Banking #CashiersCheck #WireTransfer #FraudPrevention
Why Did the Bank Refuse to Write a Cashier’s Check?
Have you ever experienced a situation where your bank refused to write a cashier’s check for you? You’re not alone. Many people, like yourself, have encountered this issue and are left wondering what the best course of action is. In this article, we will delve into the reasons why banks may refuse to issue a cashier’s check and what you can do to address this situation.
Understanding Fraud Prevention Policies
Banks have strict fraud prevention policies in place to protect their customers from falling victim to scams and financial fraud. When you requested a wire transfer and were denied, it was likely due to the bank’s efforts to prevent potential fraudulent activities.
Why the Refusal for a Cashier’s Check?
You may be wondering why the bank refused to issue a cashier’s check for you, especially since it is supposed to be a secure form of payment. In this case, the bank may have deemed the transaction too risky based on the amount involved ($90,000) or the relationship between you and the recipient.
Exploring Your Next Steps
Now that you have been denied a wire transfer and a cashier’s check, what should you do next? One option is to consider opening an account at a different bank and transferring the funds to complete the transaction. This may involve additional steps, but it could be a viable solution if your current bank is unwilling to cooperate.
Is the Bank Being Overcautious?
It’s natural to wonder if the bank is being overly cautious or unfair in refusing to issue a cashier’s check. While it may seem frustrating, banks have strict protocols in place to protect both themselves and their customers from potential risks. It’s important to understand that these policies are in place for a reason and are designed to prevent fraud.
Potential Implications of Writing a Personal Check
If you decide to order checks and write a personal check instead, you may encounter similar challenges. The bank may still block the transaction based on previous interactions and concerns regarding fraud prevention. It’s essential to weigh your options carefully and consider alternative solutions to complete the transaction successfully.
In conclusion, experiencing a bank’s refusal to write a cashier’s check can be frustrating, but it’s essential to understand the reasoning behind their decision. By exploring your options and considering different approaches, you can navigate this situation effectively and ensure the security of your financial transactions.
Great questions to call and ask the bank. Regardless of what anybody says here it doesn’t matter. Whatever the bank wants to do is what matters. So why not go straight to the source?
Ask the bank what they recommend. And if you don’t like their recommendation or any other viable option, take your money and bank elsewhere.
Banks deal with lots of people who are scammed out of their retirement nest eggs because their “grandson” is in trouble in Mexico, or their “new lover” needs a green card to travel to the US, or whatever.
Apparently you’re giving off “I’m sending 90k in apple gift cards to keep the IRS from arresting me” vibes.
They wouldn’t just refuse for no reason, so I’m guessing there’s more to this story. Where’s the money going, what’s it for, who’s it going to, is this a somewhat routine transaction or something you’ve never done before? Have you ever made this type of large transaction? How long have you had available funds in your account?
Bank tellers and all bank staff are trained to watch for fraud/scams because people lose their money and then try to blame the bank.
There are tons of reasons why a bank would refuse. Might be anything from the country the recipient is in. Might be the recipient’s bank. If that’s the case then sending even a regular check will ultimately be blocked.
The bank has to report transactions over 10k. So break it into smaller checks
My bank is the same way. No cashiers checks. Use a wire instead
> Lastly, if I order checks and write this personally will the bank potentially block the transaction based on what’s already transpired?
The liability to the bank for doing this could be HUGE. Wrongful dishonoring a check opens the bank up to all kinds of damages. Meaning if this was money for your relatives to get a house, and it caused the deal to fall through, it could easily run into the mid five figures.
I’m guessing it’s a BSA/AML thing, and you’re likely to get your accounts closed for attempting this multiple times. You’ll get very little information other than “we cannot complete your transaction” and “per your account agreement we reserve the right to close an account at any time”.
You said this is from a private equity sale? Why are you holding funds personally for that? And if I may ask, what is the nationality of you, the recipient, and location of the bank you’re trying to send money to? Do you regularly hold balances of this size?
90k sounds like a lot for them to transact if you don’t have a relationship with the bank. I have not much more than that in the bank and I have a dedicated account manager.
How long have the funds been in the account?
When you say new funds…how new? Banks may hold money until they are absolutely sure the deposit was good. Way too many scams with people getting fake cashiers checks.
They should be able to tell you why. It’s your funds, you could demand cash…as long as they verify those funds are real.
This a small bank? Maybe they don’t know how to handle a transaction this size? I’d change banks if they cant give you reasonable explanation on why you cant reasonably transfer funds.
Yes, you should change banks. They are either being incredibly cautious or worse, already suspect you of fraudulent transactions. In either case you need to leave that bank before they seize your entire account.
A product called Zelle exists to handle these transactions. Ask if they support this to handle the immediate issue.
Long term: change banks. In fact, ask the new bank if they will do these transfers first. Even better, go with a credit union.
There is more to this story that you are not telling us.
I had no problem asking my bank for a cashiers check to buy a brand new car in cash. Didn’t even question me. It’s no one of their business (if any large amount ya were ENTERING the account they probably report it silently to the IRS). I would switch banks.
change banks, then do it yourself online. The recipient may have to wait 10 days to get their money for “fraud protection” but to flat out refuse is absurd. Don’t put up with the nonsense.
You mentioned in a comment it was a business transaction or sale of a business or something like that. What you have been commenting is either missing some information or just doesn’t add up for me. I’m a business owner and can ACH almost any amount of money as long as the account has the funds. It’s part of the service I pay for from my bank. I have never had a need to ACH 90k before. I just pay my subs weekly. Everytime I do I have to go through several layers of authentication and click agree to warnings and terms. Some about availability of transfers over 100k. So if you really are a business owner is this from your business account or your personal account. What you are saying just doesn’t add up. It really does sound like you are being scammed or are hiding money.
I’ll probably get banned by the fiat nerds, but you just made the perfect argument for Bitcoin. Bitcoin fixes this. 3..2..1..
You may find if you have your family member make an account at the same bank the suddenly the transfer becomes possible easily.
I dunno yall, seems fishy to me, and the bank may have thought so too. What parts of the story aren’t being told?