Nosy banks

Richard Jones13 said:I asked over on the Law forum, so I figured I'd just copy my post here too:

Hi everyone!
For a while now, the folks at Bank of America have been really pestering me for all sorts of private info (asking who lives in my apartment, telling me I'm required to report every single change in tenants, etc.). I have my paycheck deposited there and an active mortgage with them.
Honestly, I feel like they already have everything they need (since they approved my loan and I've been paying it off on time for 10 years), and I'm really hesitant to hand over any more personal details unless the law actually forces my hand.

Then yesterday, this email lands in my inbox:

"In accordance with the legal regulations of the United States, all banks in the US, including Bank of America, are required to update the mandatory information for all existing clients.

We would like to remind you that the Bank collects mandatory data based on the Anti-Money Laundering and Counter-Terrorism Financing Act and its associated regulations, international standards, and in compliance with obligations arising from the international agreement the United States has entered into with the US to implement the US law known as FATCA (Foreign Account Tax Compliance Act). This data is kept confidential, and the Bank uses it solely for managing your business relationship and fulfilling obligations according to the aforementioned legal regulations."

Am I REALLY obligated to give them this stuff? If not, is there anything specific I can point to so they'll finally just leave me alone?

Thanks so much!

What do you guys think? 😠

Well, wouldn't you want to know who's actually staying in your property? 😁
Since you haven't fully paid off that mortgage yet, technically the place belongs to them. 🐔

briskjackal5 said:😁

What's your point there?

-Steve

Think of it this way: some funds are directly tied to banking transactions, such as a regular paycheck. Other funds fall outside that scope, like cash from rental properties or local small business earnings. Under an explicit law, banks have the authority to inquire about those primary funds—the ones actually moving through their systems.

In other words, even if your rental income never touches a bank account, banks still want a full picture of your total global income. There is no legal basis for them to demand this specific data, because the explicit law only grants them oversight regarding the funds used in their direct business dealings.

You wouldn't believe it—Mirela Holy actually posed this exact question to The Government last summer, and this was their response:

Under the provisions of this specific Act, personal data for an individual shall be collected within the following scope:
full name, residential address, date of birth, place of birth, identification
number, and the name, number, and issuing authority of the identification document.

👋 Here is the link to the PDF 👋
I'm heading into the bank tomorrow to try and get those details removed from Laura Chavez93 ☕ though, naturally, if they decide to ask for my mobile number, marital status, or even my zodiac sign
I'll just give them a wide, knowing grin😁 and tell them that's none of their business...
I'll let you know how it goes😈

😁
Nice find!
Hopefully you gave it a really thorough read-through too.

You should probably just print that file out and bring it along—who knows, might actually come in handy!
I'm definitely curious to see how this all plays out, too.

Btw, they usually figure out your zodiac sign based on your birthday.

-briskjackal5

Of course I'll be bringing him along 🧐

Chase wouldn't let me get a new card reader without asking me if I was employed or unemployed, or something like that, because apparently their app is hard-coded to block them until they get an answer.

Judging by how everything went down, I guess that really was the case—it wasn't just being difficult, they literally couldn't bypass that field in the software without that info.

But hey, at least they finally dropped all those other excuses they try to push as "mandatory requirements." It’s not mandatory. 😁

-Stipe

Dana Morris6 said:When they asked me about filling out those surveys, I just countered with a few questions of my own... specifically regarding the frequency of workplace hookups at that particular bank, and how much extracurricular activity happens among colleagues during corporate parties—with a very particular focus on how often people are performing JOE BIDENs for the management team. After that, nobody ever brought up the surveys again.

Ha...👍
Of course, we really ought to issue them a survey as well, just so we can get a better sense of exactly who we are dealing with.

So, I just stepped out of my meeting at Chase... it started off quite standard: full name, address, Social Security number... the usual drill. At one point, she asks how I typically manage my finances—cash transactions, investments, savings... so, naturally, I provide some details.
Then comes the next question: what is my educational background? 🤔
Me: Is that actually necessary?
Her: Well, you understand, we need to know so we can determine which credit products might suit you... blah, blah, blah, moving right along.
She then asks: Are you a U.S. citizen?
Me: 😕 What does that have to do with my banking business?
Her: It’s just a requirement we have to ask.
Me: You can certainly ask, but I am under no obligation to answer.
To wrap things up, she hands me some document that I am supposedly required to sign. 🤦
I suggested that since she was the one who filled it all out, she should be the one to sign it instead.
She claimed she couldn't.
I informed her that I wasn't signing anything—my role is to provide information, nothing more.
She looked quite offended 🙂 and started lecturing me about anti-money laundering regulations... I asked her exactly where that is specified in the code.
It turned out she didn't actually have a clue what the law even says... she was just repeating scripts like a parrot. 🙄..
In any case, she arranged for the branch manager to call me in two days to explain everything. I honestly hope she doesn't call, as it would likely be an awkward conversation for her. 😈

Man, I was actually waiting on your post. 👍

It was probably best when I asked her if anyone had ever voiced any concerns about such questions—she told me no one had 🤣that they just come in on their own and book appointments, allowing me to provide answers accordingly 😂

Laura Chavez93 said:It was probably best when I asked her if anyone had ever voiced any concerns about such questions—she told me no one had 🤣that they just come in on their own and book appointments, allowing me to provide answers accordingly 😂

tell her to give a coworker at Chase in San Diego a call, you know, just to see if any crazy lady with wild eyes ever showed up there before

Wait, didn't you mention just the other day that nobody at that Chase branch even bothered to ask you anything?

