Posts by Brian Moore12

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...

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. 😁

vividranger8 said:Maybe you just haven't seen the specific guidelines from Article 83 that banks are supposed to be following...? I mean, if you're curious, you can always go read the actual law yourself—but hey, if you'd rather just believe that banks are the villains behind everything, that's totally fine by me too!

What guidelines? Is there an actual link for this, or is it just in your head? I've looked at that article and the entire law you're citing, and honestly, there isn't a single word in there about what we're actually discussing here.

vividranger8 said:It’s the Anti-Money Laundering Act plus all those extra federal regulations

I haven't found a single article stating anyone is forced to hand over the mountain of data these banking types demand. You only have to provide the basics for transactions exceeding $35, or if there's actual suspicion regarding money laundering. 🤷

vividranger8 said:I've been lurking in this thread for a bit, and man, I see everyone venting about how banks are just the worst—this one is greedy, that one is shady, blah blah blah—but honestly? The real kicker is that US Congress passed a law that basically forces their hands. Like, they *have* to follow these rules now. I mean, I highly doubt banks actually have any real incentive to go hunting for "terrorists" among their everyday customers. It's just more paperwork for them, I guess.

Which law are we talking about?

Eric Newman4 said:I honestly don't get why everyone on this thread is being so immature. Like, what's the plan if the bank calls and starts grilling you with all these personal questions? Just say you aren't going to answer and leave it at that. Why act so childish about it... 🤔

Come on, use your head... It's not rocket science.

Jerry Williams53 said:Yeah, just give the cash back. Easy.
As for data, they can go talk to the relevant federal agencies or the IRS... whatever. They already have all that stuff on file...
I'm sure as hell not giving them anything...

They haven't called me yet. If they do, maybe I'll show up—on my own schedule, obviously. I have a feeling they'll try to catch me right before they close for the day. Then comes the slow process of "reviewing the files." My predicted answers? "I don't know," "I don't recall," and "maybe."😁

Maybe they should return the money they stole before they start asking for anyone's data.

Raymond Rivera6 said:I'm not sure how to put this delicately, but I think you're exaggerating. Chase does have KYC questionnaires, but there isn't a single word in there about who you live with or anything regarding children. They might ask about your income, where you work, or the amount of a specific transaction, etc. They could have been updating your basic info, but even then, they don't ask about a spouse or kids—just the standard stuff like address, SSN, etc. Nothing deeply personal. At most, they might ask the reason for closing the account.
It feels like someone is just venting here and maybe embellishing the story to make it sound more dramatic.
Given how much work they have and how much they want to wrap things up smoothly with customers, I highly doubt anyone behind that counter actually cares whether you have kids, if they're in school, or what you had for lunch today. They don't have nothing better to do.

Yeah, the banks are getting dragged through the mud. To start...
Ever wonder why?

Jerry Williams53 said:Data collection? Please...
Bankers can ask whatever they want. You can give them any answer you feel like giving, if you even bother to respond at all. My personal banker at Bank of America tried to grill me once. I think she regretted it. We haven't said anything more than "hello" since then...

They don't even deserve a "hello" anymore...

Charles Ramos7 said:I wouldn't say they're nosier, just that they aren't as good at hiding it as stores are. A bank knows I spent a certain amount at a specific shop, whereas a store can look at what I buy and figure out if I'm a drunk, if I'm having an affair, or if I can't cook a decent meal to save my life.😁

Better hope your wife doesn't see this 😂

Charles Ramos7 said:It’s pretty obvious what banks are thinking here. If most of their customers have kids, they're going to want to offer some competitive college savings plans or junior accounts just to keep them around.

I just want to point out that banks are way more "curious" (to put it politely) than retail chains or any other type of business. They ask for everything under the sun, and honestly, I don't think they should be allowed to do that.

Take this recent experience: I emailed JPMorgan Chase with a pretty straightforward question. Some lady replies with a total deadpan response saying if I actually want an answer, I have to hand over my personal details, a mountain of other info, and my Social Security number. What on earth would I need to give them my SSN for? Are they insane? Handing over my SSN via email just to get an answer to one harmless question?
Pure arrogance and rudeness.

