monetary source) SO I peeled off $2500 and he still would't take it becasue he said "I saw you come in with $5000"

So I told them both to suck a dick and promptly depostied $2500 in the ABM and another $2500 at 12:01am. A complaint was loogged to the ombudsman but never heard back, no suprise there.
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