A UK-centered bank with $28 billion in assets under management is demanding customers explain why they are withdrawing cash.
NatWest bank says if the answer is not satisfactory, it will force customers to provide documentation proving there’s a legitimate reason for taking their money out.
The bank says the procedures are designed to protect its customers from scams.
“Cash withdrawals are the least secure way of making payments given the number of other alternative options available through our Online Banking and Mobile App services…
Our primary aim is to keep customers safe and secure, and our branches follow our processes carefully to achieve this. This will include asking you questions about the purpose of your cash withdrawal, and in some cases, for supporting documentation such as an invoice. This helps us validate the withdrawal as genuine and protect you against fraud and scams.”
NatWest says it will block customers from withdrawing cash if they believe there’s an issue.
“In some instances, we may decline the cash withdrawal based on the information provided surrounding the transaction. This would only ever be in situations where we need to safeguard our customers.”
In addition to outlining the details on its website, NatWest is also posting notices on its brick-and-mortar branches.
NatWest says it also requires customers who want to withdraw more than £20,000 alert the bank ahead of time and give three-days notice.
For withdrawals between £5,000 and £19,999, the bank says it’s “advisable” for customers to give 24 hours notice.
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