Charles Ramos7 said:I don't follow. Doesn't a bank also use averages for certain groups? 🤷

Sure, they probably do that too. But banks try to collect your entire life story like they’re the FBI or the CIA. Shopping malls aren't quite that "curious"—they mostly just care about the majority, which is what you already admitted.

Btw, regarding your point about not needing to give honest info—by signing that form, you're legally swearing everything is true. If you make stuff up, you're committing fraud. Don't take it lightly. If you've decided to hand over data, you might as well be honest; otherwise, you're looking at a criminal charge.

Charles Ramos7 said:It’s not about one specific guy; it’s about how the majority acts. Anyway, I was just using that as an example of how much data they can scrape from credit card info.

Look, we're talking about pulling averages based on the shopping habits and preferences of a group of people.
What banks actually do is harvest all sorts of data from individuals—and it isn't anonymous. Big difference.

Charles Ramos7 said:Honestly, it doesn't matter. All the store cares about is the data showing men buy pads, so they might as well put the shelf right next to the beer aisle.😁

And what if that guy isn't a beer drinker? 😁

Dana Robinson4 said:There is just so much more to it than that...
http://www.businessinsider.com/the-i...egnancy-2012-2

If they can pull that off, imagine what banks are capable of...

Charles Ramos7 said:If a guy is buying feminine hygiene products, isn't that enough of a hint that he's in a relationship? Or if someone's picking up diapers, we know they have a kid. Hell, if they're buying adult diapers, we might figure out they're caring for an elderly relative. You can learn a lot more through purchase history than you ever would by answering a banker's questions, which you don't even have to answer truthfully anyway.

And what if he's just a guy using his wife's card to buy pads for his buddy's mistress?
😂

Chris Chase5 said:At the end of the day, lending money is a bank's core business, and they take on the risk of default every single time they issue a loan. When they ask you questions, it isn't because they’re being nosy; it’s about building a solid risk profile. It’s just much more likely that someone with a steady, high income or someone buying a home they actually intend to live in will follow through on their payments...

According to some statistical studies, married individuals tend to be more financially responsible than single people, and things like that. Personally, I think it's better to just provide the information requested, especially since being transparent might actually help you land better terms down the road.

Plus, they are legally obligated to gather as much data as possible to prevent money laundering and terrorism financing. Honestly, that part always makes me chuckle—people looking to move illicit funds aren't exactly standing in line at a local Chase branch waiting for a teller to help them out. 😁

Your logic is a bit off here; banks aren't trying to be nosy, and they certainly aren't the Gestapo...😁

Exactly. Banks are "just" arrogant.

And half the data they demand has absolutely nothing to do with assessing credit risk...

Charles Ramos7 said:It’s not just banks being nosy; every single company out there wants a piece of your data. The only difference is they're much more subtle about it. I mean, what's even the point of having loyalty programs if they aren't just tracking every cent you spend? Not to mention how much info you can dig up on someone online these days.

Total nonsense. What exactly are they getting from loyalty cards? Consumer habits, what people buy, and which brands they like. That's it. They aren't collecting data on who’s married or what kind of pension someone's grandma is drawing. Banks, being as arrogant as they are, act like they own the place and that the rules don't apply to them—specifically GDPR. People, stop handing your personal info over to these banking suits. Stand up for your rights under the law, and if those arrogant institutions keep giving you grief, report them to the authorities where they belong....

Alexander Thompson said:Man, this guy really went and bought himself a whole lot of trouble...

Mods, admins? Is this post not even worth a ban?

George Lewis9 said:There's always going to be someone looking for a fight just for the sake of it—this whole debate over data collection is honestly pointless.

Without reason? Clearly you have no clue what's actually going on here in America. Maybe you'll feel a bit smarter once they force that chip you're so eager for down your throat.

George Lewis9 said:Fair enough, but I’m still not seeing anything "secret" here. Transactional data has to be reported to the IRS anyway—the format just depends on how much money is moving through the account. Other concerns are more about marketing or data mining. When they mine data, they aren't looking at your specific individual transactions; they're pulling massive datasets to build consumer models. There's really nothing to worry about there.

And again, I'll say it: the IRS has eyes on every single cent you earn, regardless of what you tell the bank. If I had anything to worry about, it would be the IRS, not my bank.

So, when is it your turn to get chipped?
Though, it looks like you might have already done it...