Quote:
Originally Posted by pylon
It's $10k and you have to fill out a form called a Fintrac form for the government to make sure the funds aren't the proceeds of crime/money laundering etc... We have to fill out a few a year if someone buys a car or makes a down payment with a large sum of cash.
edit: As far as the withdrawal thing, it seems to be a bank to bank thing. The bank questioning me said their large cash withdrawal limit is $5000 and above to fill out the form. I do believe it is for the banks liability. But the banks liability does not override my right to privacy.
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What do the banks T+Cs say. I’m not sure you have the right to privacy here. You have whatever is spelled out in your contract with the bank. If somewhere in the T+Cs they reserve the right to ask these questions at values lower than required by fintrac they you would have agreed to it.
The right to privacy has no bearing on this transaction.