Laura Chavez93 said:Wait, didn't you mention just the other day that nobody at that Chase branch even bothered to ask you anything?

Yeah, true. But honestly, I was just being a total idiot myself.

They kept hitting him with those mindless questions—did they not have anything for you?🤔
edit: Honestly, maybe I should just move over there to work the register so you don't end up getting caught in the crossfire here too...

Laura Chavez93 said:So, I just stepped out of my meeting at Chase... it started off quite standard: full name, address, Social Security number... the usual drill. At one point, she asks how I typically manage my finances—cash transactions, investments, savings... so, naturally, I provide some details.
Then comes the next question: what is my educational background? 🤔
Me: Is that actually necessary?
Her: Well, you understand, we need to know so we can determine which credit products might suit you... blah, blah, blah, moving right along.
She then asks: Are you a U.S. citizen?
Me: 😕 What does that have to do with my banking business?
Her: It’s just a requirement we have to ask.
Me: You can certainly ask, but I am under no obligation to answer.
To wrap things up, she hands me some document that I am supposedly required to sign. 🤦
I suggested that since she was the one who filled it all out, she should be the one to sign it instead.
She claimed she couldn't.
I informed her that I wasn't signing anything—my role is to provide information, nothing more.
She looked quite offended 🙂 and started lecturing me about anti-money laundering regulations... I asked her exactly where that is specified in the code.
It turned out she didn't actually have a clue what the law even says... she was just repeating scripts like a parrot. 🙄..
In any case, she arranged for the branch manager to call me in two days to explain everything. I honestly hope she doesn't call, as it would likely be an awkward conversation for her. 😈

They are legally allowed to ask about US citizenship; that is part of FATCA, which carries weight as an international agreement. The question regarding citizenship is straightforward because all US citizens are required to report global income to the US.

Here is the full text:
https://www.treasury.gov/resource-ce...-3-20-2015.pdf

It explicitly mentions "Know Your Customer as a U.S. citizen or resident;"

The other listed indicators must be investigated as well.
However, the contentious point lies under Section II, A, 1. It states that if your account balance was under $50K as of June 30, 2014, you fall under "Accounts Not Required to Be Reviewed, Identified, or Reported." This makes it unclear why they would even bother asking you if there is no requirement to report you regardless.

The bank will likely claim they must use the same questionnaire for every client. You will probably react just like I did—with a laugh—because it sounds like the most nonsensical excuse ever. You can tell them that while everyone might receive the same form, not everyone needs to fill out every single field.

If you want to be prepared, I suggest having this document handy (a translation of the aforementioned US document):

http://www.irs.gov/EU_Vanj...0teksta%29.pdf
(page 2)

Where it clearly states that accounts below $50K USD do not require verification. Though, I worry there might be a catch I am missing—perhaps those rules only applied to 2014 and changed in 2015—because I have been questioned about US residency at institutions much more reputable than our local banks.

So, I was just watching some news coverage about terrorism on TV, and I picked up a few interesting bits of info:

- Counter-terrorism efforts in France used to cost them around $380-$430 million a year
- But after all this recent mess, it’s looking closer to $800 million now, I guess
- They’ve actually hired about 3,000 new people
- And then there's FATCA, which basically says anyone holding over $50k in an account needs to be checked out
- In France, a "terrorist act" by these "terrorists" costs them less than $2,200 per incident
- The economic damage in France following those attacks was several billion dollars

I put quotes around those specific words on purpose.

Is it just me, or does this whole FATCA thing sound totally nonsensical? 🤔

Like, why would I hand over every single piece of my personal data—which they pretty much already have anyway—wtf? 🤷

New banking data requirements kick in January 1st

http://www.poslovnipuls.com/2015/12/...ataka-bankama/

Starting January 1, 2016, an EU Directive goes into effect—serving as the foundation for implementing the Common Reporting Standard (CRS) across the European Union, according to the American Bankers Association...

Basically, clients will be required to hand over whatever data banks and savings institutions ask for by filling out specific forms.

To meet these obligations, financial institutions will report account details and financial assets to the United States Department of the Treasury – Internal Revenue Service for any clients identified as residents of a country participating in the CRS.

