valid question about banking

mikeh1975 · #1 10-13-2006, 08:54 AM

would it be easier to have a checking account at a small or large bank if i'm going to try and maybe slip through the cracks and hopefully not be blocked from using places like neteller.i think this is a very good question.....

jrz1972 · #2 10-13-2006, 08:57 AM

It won't matter. Small banks are bound by the same regs that large banks are bound by.

mikeh1975 · #3 10-13-2006, 09:18 AM

what i'm basically wondering is i've heard that some banks might throw their hands up and say they don't have the means to do it.there have been articles where it states that if a bank doesn't think it can do it then they don't have to.i'm wondering where it would easier to get away with EFT and checking account where i would not be so noticeable......

jrz1972 · #4 10-13-2006, 09:40 AM

The issue is whether banks as a group can reasonably code and screen EFTs. If regulators decide that a coding system is too cumbersome, then nobody is going to be doing it. If a coding system *is* put in place, all banks will get getting the same info and will be screening out the same transactions.

It isn't going to matter whether your bank is large or small.

(By the way, I'm not sure why you think your traffic would be less noticable at a smaller bank. I have my poker money at a small local credit union, and I am 100% confident that the bank officers know what I use that account for).

mikeh1975 · #5 10-14-2006, 02:26 AM

well i was thinking maybe the smaller the bank the less manpower to monitor transactions.anyone agree?

westmt01 · #6 10-14-2006, 02:58 AM

No. Enforcement mechanisms will be electronic, thus the size of the bank will not matter.

If anything, I've found that smaller banks are more sensitive to compliance issues in general. Fines for regulation violations would have a much greater impact on a smaller bank than a large one, thus if anything they will go out of their way to avoid such violations even more so than large banks.

I don't think bank size is going to have any impact on how this law is enforced. Either there will be a way to inforce the new regs or not (nobody knows for sure which yet), and if there is all banks will follow established procedures.