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Strange Bank Question

3822 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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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 ...
I'm about 99.9% certain that the bank is required by law to scan your drivers license if you're a US citizen opening a personal account. Are you saying they didn't ask for that or your SSN? They wouldn't typically ask those other questions unless you're sending wires or making deposits or withdrawals that meet the IRS Form 8300 requirements, or they suspect structuring.

I agree with Asag, assume they'll be asking you to come by again to complete some paperwork if they didn't ask for these when you opened the account.
No scanning of my drivers license ... Although I did show it to them, as they asked me for one photo id, and one additional form of id (I showed her my other bank ATM card) the branch manager looked at them and gave them back to me ... I did verbally give them my ssn also!

They did not ask me to confirm my citizenship.
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And ... The OP was an established account holder ... They still asked him for an "up-date" with the "dual citizen" question ...

I'm sure with the non-evasive NSA (HA! LOL!) that the banks don't need to tattle ... The Feds already have access to the activity, if they want too have a look!

I'm sure they also know that I was cleared to work one on one at a elementary school, and not only carry a gun, but pre-screened to buy a gun, plus haul many tons of Hazardous Materials all over this country ...
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