Nosy banks

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.

Brian Moore12 said: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.

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.

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.

Brian Moore12 said: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.

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.😁

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 😂

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...

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...

So, get this—I just got a call telling me I need to swing by my local Bank of America branch ASAP. Apparently, they’ve got some "legal obligation" or whatever, and they need me to drop in to update my info right away.
I’m actually kind of looking forward to it—mostly because I want to see exactly what they think they have the right to ask me... and more importantly, what I can totally just ignore...

Sarah Morris57 said:So, get this—I just got a call telling me I need to swing by my local Bank of America branch ASAP. Apparently, they’ve got some "legal obligation" or whatever, and they need me to drop in to update my info right away.
I’m actually kind of looking forward to it—mostly because I want to see exactly what they think they have the right to ask me... and more importantly, what I can totally just ignore...

Please, let us know exactly what questions they're asking... I got an email too, told them it wasn't a good time to come in (legitimate reasons), but the banker is still pushing it. Wtf?

So, do you actually have that part about the legal requirement in writing somewhere? Like, could you just drop that one specific sentence here? I was downtown earlier and they were spinning it one way, but I really want to know exactly what they’re required to do—just so I know where the line is drawn before things get weird...

copperdrifter5 said:Please, let us know exactly what questions they're asking... I got an email too, told them it wasn't a good time to come in (legitimate reasons), but the banker is still pushing it. Wtf?

Wells Fargo:
1) Do you hold any citizenship other than American?
2) Do you possess an American green card?
3) Are you a politically active individual?

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...😁

totally wrong, they came sniffing around my info for one reason: I had a bit of extra cash sitting in my account for a minute (which they basically snatched away as a reward), but nothing about loans or anything—I've never even taken out a loan in my life.

Anthony Martin64 said:Wells Fargo:
1) Do you hold any citizenship other than American?
2) Do you possess an American green card?
3) Are you a politically active individual?

yeah, those questions are wild😍

Anthony Martin64 said:Wells Fargo:
1) Do you hold any citizenship other than American?
2) Do you possess an American green card?
3) Are you a politically active individual?

Do I seriously have to answer stuff like this?

I honestly don't get why they even care about the last one—like, what's the point?...
I guess with the first two, they're just trying to gauge if I'm some kind of flight risk or something. 😬

Sarah Morris57 said:Do I seriously have to answer stuff like this?

I honestly don't get why they even care about the last one—like, what's the point?...
I guess with the first two, they're just trying to gauge if I'm some kind of flight risk or something. 😬

No,
those first two questions are mandatory under the FATCA agreement, which the US is a signatory to. It means all banks have to hand over financial data on Americans—and anyone else with income the IRS wants to track—straight to the tax man.

Thanks for the heads-up!

So, my wife actually got one of those calls from the Democrats and Republicans side of things recently. Her banker was going on about how every single client has to fill out this specific form—something about anti-money laundering regulations since we’re part of the EU. She was acting all casual about it, too, like it’s just no big deal, insisting everything needs to be wrapped up by the end of May.
I’m wondering if anyone else here has been hit up with something similar? (The teller kept insisting it's mandatory for everyone)
If it’s not actually happening to everyone, then what’s the real reason they’re targeting certain people?
And seriously, what does the bank actually do if someone just ignores them and doesn't sign the paperwork?

Do Americans even have a clue who they've been handing out green cards to lately?😵
Am I politically engaged? Well, I certainly weigh in on political matters, and if memory serves, I even served on a local polling precinct board about fifteen years ago, ☕

I haven't stepped foot inside a physical bank branch in over two years, as an ATM provides everything I could possibly need, and honestly, does it even cross my mind to visit one if they were to call me in?

It’s a bit silly that Pinky thinks having a bank employee handle all that data collection is the problem—they aren't actually the ones at fault here. I got caught up in the same thing a few years back—questions about who I live with, whether I have a girlfriend, her SSN, her phone number, all that stuff. I even jokingly asked the teller for her number once, and she just gave me this knowing smile... basically saying she knew the questions were ridiculous, but she had to follow the anti-money laundering regulations.

Listen to a lecture on data warehousing and data mining, and you’ll quickly realize that from a marketing standpoint, tracking individuals is pointless—it’s all about the aggregate groups. So, honestly, there’s really no reason to worry about privacy being compromised here.