Many people (older people, especially) are falling for email or phone scams. In these scams, the victim is told that he owes the IRS money. Or maybe a relative is in jail, and needs to be bailed out. There are dozens of variations.
The victim is directed to go to his bank, and withdraw a large amount of money. Use the money to by gift cards, then give the card codes to the scammer.
It sounds crazy, but people fall for this. Every day people fall for this.
So perhaps banks want to know about a large withdrawal for nefarious purposes. Or maybe they’re trying to stop a customer from being scammed.
Ri-ight!
"The reason I'm withdrawing money? I want to make a donation to the 'Re-elect President Trump' fund!"
"Sorry, we believe that you are being scammed and/or are suffering a brain aneurysm and have therefore blocked your account!"
Regards,
“So perhaps banks want to know about a large withdrawal for nefarious purposes. Or maybe they’re trying to stop a customer from being scammed.”
It is for nefarious purposes under the guise of “for your own good”.
If one of my relatives were in jail, too bad.
It is not the bank’s job to protect us from scams. They are to hold my money and give it to me when I ask for it.