[off topic]
Does our bank relationship manager know all of our transactions and the amount?
when I do a transaction RM calls me and asks me why I did a transaction ?

likefunny
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Asks you why you did a transaction? Sounds like a they’re taking the “relationship” management too seriously!

funnylike

I guess the way author has framed it may sound if it was questioning manner, but i feel it may have been more of an enquiry as even they have certain checks and regulations to follow.

I had a short 4-5 month work visit to the usa a few years ago and upon filing returns in usa, they issued me a cheque for refund in usd. I submitted the cheque at the local bank in india, but i got a call from local rm asking me about the source of funds etc - which is understandable due to all the regulations.

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They have access for sure. Sometimes, a transaction may get flagged in their system, so they probably want to cross check to avoid fraud etc. Sometimes RM will just want to know if you are investing somewhere and wants to recommend something on bank's side to get some benefits for themselves.

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But why shall he/she calls you each time u do a transaction, isn't that irritating! That kind of close monitoring poses as a red flag to me atleast

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Tell them mera Paisa kuch bhi karu

likefunny

Yes, a relationship manager has access to the transactions of your bank account. She/He cannot do any transactions though. It's only a read only access to your account and your money.

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Yes he can watch your statement transactions and providing data to TPA, 😎

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I don't think they would do for each transaction. Probably large amount, or an investment related one they might watch out for.

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Right, and I don't think they have time to open each account and casually browse to see where you are spending etc. Most likely their systems are designed to flag certain amount or type of transactions which they just verify manually by reviewing and/or by calling and speaking with the individual.

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They generally calls you if you do international transaction or investing in forex/bitcoin.

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Right, mostly fraud checks etc flag those kind of transactions in the system and maybe they are obligated to check.

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They just find a reason to call you and explaining about their products.

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Exactly what happened. he was telling me some plan and asked for my time to discuss investment options in the bank

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Next level stalking

I guess they do it for security purposes. But what I am thinking is why our complete transaction with the amount is visible to RM? they know where do we stay, what if this information is leaked by them? I know I sound like a negative person, but still think that RM shouldn't know these many details

I guess to avoid this, move your salary account to one of the centralised banks.

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