Nosy banks

Larry Walker24 said:The bottom line is we’re nowhere near catching up to the rest of the West, yet we’re acting like we've already arrived.

It's not really about East vs. West anymore—it's more like there are countries that just do whatever they want, and then there are countries that basically just do whatever everyone else tells them to do.

Is it just me, or are banks over here suddenly acting like they need your full driver's license number and your entire legal name just to make a simple deposit? They started doing this crazy stuff recently, and when I asked them what the hell they needed it for, they had the nerve to claim it’s just so they have "proof" that I actually made the payment!🤔What on earth do they need my ID number for anyway?!!!

Question:
Can I interpret this to mean that since the law is now in effect for both me and every government agency in the country, there’s no need for my physical presence—they could simply send an inquiry to the Petrinja police department and the IRS
to get all the information they require?

I just received a notice from JPMorgan Chase regarding my business account—they want me to come in and complete some kind of survey questionnaire by September 15th
otherwise, they’ll shut down the account entirely 🙂
I suspect this might be a serious matter... unless I am mistaken? 🤷
In any case, I plan to mail them everything they already have on file—let them shove it where the sun doesn't shine

So, how’d the game turn out?😕

Well, honestly—I went ahead and filled out that survey for my business account because I didn't want any unnecessary headaches... but as for my personal account? I couldn't care less about that bit.
If they decide to freeze my funds, I’ll just head down to the local branch and withdraw everything in cash... besides, the account is working perfectly fine, just as it always has.

Basically, the whole matchup was a total disaster—you just had to swallow it. 😁 Anyway, the Federal Reserve is the one mandating the collection of those questionnaires, and they'll slap banks with fines if they aren't compliant.

Everyone on this forum acts like they have nothing to hide, but at least this guy was honest enough to admit he signed it.

If he had jumped ship to another bank, they would’ve grilled him on all of this plus a whole mountain of other stuff.

The Federal Reserve findings are right there. That's the bottom line.

neondriver5 said:Everyone on this forum acts like they have nothing to hide, but at least this guy was honest enough to admit he signed it.

If he had jumped ship to another bank, they would’ve grilled him on all of this plus a whole mountain of other stuff.

The Federal Reserve findings are right there. That's the bottom line.

He signed off on a business account, not his personal checking. They tried pulling the same crap with me, threatening to shut down my checking if I didn't just fall in line, but they totally miscalculated. So I just moved everything over to Wells Fargo. They only ask for the bare essentials because most of this nonsense only kicks in once you're moving more than $50,000.

@It turns out all the banks in America are abusing the whole FATCA status check process meant for the US tax authorities. They’re basically running "deep dives" on regular citizens' accounts that the US government wouldn't even care about because there's barely any money moving through them.

Under the "FATCA obligations," banks are supposed to be collecting data on individuals whose accounts see annual turnover exceeding $50,000, and legal entities seeing more than $250,000 per year (check the FATCA presentation and its application on the IRS website).

driftingmoose57 said:He signed off on a business account, not his personal checking. They tried pulling the same crap with me, threatening to shut down my checking if I didn't just fall in line, but they totally miscalculated. So I just moved everything over to Wells Fargo. They only ask for the bare essentials because most of this nonsense only kicks in once you're moving more than $50,000.

@It turns out all the banks in America are abusing the whole FATCA status check process meant for the US tax authorities. They’re basically running "deep dives" on regular citizens' accounts that the US government wouldn't even care about because there's barely any money moving through them.

Under the "FATCA obligations," banks are supposed to be collecting data on individuals whose accounts see annual turnover exceeding $50,000, and legal entities seeing more than $250,000 per year (check the FATCA presentation and its application on the IRS website).

So, they took an American regulatory requirement and turned it into their own little leverage play.

It's classic sociopath behavior, really. Give them an inch, and they'll take a mile.

So, once this law actually hits the books here in the States, it’ll carry way more weight than those random terms a bank just makes up on their own. I guess it'll probably lead to court rulings where banks can't just shut down an account whenever they feel like it without a real reason. And honestly, claiming you didn't share some super private info—stuff they aren't even required to ask for—probably won't count as a valid excuse.

Well, I mean, if that’s what the manual says 🙏

I guess we actually managed to scrape by with those SAT scores...

Alexander Thompson said:Well, I mean, if that’s what the manual says 🙏

I guess we actually managed to scrape by with those SAT scores...

Who are you even talking to? What does it say?

Banks have really been allowed to get away with just about everything lately, haven't they, and honestly I think it might be time we demand they start paying out salaries in cold, hard cash again, because then we would truly see who starts making all those empty threats once their digital monopoly is actually challenged

Honestly, we should probably just switch back to paying in potatoes, chickens, and lamb... maybe some beef too if we're feeling fancy... Just to really lean into that old-school American way of thinking...

Laura Chavez93 said:Well, honestly—I went ahead and filled out that survey for my business account because I didn't want any unnecessary headaches... but as for my personal account? I couldn't care less about that bit.
If they decide to freeze my funds, I’ll just head down to the local branch and withdraw everything in cash... besides, the account is working perfectly fine, just as it always has.

So what did they actually say to you when you refused to fill out the form for your personal checking account? Did you try throwing any legal jargon at them or citing those rules mentioned above?

Regarding my own personal account, I was a client about a year ago, after which she reached out to me in August to notify me that I hadn't signed a certain survey,
I simply informed her that it wasn't my responsibility to sign whatever she required—rather, my duty is merely to provide the information mandated by law (which I did)—and noted that my details remain unchanged from when I originally opened my accounts at Chase...

Dennis Fisher5 said:Banks have really been allowed to get away with just about everything lately, haven't they, and honestly I think it might be time we demand they start paying out salaries in cold, hard cash again, because then we would truly see who starts making all those empty threats once their digital monopoly is actually challenged

If we went back to a cash-only economy, Americans would suddenly realize how broke they actually are and wouldn't be able to sustain their current lifestyles at all.
Without overdrafts, credit cards, installment plans, mortgages, personal loans, or leasing, people simply couldn't afford half the stuff they own thanks to modern banking services.

wiredlynx28 said:If we went back to a cash-only economy, Americans would suddenly realize how broke they actually are and wouldn't be able to sustain their current lifestyles at all.
Without overdrafts, credit cards, installment plans, mortgages, personal loans, or leasing, people simply couldn't afford half the stuff they own thanks to modern banking services.

That’s not really true. Maybe if people realized how little they have, prices would actually drop since everything is just supply and demand.

Listen to this news anchor—claiming that bank loans, overdrafts, and installment plans don't exist just so banks can turn a profit, but rather so they can "generously enrich" people's lives🙄
if they’re such philanthropists, then what's the point of those usurious interest rates? ☕