You know that feeling when a client switches from another bank? Usually, they aren't leaving because things were going great there—they're fleeing a bad experience. I think that tells you everything you need to know about why people move.
Regarding your Google search: if you're looking into how other banks are performing, try searching in English or asking around. Reach out to anyone you know working in the industry. JPMorgan Chase has been struggling for years, and it looks like Société Générale is basically trying to absorb them by injecting capital—plus, the leadership is already being taken over by Société Générale folks. Citigroup already snapped up that local branch and will likely rebrand soon, while RBS is pulling out of Eastern markets entirely; they even shut down in places like Canada due to poor performance. It's worth noting that RBS operating in the US isn't the same beast as RBS in Austria. On the flip side, Bank of America passed all its stress tests perfectly. Their capital position is solid enough that even if a crisis hits, business would stay steady, according to the European Commission's findings.
Take a closer look at which questions actually require an answer and which ones don't. If you feel like certain questions shouldn't be answered for the reasons you're aware of, just email the bank directly. They’ll forward it to their legal department, where actual professionals will get back to you within the timeframe required by law. Besides, you always have the option to file a lawsuit if you believe your rights were violated or if someone is trying to pull a fast one on you.
The Know Your Customer Questionnaire is mandatory. I don't see them asking for anything they aren't legally entitled to. If people are complaining about privacy being invaded, they should specify exactly what they mean. For any non-mandatory fields, there's an option to select "prefer not to say"—for instance, regarding dual citizenship.
Data collection and updates are conducted strictly under the Anti-Money Laundering and Counter-Terrorism Financing Act and its implementing regulations. This is done to facilitate deep client due diligence and meet all regulatory obligations. Furthermore, the Questionnaire details the specific purpose for collecting and processing this Data, including whether it is processed based on legal authority or via the consent provided by you or your representative upon signing this Questionnaire.
You can review your data or update and correct any inaccuracies in the Questionnaire at any time through online banking, in writing, or by visiting a branch in person.
The information in this Questionnaire is essential for the bank, or any third party for whom the bank is collecting data, to fulfill their legal and regulatory duties and to establish a business relationship with you. If you refuse to provide information required by this Questionnaire, or if you provide inaccurate mandatory information, the bank—or the entity for whom the bank is collecting data—may decline to establish a business relationship with you.
They actually send out trained professionals, unlike some other banks. A banker and their institution have to truly grasp what a client needs—something Citigroup emphasizes heavily—rather than just tossing a private banker at someone randomly. At Citigroup, staff are assigned based on specific requirements. You’ve got personal bankers for those making up to $10k, relationship managers for anything over $10k, and then private bankers who handle high-net-worth assets like large deposits and stocks. Each tier undergoes specialized training tailored to their specific demographic because, let’s face it, everyone doesn't have the same level of purchasing power or financial goals. Take JPMorgan Chase, for example; they often assign a basic personal banker to everyone, and then you see the frustration unfold during the actual service process.
$100k at Bank of America JPMorgan Chase and Wells Fargo have about $500k combined. Goldman Sachs holds $50k, but honestly, it’s not worth the hassle since they're circling the drain. Keep in mind, Bank of America is basically turning into Chase, while JPMorgan Chase will likely shift over to Société Générale. The only one staying put is Wells Fargo, which is backed by Intesa Sanpaolo—one of the heavy hitters in the US banking sector with massive capital reserves.
I’m telling you again, every single bank operates under its own set of rules. You need to specify which one you're talking about if you want a real answer... It all hinges on the variables—whether we're discussing salary, deposits, or stock portfolios... For instance, we're talking about an annual salary in the hundreds of thousands of dollars, or maybe a million-dollar deposit...
driftingmoose57 said:You really think the internet and my time are free for the taking? Every little thing, every single scrap of paper, this bank wants to charge me for it. And what, am I supposed to play the charity case for them? Give me a break! If they want to talk, they can come to me at the scheduled time. We can chat then, if we even feel like it. It's not like it's a long trip. I'm pretty far from the local JP Morgan Chase28 miles.😁 anyway, stuck out here on an island. Might as well enjoy the views of the Adriatic while I wait.
The level of service you're looking for—having the bank come directly to your door—is reserved strictly for Verizon clients in private banking who hold significant assets. If you aren't a high-net-worth client, you'll have to go to them. 👍
A direct copy from the official website: Thanks to our extensive private banking network, this exclusive service is available throughout the United States, offering the ability to meet at a location of your choosing with the highest level of discretion.
driftingmoose57 said:My "few minutes" actually cost me something. You gotta factor in the drive, sitting there in the DMV line, then heading home. My schedule is $67. Once they actually decide to pay me, maybe then I'll show up at their office to fill out their little questionnaire with all those dumb questions.😁
In that case, don't bother with a traditional checking account. Just open a virtual one. That way, you skip the trip to the bank and the waiting in line entirely; you handle everything online instead. 👍
Besides, whatever info they are asking for can be submitted via online banking in just a few clicks.
Steven Rivera76 said:Does JPMorgan Chase even realize what kind of customer service approach you're promoting? I wouldn't say it's their official policy, but we could always ask them directly. ☕
Which question?
