Nosy banks

I was reading about this topic about ten days ago, and then over the weekend I headed into Chicago to grab lunch with a friend who was part of a larger group. It turns out one of them works at JPMorgan Chase. So, the conversation starts moving and I ask him why they put clients through all those annoying questions, and he just tells me, "We don't bother our clients; we value them deeply." Now I'm just sitting there with a massive question mark over my head because there are tons of people here protesting for good reason. Honestly, it felt like he was just reciting a corporate slogan from a Chase commercial. 😁 Later on, my friend mentions that the guy is actually a private banker. So, I guess there really is a distinction between "us" and "them."

So, you just found out that personal bankers actually exist? 😕

Nicole Long28 said:I was reading about this topic about ten days ago, and then over the weekend I headed into Chicago to grab lunch with a friend who was part of a larger group. It turns out one of them works at JPMorgan Chase. So, the conversation starts moving and I ask him why they put clients through all those annoying questions, and he just tells me, "We don't bother our clients; we value them deeply." Now I'm just sitting there with a massive question mark over my head because there are tons of people here protesting for good reason. Honestly, it felt like he was just reciting a corporate slogan from a Chase commercial. 😁 Later on, my friend mentions that the guy is actually a private banker. So, I guess there really is a distinction between "us" and "them."

It's occupational hazard. If you spend years working there, you start believing the Zabini mantra that clients are everything. Or maybe he just sticks to the script because you might be a potential client yourself.
At least he didn't try to sell you a Gokart, or you might have opened a whole different Pandora's box. 🤣

The "us versus them" mentality is everywhere—retailers vs. shoppers, insurance agents vs. policyholders, even sanitation workers vs. the public. It's just how some people see the world.

Jose Miller3 said:So, you just found out that personal bankers actually exist? 😕

P R I V A T E, meaning for the big shots. You don't stress out those kinds of clients, and nobody bothers them with trivial nonsense. They ask us all sorts of silly questions. That's what I meant by "us" versus "them."

To look at it from the other side, what are clients actually allowed to ask a bank or its employees if they're depositing money—basically "lending" it to the bank?

I stopped by my local Chase branch yesterday after being away for quite a while, and my personal banker immediately slid some questionnaire over to me that we "had" to fill out together🙂 I wasn't really in the mood for paperwork, though, so when he started lecturing me about how this was all part of standard anti-money laundering protocols or whatever🤔 anyway, when he got to the question about my marital status, I just looked at him and asked: so, are you asking me out on a date??? The poor guy looked so confused he just gave up on the whole thing... guess it's my fault...

Jerry Anderson87 said:I stopped by my local Chase branch yesterday after being away for quite a while, and my personal banker immediately slid some questionnaire over to me that we "had" to fill out together🙂 I wasn't really in the mood for paperwork, though, so when he started lecturing me about how this was all part of standard anti-money laundering protocols or whatever🤔 anyway, when he got to the question about my marital status, I just looked at him and asked: so, are you asking me out on a date??? The poor guy looked so confused he just gave up on the whole thing... guess it's my fault...

Which bank was it?

A fundamental responsibility for every bank:
http://www.bloomberg.com/companies-and-t...-responsibility-977323

So, basically, part of that info is actually required by federal law—it’s non-negotiable, you just have to fill it out. But the rest of it? That’s just for getting to know our clients better so they can pitch us specific credit cards, loans, or whatever... and in those cases, the customer totally gets to decide if they want to share that stuff with the bank or not.

I mean, I’m definitely going to politely ask them to let me know which questions are mandatory and which ones aren't.

And then there was that thing someone mentioned about being asked for his girlfriend's Social Security number...
Seriously, she can just deal with her own bank.
Since when is my legal obligation to hand over someone else's private info?

Sarah Morris57 said:So, basically, part of that info is actually required by federal law—it’s non-negotiable, you just have to fill it out. But the rest of it? That’s just for getting to know our clients better so they can pitch us specific credit cards, loans, or whatever... and in those cases, the customer totally gets to decide if they want to share that stuff with the bank or not.

I mean, I’m definitely going to politely ask them to let me know which questions are mandatory and which ones aren't.

