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Strange Bank Question

3821 Views 26 Replies 16 Participants Last post by  ax4jc
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? :mad:

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. :rolleyes:
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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.
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