Nosy banks
in Banking, Insurance & Loans ·
wiredlynx28 said: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.
@wiredlynx28
Based on what you've been saying in other posts, I think you mentioned you don't actually work at Zaba. So, are you just a customer using their online banking then? I'm asking because I'm a bit confused how you know there's a "do not wish to answer" option for things like dual citizenship, since nobody mentioned that before your post and it isn't visible in any of the screenshots...
wiredlynx28 said:@ Spinster
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.
@Nathan Morris3
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.
@wiredlynx28
If you take a slightly more careful look at the form itself, there's hardly any question that isn't essentially mandatory. Only three specific items include a "more information" link that pops up a window explaining the legal basis for the request—you know, citing stuff like federal law or the FTC—but for everything else, there's nothing. In your expert opinion, does that imply Zaba doesn't actually have a legal leg to stand on when asking those other questions? Because if they do, why wouldn't they list the authority right there next to the others like they did for those three? I realize you can't give me a definitive answer since you don't work at Zaba (right?), but I'd love to hear your take since you seem to know your stuff...