Nosy banks

Nathan Morris3 said:I actually had a bit of a headache with JPMorgan Chase once. I called them up to ask why they were citing laws to demand data they aren't even legally allowed to ask for—the law is pretty clear on what they can and can't request. Their response was just a canned script, really. It wasn't an actual answer; they just kept looping back to some vague "requirement to update information." So, I filed a complaint with the FTC, and they basically confirmed that I don't have to provide info that isn't legally required (big surprise, right?). Unfortunately, it seems like neither the Federal Reserve nor the FTC has a real way—or maybe they just don't want to—to stop this kind of overreach. Honestly, I doubt this kind of thing would fly in another European Union country. In the end, I just refused to give them the data and moved my money to a different bank.

Anyway, I’d suggest reaching out to the FTC and being a bit more firm with them, though I worry you might just get caught in a jurisdictional game of ping-pong between the Federal Reserve and the FTC. I think the FTC took a stance on this before, if I remember correctly, but the catch is that the FTC doesn't actually oversee banks—that's the Federal Reserve's territory.

Regardless, maybe it's not a coincidence that Citigroup had to write off over $11 billion. Maybe their retail side is struggling and they're looking to scale back, though I don't see much point in doing it this way. Or maybe it's all just a coincidence, I guess.

I believe a formal report needs to be filed. JP Morgan Chase is essentially threatening to block access to funds, even at physical branches. Are we talking about the confiscation of my private property here?

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How much of this nonsense have you actually swallowed? It’s honestly hard to believe, and I’ll be blunt:

The Federal Reserve pulls all that data directly from the banks. Trust me, Peter Peric over at Citigroup couldn't care less about whether you're married or if your monthly income is $5,000 or $15,000—don't flatter yourselves. They have the same assets as any other major player, including Bank of America and JPMorgan Chase. They aren't suddenly sweating because they think Peter Peric might move his $10,000 to a competitor.

Citigroup isn't acting in a vacuum here, nor did they just wake up one day and decide to start checking. Every bank is required to do this by order of the Federal Reserve Bank.
Between tax IDs and payment records, the Federal Reserve and the banks have it all. And let’s be real: they’d much rather cut you off entirely than risk being in violation of federal regulations.

Man, you're totally killing it.

I got that paperwork from Chase a few months back—ignored it, obviously. Then yesterday, a second notice shows up. I finally decided to swing by the branch today, and the teller asks if I have some kind of green card or similar documentation. I told her no, and that was the end of it.

neondriver5 said:How much of this nonsense have you actually swallowed? It’s honestly hard to believe, and I’ll be blunt:

The Federal Reserve pulls all that data directly from the banks. Trust me, Peter Peric over at Citigroup couldn't care less about whether you're married or if your monthly income is $5,000 or $15,000—don't flatter yourselves. They have the same assets as any other major player, including Bank of America and JPMorgan Chase. They aren't suddenly sweating because they think Peter Peric might move his $10,000 to a competitor.

Citigroup isn't acting in a vacuum here, nor did they just wake up one day and decide to start checking. Every bank is required to do this by order of the Federal Reserve Bank.
Between tax IDs and payment records, the Federal Reserve and the banks have it all. And let’s be real: they’d much rather cut you off entirely than risk being in violation of federal regulations.

It isn't the Federal Reserve finding this stuff; it's the Anti-Money Laundering Act. These laws force banks to maintain up-to-date data. Cool. We've heard it all before. But we aren't talking about "cutting off cooperation" anymore. We are talking about the total inability to execute any transactions on your accounts, including withdrawing cash. Do you see the difference?
It doesn't matter how many assets Z%A has, but from what I can see, they still care when they start losing clients.

neondriver5 said:How much of this nonsense have you actually swallowed? It’s honestly hard to believe, and I’ll be blunt:

The Federal Reserve pulls all that data directly from the banks. Trust me, Peter Peric over at Citigroup couldn't care less about whether you're married or if your monthly income is $5,000 or $15,000—don't flatter yourselves. They have the same assets as any other major player, including Bank of America and JPMorgan Chase. They aren't suddenly sweating because they think Peter Peric might move his $10,000 to a competitor.

Citigroup isn't acting in a vacuum here, nor did they just wake up one day and decide to start checking. Every bank is required to do this by order of the Federal Reserve Bank.
Between tax IDs and payment records, the Federal Reserve and the banks have it all. And let’s be real: they’d much rather cut you off entirely than risk being in violation of federal regulations.

