Strange Bank Question

3828 Views 26 Replies 16 Participants Last post by ax4jc, Nov 30, 2015

Crowbrother

Discussion Starter · Nov 22, 2015

I went to my bank on November 16th to cash a check from my church. Before they would complete the transaction and give me the money the teller said she wanted to update my information. I said okay and she confirmed my phone number and that I was retired and then she asked if I had a dual citizenship.

Wondering if anyone else has experienced this question from your bank. Why would a bank need to know if I had dual citizenship?

So I sent the main office an email...

In answer to my question to my bank with reference to why they asked me if I held dual citizenship, this is their official reply:
********************************

Thank you for your email and I am happy to assist you with your inquiry.

Know Your Customer (KYC) policies and programs have become increasingly important in the U.S. and around the world to help in the ongoing battle against money laundering and financial crime.

In today's highly regulated banking environment, all financial institutions have an increased obligation to maintain current customer information. The more we know about our customers and their banking habits, the better we can identify potential cases of unusual activity.

Federal regulations mandate that all financial institutions employ KYC screening as part of their ongoing anti-money laundering measures. Knowing more about who we do business with can prevent us from inadvertently facilitating money laundering.

If there is anything else I can assist you with, please email me or call the Telephone Banking Center at 1-800-xxx-xxxx. Representatives are available Monday through Friday 6am to 9pm, Saturday and Sunday 9am to 5pm, ET.

Thank you for banking with M&T.

1 - 20 of 27 Posts

willow

· #2 · Nov 22, 2015

Banks are getting too damn nosey.

Reactions: 4

USMC_KAK

· #3 · Nov 22, 2015

yup KYC is the reason. You can decline to answer those questions, but if you do not provide the basic info, you will get letters saying that the bank is going to close your accounts. all financial institutions have been forced to become an intel arm of the federal government. It is sad.

Reactions: 2

OldBlackWater

· #4 · Nov 22, 2015

It's for the children!

Loss of our liberties is much like the erosion of a rock by constant water pressure.

Money Laundering? Really?

I suspect that if you are Organized enough in your crime that you are handling that much money you have figured out how to stay beneath the .Gov's radar.

It's just another excuse to violate our privacy.

I still believe we may see a cashless society in my lifetime.
.

Reactions: 3

OldBlackWater

· #5 · Nov 22, 2015

USMC_KAK said:
yup KYC is the reason. You can decline to answer those questions, but if you do not provide the basic info, you will get letters saying that the bank is going to close your accounts. all financial institutions have been forced to become an intel arm of the federal government. It is sad.

Not disagreeing,
But does anyone actually believe they are going to trip up some organized crime member with questions like this?

Wouldn't they just say no?
.

Reactions: 1

USMC_KAK

· #6 · Nov 22, 2015

OldBlackWater said:
Not disagreeing,
But does anyone actually believe they are going to trip up some organized crime member with questions like this?

Wouldn't they just say no?
.

I would not dare to speculate on the reasoning or common sense of policies like this.

Reactions: 2

usmc0341

· #7 · Nov 22, 2015

That's why I use credit unions.

Reactions: 4

fistfulladirt

· #8 · Nov 22, 2015

They're afraid you may run off with your (their) money.

Reactions: 1

Asag

· #9 · Nov 22, 2015

Organised crime often has a little trouble staying under the radar so ordinary Joe and Jane play an important part in "smurfing" hence the scrutiny at customer level.
People should not worry about the KYC questions unless they have dual citizenship and make frequent private trips to that dominion or states that have set a low bar on transactional processes.
If anyone thinks KYC is invasive then they probably never fully understood the auto loan application they completed or any other credit agreement.

Reactions: 1

Asag

· #10 · Nov 22, 2015

usmc0341 said:
That's why I use credit unions.

Also coming under scrutiny as drug money has been pushed through more credit unions sometimes with the complicity of the staff.

Reactions: 1

Dragonid

· #11 · Nov 22, 2015

OldBlackWater said:
...
Money Laundering? Really?

I suspect that if you are Organized enough in your crime that you are handling that much money you have figured out how to stay beneath the .Gov's radar.

It's just another excuse to violate our privacy....

That was my first response too. The only thing this will accurately track are the people who aren't criminals.

If the respondants are criminals involved in money laundering, odds are they're not so incredibly stupid that they can't come up with some cover info to dodge all these obvious/inept questions.

Reactions: 2

Asag

· #12 · Nov 22, 2015

Dragonid said:
That was my first response too. The only thing this will accurately track are the people who aren't criminals.

