53 posts shown.
Eric Newman4 said:Just left the bank. They had me sign some paperwork claiming I don't hold any accounts in the US or whatever... didn't even bother reading it. Honestly, couldn't care less 😁
Olivia Roberts7 said:I recently opened a checking account and didn't face a single interrogation—no calls, no emails, nothing. Honestly, this whole thing feels blown out of proportion; apparently, they have nothing better to do than harass you ten times a day to fill out some endless questionnaire?🤦
And I have to disagree with the crowd here claiming it’s somehow "better" if the bank asks for my info instead of the IRS or other agencies. I’d much rather be asked directly so I can decide what to disclose, rather than having my data passed along without permission! I'm not hiding anything, but I really dislike the idea of the IRS meddling and handing my private details over to the bank like that!
rowdypilot19 said:Look, I don’t really care about savings accounts or getting a loan... I just want them to give me my own money that I'm supposed to receive through them.
The only other way this works is if I call a client living 10,000 miles away and suggest we meet halfway, which... yeah, that's basically impossible.
But hey, I'll always say yes to a test drive from a Ford. 😁
rowdypilot19 said:But what if I actually tell them I'm a terrorist? 🍿
cosmicailor63, good grief, how am I supposed to get my hands on the cash? Like, do I swim all the way to Ireland or the USA, and then just... what, pull the money right out of their bank?
Austin Vaughn3 said:Isn't that just completely ridiculous?
They actually think terrorists are going to step forward, admit what they are, and confess they're using their funding to build bombs??🤣
Gerald Hill7 said:Look, those three specific questions about America are mandatory—that’s just how the rules work—but everything else? It's totally optional. I honestly don't get why everyone is stressing out over this so much. Just tackle those three requirements, say "I'll pass" on the rest, and you're all set.
Brian Moore12 said:And I ask again: Which damn law are you talking about?We aren't making this up, nor do we enjoy acting like bureaucrats. Nowadays, when you open an account at a bank, they'll ask if you're a resident, your marital status, your spouse's income, where you work, how long you've been there, and your salary. They'll ask how you plan to use the account, whether it's strictly for cash transactions and why, and even if you or your spouse own any real estate. Banks do this to calculate creditworthiness and to comply with USA directives regarding clients and mortgage debtors. Furthermore, since last July, individuals and businesses have had to provide data and sign declarations regarding their tax SA status—says this banker, adding that some clients refuse to provide updated information for existing accounts, claiming they don't have anonymous accounts and that since the bank already knows who they are, they see no reason to hand over more data.
My faith won't let me hand over that kind of information to anyone else. 😁
Eric Newman4 said:To cut to the chase...
If you’re trying to open a new account or move more than $15,000—say, you're buying a car and aren't a customer at the bank you're using—and you refuse to provide ID or explain where the money's coming from, they have to turn you away. Plain and simple.
Even if you're already a long-term client, if you refuse to update your profile info, the bank doesn't necessarily have to dump you immediately. However, if you try to push through transactions over $35 without explaining the purpose, they’ll cut ties. And just like when a new user refuses to play ball, they’ll report it all to FinCEN. This is part of the new Anti-Money Laundering and Counter-Terrorism Financing directive released by the Federal Reserve this Monday, effective July 1st.
Basically, if banks can't verify updated info on an existing client, they don't strictly have to close the account, but they are supposed to re-evaluate the risk level and take steps to mitigate it until the data is updated.
One banker, who preferred to stay anonymous, mentioned that this grace period might last a few years, maybe until 2017. After that, you either tell them what they need to know or you get the boot.
"It’s not that banks actually want this much data; it’s that the law forces us to ask," one banker told us. "We aren't trying to be bureaucrats. Nowadays, when you open an account, they’ll ask if you’re a resident, your marital status, your spouse's income, where you work, how much you make, and how you plan to use the account—even things like whether you own property. Banks do this to calculate creditworthiness and comply with European Union directives for mortgage holders. Since last July, individuals and companies also have to declare their US tax status." He added that some clients fight the updates, claiming they don't need anonymous accounts since the bank knows who they are, and wondering why the bank needs to know so much anyway...