I guess that old questionnaire definitely wasn't following what the Federal Reserve "finds" (or the laws). Probably not.
Banks are legally required to update data, but only the specific stuff defined by law. That’s why the FEC ruled the way it did, forcing them to change the questionnaire. I think AT&T had a pretty solid questionnaire from the start. At Chase, for instance, they were asking for total income amounts—no joke, I saw it myself. They even tried to grill clients who weren't even part of that $50k FATCA group with questions they didn't even have to answer under the law (basically ignoring Article 16). It was a mess.

Maybe someone could list the questions from this new version so we can see?

Nathan Morris3 said:I guess that old questionnaire definitely wasn't following what the Federal Reserve "finds" (or the laws). Probably not.
Banks are legally required to update data, but only the specific stuff defined by law. That’s why the FEC ruled the way it did, forcing them to change the questionnaire. I think AT&T had a pretty solid questionnaire from the start. At Chase, for instance, they were asking for total income amounts—no joke, I saw it myself. They even tried to grill clients who weren't even part of that $50k FATCA group with questions they didn't even have to answer under the law (basically ignoring Article 16). It was a mess.

Maybe someone could list the questions from this new version so we can see?

Yeah, that would be awesome 👍

So, what is the ultimate reality regarding my funds over at JPMorgan Chase—will they actually refuse me access entirely, or am I simply going to walk into a branch and collect the full amount...

Laura Chavez93 said:So, what is the ultimate reality regarding my funds over at JPMorgan Chase—will they actually refuse me access entirely, or am I simply going to walk into a branch and collect the full amount...

Here is the actual wording:

Failure to update your legally required information shortly will result in us being forced to restrict your account access. This means you will be unable to conduct any transactions. Such restrictions include, for example, cash withdrawals via ATMs or at a local branch, transferring funds between accounts, and using the Bank’s debit or credit cards.

In plain English: you won't be able to touch your money at all. No withdrawals, no transfers, no payments. Nothing.

unspecified

Snap a photo of the form so we can see how much they actually changed it since last year.

Laura Chavez93 said:So, what is the ultimate reality regarding my funds over at JPMorgan Chase—will they actually refuse me access entirely, or am I simply going to walk into a branch and collect the full amount...

If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps.
Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.

unspecified

wiredlynx28 said:If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps.
Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.

I guess if they freeze your account without any legal reason, you might have grounds to sue for damages.
Could someone finally snap a photo of the questions? Mostly I'm wondering if they still ask for a list of every single bit of income you have, or if it's just the stuff required by law (you know, just what's actually relevant to your business with the Bank of America?).
unspecified

wiredlynx28 said:If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps.
Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.

I guess if they freeze your account without any legal reason, you might have grounds to sue for damages.
Could someone finally snap a photo of the questions? Mostly I'm wondering if they still ask for a list of every single bit of income you have, or if it's just the stuff required by law (you know, just what's actually relevant to your business with the Bank of America?).

P.S. Maybe you could always print out the questionnaire and fill it out by hand, giving them only the info that's legally required. That might be better, since the bank shouldn't be able to claim you didn't provide everything mandated by law. You could even cross things out or add little notes on the form if you wanted.

wiredlynx28 said:If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps.
Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.

That’s incorrect and completely off-topic.

Honestly, I don't really get the point of this thread...

JPMorgan Chase gave me grief—like, serious hassle—about fifteen years ago, so I just pulled a decent chunk of cash out of all my accounts and shut them down... It was as simple as that...

I moved over to Bank of America, hauled my cash there, and then a few years back, I just answered some questions from the CIA regarding my ties to the United States and—voila—all good...

So, a couple days ago, I decide it's time to close my accounts at New York City (or whatever the name is...) and I emailed my contact at Bank of America asking her to prep the paperwork to move my Deloitte account over to them. The lady got everything ready, I signed off, and she actually offered to just mail the official docs to whoever needed them... The whole thing took maybe five minutes... Once that first Deloitte deposit hits Bank of America, I'm closing those New York City accounts for good...

Just close your accounts, head to a bank that actually treats you right, and you're done...

No, seriously, I don't see what the big deal is when it comes to just walking away from a bank you aren't happy with...

Alexander Thompson said:Honestly, I don't really get the point of this thread...

JPMorgan Chase gave me grief—like, serious hassle—about fifteen years ago, so I just pulled a decent chunk of cash out of all my accounts and shut them down... It was as simple as that...

I moved over to Bank of America, hauled my cash there, and then a few years back, I just answered some questions from the CIA regarding my ties to the United States and—voila—all good...