If the respondants are criminals involved in money laundering, odds are they're not so incredibly stupid that they can't come up with some cover info to dodge all these obvious/inept questions.

The questions are not as inept as you think they are and it helps banks to identify customers who may unwittingly be involved in money laundering or potential victims facility hijack. Money launderers pay for information from bank staff overseas.
They are usually trying to find someone that makes regular or large transactions back home, then attempts are made to gain access to the US account. Within this scheme there elements of identity theft, hijack of facility, money laundering and often in the end outright fraud.

spameggsbaconandspam

· #13 · Nov 22, 2015

My wife has been a banker for a number of years. You cannot believe the amount of fraudulent activity that is out there. Some of the scams are very sophisticated resulting in large losses, years of criminal investigation and litigation, etc. The customers that are moving around 7 figure deposits and wires are all under the same microscope.

The solution is to get to know your banker. Remember, this direction came from legislators and regulators.

Reactions: 3

Helios

· #14 · Nov 22, 2015

Banks hate the dodd/frank law, and sometimes seem to use kyc as a club on customers. Perhaps to drum up some resistance and ultimately overturning the law.

Reactions: 1

Crowbrother

Discussion Starter · #15 · Nov 23, 2015

Well, thanks for all the replies and much of what some of you have said makes a bit of sense to me now. I don't move around 7 figures...I have never even seen 7 figures...LOL...but I had NEVER been asked such a question by my bank, or any bank before. I am an almost 67 year old disabled veteran on partial SS and VA disability due to a severe active duty injury, but I had just returned from 4 years in the Philippines (2006-2010) working contract work, but that was, what, 5 years ago, and this is the same bank I have been banking at for 20 years prior to that and had the same bank...well same institution as it had been bought out several times... while in the Philippines. I just don't know if I should change over to my wife's bank and close this one out, or just stick with it as it may not make a difference. Does not give me the warm and fuzzies, if you know what I mean and I have been stressing about what the heck might be going on since it happened. Perhaps just over thinking it a bit!?? I hear so much about what Uncle Sugar thinks of his veterans, these days. Anyhow, thanks much for the answers. I just wanted to see if anyone else has experienced these questions or knew about them.

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Reactions: 1

Neophyte

· #16 · Nov 23, 2015

OldBlackWater said:
It's for the children!

Loss of our liberties is much like the erosion of a rock by constant water pressure.

Money Laundering? Really?

I suspect that if you are Organized enough in your crime that you are handling that much money you have figured out how to stay beneath the .Gov's radar.

It's just another excuse to violate our privacy.

I still believe we may see a cashless society in my lifetime.
.

Sooner rather than later. And it makes me SICK. There have been a number of articles (trial balloons) written in the financial papers (Financial Times, etc.) Here's a heads up:

http://zerohedge.com/news/2015-11-2...ines-how-and-why-elites-want-end-physical-cas

Reactions: 2

ArenaMoretti

· #17 · Nov 23, 2015

If it is the same as in Australia, dual citizen is no longer a real citizen, as far as govt is concerned.

Kay

· #18 · Nov 24, 2015

Every single time I get MY money from a brokerage account (based in London) I have to submit (again) all the KYC info. Every. single. time. They demand picture ID, utility bill in my name, copy of front and back of credit card or debit card (with first 12 numbers obscured as well as the numbers on the back and a Deposit Confirmation Form (DCF) whether it's a deposit or withdrawal. Then I have to scan and email everything or fax it all in.

The only thing they have never asked me is whether I have dual citizenship or not. Plus, they have a cap on how much I can take in a month. It's way more than I would want but still, that's MY money, not theirs. I have my money in 2-5 days but it's a nuisance. It's a similar but not quite so annoying experience with NADEX, too, and it's in Chicago.

Reactions: 2

mtnairkin

· #19 · Nov 24, 2015

OldBlackWater said:
It's for the children!

Loss of our liberties is much like the erosion of a rock by constant water pressure.

Money Laundering? Really?

I suspect that if you are Organized enough in your crime that you are handling that much money you have figured out how to stay beneath the .Gov's radar.

It's just another excuse to violate our privacy.

I still believe we may see a cashless society in my lifetime.
.

I've been cashless for a large portion of my life already.

If our banks go the direction of Greece's, we might become cashless rather quickly.

123 Diesel Benz

· #20 · Nov 24, 2015

Since our only bank in town is closing soon, there is another branch in Tucson 90 miles away ... we decided to open a new account in a state bank in the next town over (30 miles away!) yesterday ... they did not ask us any of those silly questions ...

1 - 20 of 27 Posts

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