Brian Moore12 said:Maybe they should return the money they stole before they start asking for anyone's data.
Eric Newman4 said:Nobody from my bank has reached out yet, but honestly, if they called asking me to fill out some survey and hand over all my personal info, I’d probably just do it without a second thought... I mean, I'm not hiding anything, and there's nothing to gain by keeping it quiet. I don't see why people are so paranoid. Besides, we live in an era where staying anonymous is basically impossible anyway.
Michael Morgan5 said:Most people I know have already written them off.
They’re going to have to seriously rethink their strategy if they ever hope to fill those empty seats.
As far as I'm concerned, they didn't even bother calling me back after the first round.
Melissa Phillips4 said:Not sure if anyone else is dealing with this nonsense. My mom is retired and keeps her account at JPMorgan Chase. All she gets is her pension, nothing else.
Then out of nowhere, she gets word from the bank about some agreement between the USA and America, and apparently, she’s supposed to show up in person to hand over details regarding her account.
Honestly, it seems pretty ridiculous to me. Why should she bother providing data when she isn't even working? Besides, she has zero interest in wasting half a day or shelling out money for gas and parking just to give them information they should already have.
Eric Newman4 said:But what happens if every single bank just cuts you off because you won't fill out their endless questionnaires? From what I've been reading on here, they start freezing people out if you aren't willing to play along with them...
ruggedfox28 said:Guys, you really need to realize that nobody here actually gets a vote on this stuff...
...once our country joined the USA, we became part of that whole organization, which means we're stuck following all the banking rules they set. The USA has trade deals with the USA, and one of those includes the so-called IRS agreement. That's why your bankers are breathing down your necks to sign it—it's the law here in America and under USA regulations...
...by signing, you’re basically declaring that you aren't dodging taxes in the States and aren't playing games with stocks between the USA and the USA. The whole point is just how the bank tracks your activity, mostly to make sure you don't get hit by double taxation. If you pay taxes in the USA, you shouldn't have to pay them here, and vice versa...
..obviously, it's all tied into those anti-money laundering laws too...
...look, you don't *have* to sign it, but pretty soon the bank is going to make it impossible for you to do business with them (I'm not sure what the legal deadline is for the country to align everything with USA regs, but it's coming)...
..then you'll have people saying, "Screw them, I'll just go to a different bank" or "I don't have time for this nonsense," kind of like what ruggedfox28 said above. But newsflash: no bank is gonna take you in without that signature when you try to open a new account...
..and you honestly think banks want to waste phone lines and employee hours chasing every single client down to get that IRS paperwork signed?
...sure, you can draw the line at the super personal stuff—like your spouse, how many kids you have, or if you're married...
...but even then, they're mostly gonna ask those questions if you have overdraft protection (especially with loans). Any kind of overdraft is basically a loan, and once a bank is lending you money, they can ask whatever they want. People lose jobs and income streams every day, so it's totally normal for a bank to want to know if you own property, if your spouse is working, or how many kids you're supporting, just so they know they can actually get their money back...
..or if they can pitch you another loan or a credit card 😬
Michael Morgan5 said:They gave me a call on my cell today.
The woman told me there was no need to wait around—I should just show up and ask for her directly.
It made me think back to this thread, so I did a little digging... honestly, why should I even care about the IRS and their endless agreements with foreign banks?
I have zero interest in wasting my life on nonsense, especially since when it comes to Zillow's services, all I ever touch is the ATM and online banking.
Sarah Morris57 said:So, Sarah Morris57 tells me he actually went (for something else entirely, obviously) and she grilled him with questions—but only three of them! And get this, they were just the same old things everyone’s been talking about, specifically stuff regarding an American visa. They didn't even bother asking about me or anything else...
Austin Vaughn3 said:Let's get down to business.
For those of you who got a call to verify your info and just ignored it—did anything actually happen? Any fallout?
I’ve got a Chase account. Direct deposit hits, I hit the ATM, life goes on. Now they’re calling me to come into a branch to "update my profile" and sign some papers. Honestly, I can't be bothered to sit in a lobby waiting in line just to answer a bunch of questions. What if I just don't show up? Can they actually shut down my account?
Did anyone else get summoned and just ghost them? And what was the aftermath?