The noose is tightening \ stacker news ~security

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1155 sats \ 26 comments \ @siggy47 21h security

I still do some legal work for old clients here and there, so I needed to deposit a check into my business account. I have had this account for more than thirty years. Lately I have not been able to make deposits through the app for some reason, so I actually walked into the branch of the bank, which is a major US commercial bank.

I handed the check to the teller, who was very nice. She asked me to enter my debit card to confirm the account info. I have needed to do this for years. We chatted while she waited for the computer to acknowledge the deposit, then she looked puzzled and told me they couldn't accept my check deposit without government issued ID such as a driver's license. Then, on her own, she called the manager over and asked why she needed my driver's license to deposit a check? She said it had just started happening today, and it was weird. The manager explained that this was now bank policy.

Of course I needed to deposit the check, so I had no practical choice but to comply.

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91 sats \ 5 replies \ @WeAreAllSatoshi 21h

Fuckers

Next time I deposit a check that’s large enough to ask what it’s for, I’m going to give some ridiculous answer like penile implants or hosting orgies.

I know this isn’t quite related, but I’ve been asked about large deposits before and im just like, fuck you it isn’t your business

86 sats \ 1 reply \ @SpaceHodler 19h

I was sending some Good Boy Points from my bank account to an exchange to buy corn. They asked me what it was for. I refused to answer, because I thought it was none of their business. They blocked the transfer and told me "Call us back when you change your mind."

Later that day I walked into a branch and the same conversation repeated. Eventually I told them it was for "drugs and hookers" and they let it through.

36 sats \ 0 replies \ @WeAreAllSatoshi 19h

Yep that sounds about right.

61 sats \ 1 reply \ @siggy47 OP 21h

Good point. It didn't occur to me since I don't have any employees anymore.

36 sats \ 0 replies \ @WeAreAllSatoshi 21h

It's probably less relevant for people who are depositing checks from their employer. IIRC mine was an inheritance from a recently deceased family member, so not my normal cash flow.

86 sats \ 0 replies \ @guerratotal 20h

jajjajajjajajja.......I've been here laughing at this for 5 minutes......!!!

36 sats \ 1 reply \ @Jer 15h

I took my grannie to one of the big Canadian banks (CIBC) two months ago. No spot for debit cards anymore: license-only. She’s 96 and gave her license up. Not that I mind, but now I’m getting her cash from my bank and cashing her cheques to repay me. Just ridiculous.

32 sats \ 0 replies \ @siggy47 OP 15h

It really is. I'm ashamed to say I often comply for convenience sake.

36 sats \ 1 reply \ @0xbitcoiner 21h

The manager explained that this was now bank policy.

That's what I call going completely overboard (In Portuguese we say, to be more Catholic than the Pope). If this isn't a state or federal mandate, then why even have a policy like this? I don't think it's a good thing for the bank, but I also don't think it's a huge problem.

78 sats \ 0 replies \ @justin_shocknet 19h

If this isn't a state or federal mandate, then why even have a policy like this?

Trust breakdown, too many exploits depositing bad checks then drafting before it's had time to return

Historically there were holds on deposits, but returns still cost the bank in aggregate given the factoring... This probably simplifies fee generation elsewhere

Banks are rational actors in an irrational system

72 sats \ 0 replies \ @BlokchainB 20h

It’s all over

36 sats \ 3 replies \ @Undisciplined 21h

Time to make those old clients pay in bitcoin, bullion, or cash.

42 sats \ 1 reply \ @SimpleStacker 21h

You assume they weren't already :D

30 sats \ 0 replies \ @Undisciplined 21h

Clearly some weren’t, at least not in full

42 sats \ 0 replies \ @siggy47 OP 21h

Believe me. I tried everything😀

36 sats \ 0 replies \ @td 19h

Nuts. Who PMs this kind of thing? Where is their office? Is it just the banality of evil?

36 sats \ 0 replies \ @SatAttack 19h

Ugh this gives me shivers. Moreso than a recent terrible banking experience I had. I try to use my bank as little as possible and hold as little cash in there as possible. But my checking account is used to pay ever bill and credit card statement. It's a volatile account balance.

I went to play poker at my local casino last week and took the bus/train to do so. When I got there, I realized I had forgotten my damn cash at home but no big deal because I had $800 in my checking at the time and I could withdraw $600 which would be plenty for the days playing. Everything at the ATM went smoothly right up until the very end when it canceled my transaction for reasons I still do not know (or care). I tried once more and then got an insufficient funds error (and fee) so when I used my mobile to check my balance, I saw that I had been credited the $600 from the initial transaction. I called the bank and all they could tell me was "yes it was canceled, and your money will be refunded in two business days". Well, this was Friday evening so two business days was Tuesday! There was nothing I could do now except get back on the train and go home. Fiat and banks are so frustrating.

I almost wrote a sob post about this event, but it never happened so I'm telling the story here. Even though you had seemingly less inconvenience in your situation I really can't help but shudder to think you now need an ID to even deposit! That is so much worse than a random ATM error or perhaps my bank "protecting me" from a casino ATM withdrawal which in their defense almost never happens. I prefer to manage my own cash. This stuff really baffles me when people can't grasp at least this particular why of bitcoin. Do they not desire control?

36 sats \ 1 reply \ @Coinsreporter 19h

For a deposit of cash 50k INR (about $600) or more in a savings account, it's mandatory to show your identity card and the bankers may ask you for the reason. But for electronic or cheque transfers, or depositing cash into business account is way easier in India.

Why did they ask for the id? Did they not already have your id? I don't get it. How can someone do the fraud by depositing a cheque? Did they give you any reasons apart from policy change?

0 sats \ 0 replies \ @siggy47 OP 19h

It was unnecessary. Even the employees seemed confused. I really think it's simply a conditioning thing. They are getting us to accept the intrusion as normal.

46 sats \ 0 replies \ @Solomonsatoshi 20h

Banking and military-policing power systems are very closely aligned.

57 sats \ 0 replies \ @Scoresby 20h

It feels like the financial system is completely permissioned. There us no real way to use it without asking permission and agreeing to be surveiled. I've more or less accepted this.

Where I am most worried is that such permissioning is rapidly coming to the internet.

36 sats \ 1 reply \ @jbschirtzinger 21h

Do you have real id on your driver's license?

10 sats \ 0 replies \ @siggy47 OP 20h

I do. That's a good point. I wonder what the reaction would have been if I didn't.

57 sats \ 0 replies \ @Wumbo 21h

Next time you deposit a check ask them how do business with employees deal with this?

If you send your paralegal or assistance down to the bank to deposit the check, does the employee ID get recorded with the check? It is not their money and should be libel for any issues that stem from the check.

46 sats \ 0 replies \ @035736735e 20h

Sounds like you just ran into the latest round of “we’re tightening security” that banks like to roll out without much warning. The irony is you’ve had the same account for decades, they’ve swiped your debit card, they know exactly who you are, and yet suddenly they need a government photo ID to take your deposit.

36 sats \ 0 replies \ @SimpleStacker 21h