The government requires banks to do some of these things. Not just to prevent fraud, but to prevent money laundering, funding terrorists, giving money to entities controlled by sanctioned countries and other criminal activity.
If you don't understand any of these issues, the bank's behavior will seem willfully incompetent and spiteful, and raises some of the feelings expressed in the SP. But you won't find it different at "new tech" bank.
> If you don't understand any of these issues, the bank's behavior will seem willfully incompetent and spiteful, and raises some of the feelings expressed in the SP.
Yeah it will. Unless the bank communicated with you or could tell you what's going on, which apparently they are unable to. As this article illustrates perfectly, the problem is exacerbated by how frustratingly difficult it is to find out what's happening or the fact that seemingly no employee of the bank that you can talk to has any idea of what the issue is.
Please back extraordinary claims with evidence. From where I live, there is nothing in the law that says the bank must leave you hanging dry in case they detect fraud. If it’s different elsewhere, I sure would like to see concrete proof of it.
If you make a large cash transaction, the teller is not supposed to tell you they are filing a Currency Transaction Report (CTR). If you ask about the CTR threshold and then change your transaction size, the teller is then obligated to file a Suspicious Activity Report (SAR). Both CTRs and SARs are reported to Treasury.
It's not about fraud, it's about money laundering. They often look like the same thing.
If you don't understand any of these issues, the bank's behavior will seem willfully incompetent and spiteful, and raises some of the feelings expressed in the SP. But you won't find it different at "new tech" bank.