And then there was that thing someone mentioned about being asked for his girlfriend's Social Security number...
Seriously, she can just deal with her own bank.
Since when is my legal obligation to hand over someone else's private info?

Exactly. Most people here arrived after they had already finished the process, wondering why, how, and to whom.
It shouldn't be difficult to ask those questions to bank representatives first. Then we act surprised when someone gets stuck with a terrible loan or a predatory mobile contract signed on a sidewalk kiosk.

Look, I seriously had to ask this lady over at Chase three different times just to get a straight answer out of her.
Most people would’ve just taken what she said the first time around—and honestly, I almost did—but then you realize she was totally dodging the point! She wasn't exactly lying, per se... she was just doing that thing where you dance around the truth to avoid being direct, you know?

Sarah Morris57 said:Look, I seriously had to ask this lady over at Chase three different times just to get a straight answer out of her.
Most people would’ve just taken what she said the first time around—and honestly, I almost did—but then you realize she was totally dodging the point! She wasn't exactly lying, per se... she was just doing that thing where you dance around the truth to avoid being direct, you know?

It’s almost exactly like when my kid tells me, "I didn't lie, I just didn't tell you everything."🤣

Something like that...
I'm pretty sure they're feeling the heat to get as many completed surveys back as possible, but man, this was just not okay.

He was basically just trying to brag to us about having a girlfriend, but honestly, why on earth would a banker at Chase care about her Social Security number?🙄 I mean, let’s use a little common sense here, shall we? They probably just ask if you're married or not, and those three extra questions regarding citizenship, political affiliation, or a Green Card aren't exactly the scary monsters people are making them out to be. If that's all they're asking, I really don't see what the big fuss is about! Anyway, I'm actually heading out to open a new checking account in a few days, so I'll be sure to swing back by here and give you all a full report on exactly what they ask me...

I mean, when it comes to those whole anti-money laundering checks, they aren't even looking at whether I'm married or not... totally irrelevant, right?

It’s pretty wild when you think about it—even accountants and bookkeepers are legally required to follow those anti-money laundering and counter-terrorism financing laws. They basically have to sniff out anything shady in your business dealings and report it straight to the feds. 😁
Has your accountant ever grilled you with questions like that?

I don't have an accountant on hand right now, but I know one who does. About a year ago, she was venting to me about how much of a headache it is to deal with all those anti-money laundering questionnaires. Specifically, they have to provide data on whether they've had face-to-face meetings with the business owner over the last few months and stuff like that... plus, apparently, they’re supposed to be interrogating their own clients with these questions too.

George Lewis9 said: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.

But still, nobody is obligated to hand over any info beyond what they already have. Everyone can just tell them to beat it at 3 PM or whenever else they feel like it...

Sarah Morris57 said:I mean, when it comes to those whole anti-money laundering checks, they aren't even looking at whether I'm married or not... totally irrelevant, right?

I mean, we all know how much Americans love to gossip about their relationships and marriages, so maybe they just threw that question in there to satisfy our curiosity?🙏
Just kidding! I was over in Vegas recently and nobody asked me a single thing about my personal life...
But honestly, isn't marital status a bit too private for an account application? If you aren't even looking for an overdraft or a credit card, why should the bank care about your domestic situation?
Besides, most banks already ask about your marital status when you apply for a line of credit anyway...

Attached are the questionnaires and specific inquiries required to satisfy our legal obligations.
On a side note, they’ve tacked on several statements regarding marketing. Honestly, I fail to see how their promotional strategies have anything to do with money laundering.
The questionnaire itself was drafted by the American Association Bank. Beyond that, it seems certain banks enjoy asking all sorts of intrusive questions under the guise of this particular law.

Paul Williams11 said:Attached are the questionnaires and specific inquiries required to satisfy our legal obligations.
On a side note, they’ve tacked on several statements regarding marketing. Honestly, I fail to see how their promotional strategies have anything to do with money laundering.
The questionnaire itself was drafted by the American Association Bank. Beyond that, it seems certain banks enjoy asking all sorts of intrusive questions under the guise of this particular law.

Nobody is actually forced to do anything.
You think the cops are gonna cuff you and drag you into a bank just to fill out a survey? ...
But if someone wants to sign away everything, go ahead...
Better to just leave it blank and sign nothing...