Two days ago my wife went to the bank we have used for many years and opened a new but separate account. It was a simple matter that took only a few minutes to accomplish. Since I was not with her we went in yesterday so that I could have my name put on the account. There followed what I consider to be a totally invasive list of questions. What was my income, what method of payment did I use to pay bills, and questions about citizenship to name some. We have never had such a third degree at a bank and none of these questions were asked of my wife the day before when she opened the account. Without answering their questions I could not be part of the account. Is this new policy? Why such invasive questions all of a sudden? I don't mind giving simple information like ID but this is too much in a free society.

A social security number should be sufficient to run a background check, which might be necessary with government compliance and terrorist activities. And if you have that then questions about citizenship should not matter much, unless your using fake id.

Did you ask them for a loan or something? Banks and businesses may be hesitant to do business with Aliens or terrorists, drug dealers, smugglers. (that sort of thing)

They don't want to deal with the FBI if it can be avoided.

No loan. Just another simple savings account.

If you are in the United States, my interpretation is that they were seeking information which would allow them to market other financial/insurance/tax preparation/vacation/etc. products to you, specifically targeted to what you and your wife might (given the information you have supplied) "need" (in their opinion)....or potentially might be in the market for if they show you "why."

In the U.S., it appears that under law, banks are required to verify your identity and to check your name against lists of suspected or known terrorists that are provided to them by the government.

Some info:

https://en.wikipedia.org/wiki/Know_your_customer (read especially the section on "Typical Controls")

https://en.wikipedia.org/wiki/Customer_Identification_Program

You might want to raise your concerns with the bank manager or a regional manager.

different for you and your wife (as you have indicated).

You say that you have been banking there for a while already, so they should have any "required" information already on file.

Were you dealing with the same bank employee in both cases? (If the employee in question was familiar with your wife and had a history of dealing with your wife at the bank, it could be a case where the employee felt like there was no need to strictly apply KYC procedures because the employee already "knows the customer" so to speak.

Do you already have a joint account at the bank or was this the first time that you were adding your name to an account?

I'm not in banking, but I am in financial services. What you're experiencing is the crack-down since 9/11/2001 called "Anti-Money Laundering (AML)" where the law now requires financial institutions to try to detect and report money laundering and terrorist financing. Pain in the a$$ for everyone.

Kentish()

Did you ever think about asking the bank why this information is needed?

It reminds of the physical exam I had a few years ago when Obama Care, ACA, was kicking in.

I was asked questions about things like suicidal thoughts, gun owners ship, how friends I could rely on, etc.

After the first few of these type questions I asked why they were asking now.

I was told basically it was on some form due to ACA. I replied I didn't want to answer them.

Then I was told I didn't need to answer them, it was all voluntary. The voluntary things wasn't mentioned when the questioning started.

I don't have a problem answering these type question with "It's none of your business".

You can always tell the bank that you'll pull all your accounts and move to another bank.

Look up that Anti laundering law and see what is actually required.



Edited 1 time(s). Last edit at 02/16/2019 06:03PM by tumwater.

I did ask and was told it was a Federal requirement recently introduced. Apparently so recent that it was not required the day before when my wife opened the account. If it is Federal that is worrisome on a different level.

You are probably right in all respects. Our solution is to eventually transfer this and other accounts to a place.

I smiled at your description of your hospital visit. As one who has suffered seeming near death experiences many times with kidney stones I guessed immediately that was what you were going to say.

Sometimes knowing that this might happen again in the future, it may he good to plan ahead of how you will react if this happens again in the future. A few years ago, I was brought in to the hospital via ambulance, with pain so great I thought I was dieing. I had no clue what was causing it. While in that pain and hyperventillating small breaths to minimize the pain and stay conscious, they asked for my credit card and wanted to charge several hundred dollars to it. I told them I had very good medical coverage and would make good on everything when I could think more clearly. They stopped treatment and demanded my credit card. Feeling like I had no choice, I gave it to them right along with my insurance card. They ran the charges and I ended up getting a refund later for most of it because my insurance paid them. After it was all over, I got pretty angry and decided that if that ever happens that I'll ask if they intend to deny me emergency medical service if I refuse to pay right then and stick to "no" if they say that I won't be denied the emergency medical treatment. It was just a kidney stone. But I am prepared for next time now. Some people take advantage when they catch you by surprise.

I might have asked for the bank manager and complained. If you're a member of the local community and treat them with respect, you can still return to have your name added to the account another day after taking time to find out what is going on and what your rights are. Another strategy to protect your privacy is to agree that you will verify correct information that they provide about yourself but to tell them you won't volunteer information they don't already have.



Edited 2 time(s). Last edit at 02/17/2019 08:41PM by azsteve.

There is no expectation of privacy when it comes to government regulations.

If you like their services and accessibility than moving to another bank with less of either wouldn't reduce your lack of privacy it will just reduce your service and accessibility.

Thank you sir may I have another.