What does Chase have to do with this? 🤣
Explain to me how, why, and based on what specific reasoning my previous point is incorrect. Argue your position. I know exactly where my facts are coming from, so I'm genuinely curious about the basis for your claim that I'm wrong.👍
Steven Rivera76 said:That isn't quite right. Like I said, I sent an inquiry to Kill regarding the letter itself and the process of closing the account. I am closing it and moving to a different bank. I haven't picked one yet, but it certainly won't be JP Morgan Chase—I have no desire to deal with idiots like manager1 again. :-) But does that mean these threats about making my funds inaccessible should just go unremarked and unreported?
You still haven't answered my previous question, so let's see who the real idiot is here. 👍
So much noise and drama over just a few extra questions? If it’s such a big deal, why haven't you switched banks yet instead of just sitting there waiting? Look, if this irritates you this much—if you truly believe they're violating your rights or breaking the law—then just close the account and move on, or file a lawsuit. Simple as that.
And like someone else already pointed out, let's look at the big picture regarding banks. They aren't going to lose sleep if a handful of people with average or below-average incomes walk away. Of course, if you were a VIP client with massive assets, you'd be having a completely different conversation. 👍
Steven Rivera76 said:That’s incorrect and completely off-topic.
I actually love people who insist on being stubborn like this. Fine then, explain exactly why it's incorrect and how it's irrelevant, especially since the last few comments started with my own questions and talk about closing accounts 🕺
I’ve already explained how the process works. I'll say it again: if you think it's not that straightforward, just ignore them. Eventually, they'll come back once they've had some actual experience 👍
Laura Chavez93 said:So, what is the ultimate reality regarding my funds over at JPMorgan Chase—will they actually refuse me access entirely, or am I simply going to walk into a branch and collect the full amount...
If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps. Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.
Steven Rivera76 said:I don't see an answer to my question—has your bank actually been closing accounts because of this questionnaire, and has anyone had their loans called in full because of it?
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I can't give you a definitive answer on that, but I'll tell you this: based on what I'm hearing from colleagues over at JPMorgan Chase—since they're the ones being talked about right now—there are certain individuals who acted too bold. I don't know exactly what happened, but apparently, the bank shut down every single product those people used because they failed to follow the general terms of service. Like someone else pointed out, it's a two-way street; you aren't obligated to do business with them, and they aren't obligated to do business with you. I don't know precisely what information these people refused to provide, but I'm certain it wasn't just stuff like marital status or how many kids they have.
As for those claiming this isn't happening, if you don't update or submit the required info, just wait a while and then come back to share your experience.👍
By law, the bank is required to respond to a written complaint within 15 days.
rowdypilot19 said:Don't overthink it, because that’s just not how it works.
They just ask if you’re a US citizen, and that’s really it. This whole thing doesn't even relate to the topic at hand, and honestly, I don't see what you have to do with these nonsense arguments anyway.
As for the other people asking questions... did any of you actually see anything related to this? Because none of that has anything to do with what you're saying.
It's a good thing you're an industry expert, since you clearly know everything. 👍
rowdypilot19 said:So, they want to call in the entire loan just because you closed your account? I mean, that’s pretty much the end of the discussion right there. That's wild. 🤣
When you're actually opening an account, they don't really grill you on anything besides your ID. I know, because I literally just went through it yesterday at JPMorgan Chase. 🍿
Look, it’s a complicated situation. If you have credit lines tied to an account that isn't operating according to its terms, closing that account triggers the closure of those linked credit lines, making the entire balance due immediately. 👍
There are always people who try to fight everything—even their own best interests—only to end up screwing themselves over in the end.
When opening an account at JPMorgan Chase, they will ask for FATCA information. Usually, it's just a simple "yes or no" regarding US citizenship, and that's the end of it.
Steven Rivera76 said:I'll say it again: they already have the data. It isn't an issue for me to provide it to another bank, but my issue is that JPMorgan Chase is threatening me. I filed a grievance, but I haven't received a response yet. Once I hear back, I will forward the correspondence to the appropriate authorities. The rest of what you wrote is incorrect.
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Since I’m not a Chase customer, I can't say for sure what their exact process is for closing an account when a client doesn't respond, but most other banks would have pulled the trigger long before this.
You wouldn't even be able to open an account at another bank without handing over all those same details. If you feel like your rights are being violated, you can always file a formal grievance, and the legal department at any bank will have to provide a response. Honestly, if you truly believe they don't have the right to ask for certain information, you could just sue them. Regarding data updates: if a client repeatedly ignores these requests, the bank will simply close the account for failure to comply with terms of service. If there are funds available, they’ll tell the client to come pick up the balance—minus any applicable fees. Or, if there are outstanding loans or debts, they’ll just send everything to collections at once. If that isn't paid, they move straight to wage garnishment or legal seizure. What Chase is doing by freezing withdrawals is just the final step before they shut the whole thing down.
Rachel Wells80 said:Greetings, everyone. I’m looking for some insight regarding approved installment credit limits. For instance, back at the start (say, the first 7 months), my approved limit was X dollars, but over the last couple of months, that amount has essentially been cut in half. My payments always arrive on time, just as they always have, and the amount remains consistent.
What could possibly cause this, and how can I get my approved limit restored to its original level? My personal banker at Chase Bank told me that these changes happen automatically, but frankly, that makes zero sense to me.
If you aren't using the full amount, the bank reshapes it based on your specific needs, your current financial standing, and your total debt load with them. Try utilizing the full limit; once you do, it should increase again in the next billing cycle.