So, a couple days ago, I decide it's time to close my accounts at New York City (or whatever the name is...) and I emailed my contact at Bank of America asking her to prep the paperwork to move my Deloitte account over to them. The lady got everything ready, I signed off, and she actually offered to just mail the official docs to whoever needed them... The whole thing took maybe five minutes... Once that first Deloitte deposit hits Bank of America, I'm closing those New York City accounts for good...

Just close your accounts, head to a bank that actually treats you right, and you're done...

No, seriously, I don't see what the big deal is when it comes to just walking away from a bank you aren't happy with...

Of course it isn't a huge deal, but I feel like this is about something bigger. JPMorgan Chase isn't just some tiny neighborhood branch; they're big enough to set the standard for everyone else. So, I guess it’s pretty important that people speak up and demand their rights and for laws to be followed, rather than letting bad behavior just become the "new normal" that everyone else uses as an excuse.
Besides, this whole forum is meant for sharing experiences, so it seems totally fair and logical for people here to vent and look for info, I suppose.

Steven Rivera76 said:That’s incorrect and completely off-topic.

I actually love people who insist on being stubborn like this.
Fine then, explain exactly why it's incorrect and how it's irrelevant, especially since the last few comments started with my own questions and talk about closing accounts 🕺

I’ve already explained how the process works. I'll say it again: if you think it's not that straightforward, just ignore them. Eventually, they'll come back once they've had some actual experience 👍

wiredlynx28 said:If they freeze your account, you lose all access to those funds while the block is active. Once they finally close everything out, they'll notify you about the next steps.
Keep in mind that closing an account means severing ties with the entire bank—not just the one account, but every single product you have with them. And like I mentioned before, if there are any outstanding debts, the bank will demand immediate full payment.

Man, I’d honestly love it if they froze my measly hundred bucks.😂I'd blast this absolute joke on every news outlet in Europe.😍I’d write them up until they hit the moon.☕That’s all I’ve got left in there anyway, so I’m basically just sitting here waiting to see if they actually follow through on their little threat.

Alexander Thompson said:Honestly, I don't really get the point of this thread...

JPMorgan Chase gave me grief—like, serious hassle—about fifteen years ago, so I just pulled a decent chunk of cash out of all my accounts and shut them down... It was as simple as that...

I moved over to Bank of America, hauled my cash there, and then a few years back, I just answered some questions from the CIA regarding my ties to the United States and—voila—all good...

So, a couple days ago, I decide it's time to close my accounts at New York City (or whatever the name is...) and I emailed my contact at Bank of America asking her to prep the paperwork to move my Deloitte account over to them. The lady got everything ready, I signed off, and she actually offered to just mail the official docs to whoever needed them... The whole thing took maybe five minutes... Once that first Deloitte deposit hits Bank of America, I'm closing those New York City accounts for good...

Just close your accounts, head to a bank that actually treats you right, and you're done...

No, seriously, I don't see what the big deal is when it comes to just walking away from a bank you aren't happy with...

This👍
People around here generally have this habit where they complain a ton but rarely actually do anything about it. I got hit with a massive questionnaire and basically "threats" when I went to Citigroup to update my ID info. So, I just shut my account down right there on the spot and switched to Violet. And wouldn't you know it? No interrogation, no threats about freezing my money, nothing when I opened the new account...

electriccanyon2 said:This👍
People around here generally have this habit where they complain a ton but rarely actually do anything about it. I got hit with a massive questionnaire and basically "threats" when I went to Citigroup to update my ID info. So, I just shut my account down right there on the spot and switched to Violet. And wouldn't you know it? No interrogation, no threats about freezing my money, nothing when I opened the new account...

Running away isn't really "taking action." Real action is chasing down your legal rights and making sure others follow the rules too, instead of them just making stuff up as they go.
JP Morgan Chase asked me questions that they legally didn't even have to ask, I think. Maybe they don't anymore, though.

electriccanyon2 said:This👍
People around here generally have this habit where they complain a ton but rarely actually do anything about it. I got hit with a massive questionnaire and basically "threats" when I went to Citigroup to update my ID info. So, I just shut my account down right there on the spot and switched to Violet. And wouldn't you know it? No interrogation, no threats about freezing my money, nothing when I opened the new account...

That isn't quite right. Like I said, I sent an inquiry to Kill regarding the letter itself and the process of closing the account. I am closing it and moving to a different bank. I haven't picked one yet, but it certainly won't be JP Morgan Chase—I have no desire to deal with idiots like manager1 again. :-)
But does that mean these threats about making my funds inaccessible should just go unremarked and unreported?