That data then gets automatically swapped with authorized agencies in other countries on an annual basis...

The CRS was developed following the United States' move in March 2010 to pass the "Foreign Account Tax Compliance Act," better known as FATCA, to more effectively combat tax evasion and fraud. That act established which financial account information gets exchanged, which financial institutions are obligated to report, defined various types of accounts and taxpayers, and set the due diligence procedures that financial institutions must follow.

By applying the CRS, the goal is to improve cooperation with other nations regarding the exchange of tax data, enhance tax oversight, and bolster international tax collection efforts.
Regarding these matters or for info on tax residency, citizens should look to the relevant national tax authorities. In the US, that would be the Department of the Treasury – Internal Revenue Service, whose website will host detailed info on the implementation of the CRS, per the American Bankers Association, reported by PBS.

What is there even left to say after this? 😵
They’re demanding we hand over data to a government that—let’s be honest—already possesses every single scrap of information from the FBI, the Census Bureau, and the IRS... anyway, my branch manager called me to "clarify" a few things,
she told me I need to come in and sign off, but when I told her I wasn't comfortable letting them use my private info, she started pulling the whole anti-terrorism and money laundering card—absolute nonsense,
so I pointed out that they should just use the records they already have since nothing has changed, but she insisted that isn't an option.
I suggested they just set my file aside and stick to the existing data, and she claimed even that was impossible.
Then, she gave me this overly sweet plea to drop by before the New Year to sign the paperwork... though I have a feeling I won't be making it in time. ☕

Eric Newman4 said:New banking data requirements kick in January 1st

http://www.poslovnipuls.com/2015/12/...ataka-bankama/

Starting January 1, 2016, an EU Directive goes into effect—serving as the foundation for implementing the Common Reporting Standard (CRS) across the European Union, according to the American Bankers Association...

Basically, clients will be required to hand over whatever data banks and savings institutions ask for by filling out specific forms.

To meet these obligations, financial institutions will report account details and financial assets to the United States Department of the Treasury – Internal Revenue Service for any clients identified as residents of a country participating in the CRS.

That data then gets automatically swapped with authorized agencies in other countries on an annual basis...

The CRS was developed following the United States' move in March 2010 to pass the "Foreign Account Tax Compliance Act," better known as FATCA, to more effectively combat tax evasion and fraud. That act established which financial account information gets exchanged, which financial institutions are obligated to report, defined various types of accounts and taxpayers, and set the due diligence procedures that financial institutions must follow.

By applying the CRS, the goal is to improve cooperation with other nations regarding the exchange of tax data, enhance tax oversight, and bolster international tax collection efforts.
Regarding these matters or for info on tax residency, citizens should look to the relevant national tax authorities. In the US, that would be the Department of the Treasury – Internal Revenue Service, whose website will host detailed info on the implementation of the CRS, per the American Bankers Association, reported by PBS.

I honestly don't get it because in the country where I’m living and working right now, I haven't handed over any of that kind of data.
Just basic contact info and nothing else—okay, maybe my husband's name too, since the type of account I have here is one you'd normally share with a partner...

So, either they won't have this specific data, or they'll just find some other way to grab it—which, let's face it, can be done in a million ways. I'm being totally legal about everything, but man, they could definitely find better ways to go about it instead of basically hauling people into the bank like it's some big interrogation...

Thomas Fowler84 said:They are legally allowed to ask about US citizenship; that is part of FATCA, which carries weight as an international agreement. The question regarding citizenship is straightforward because all US citizens are required to report global income to the US.

Here is the full text:
https://www.treasury.gov/resource-ce...-3-20-2015.pdf

It explicitly mentions "Know Your Customer as a U.S. citizen or resident;"

The other listed indicators must be investigated as well.
However, the contentious point lies under Section II, A, 1. It states that if your account balance was under $50K as of June 30, 2014, you fall under "Accounts Not Required to Be Reviewed, Identified, or Reported." This makes it unclear why they would even bother asking you if there is no requirement to report you regardless.

The bank will likely claim they must use the same questionnaire for every client. You will probably react just like I did—with a laugh—because it sounds like the most nonsensical excuse ever. You can tell them that while everyone might receive the same form, not everyone needs to fill out every single field.

If you want to be prepared, I suggest having this document handy (a translation of the aforementioned US document):

http://www.irs.gov/EU_Vanj...0teksta%29.pdf
(page 2)

Where it clearly states that accounts below $50K USD do not require verification. Though, I worry there might be a catch I am missing—perhaps those rules only applied to 2014 and changed in 2015—because I have been questioned about US residency at institutions much more reputable than our local banks.

Exactly—this has nothing to do with terrorism and everything to do with taxes. Terrorism my foot... suddenly we're all potential terrorists in the eyes of the state.

Four million people and not a single act of terror, yet now everyone is a suspect...

What a transparent fairy tale.