Nosy banks

wiredlynx28 said:They actually send out trained professionals, unlike some other banks.
A banker and their institution have to truly grasp what a client needs—something Citigroup emphasizes heavily—rather than just tossing a private banker at someone randomly.
At Citigroup, staff are assigned based on specific requirements. You’ve got personal bankers for those making up to $10k, relationship managers for anything over $10k, and then private bankers who handle high-net-worth assets like large deposits and stocks.
Each tier undergoes specialized training tailored to their specific demographic because, let’s face it, everyone doesn't have the same level of purchasing power or financial goals.
Take JPMorgan Chase, for example; they often assign a basic personal banker to everyone, and then you see the frustration unfold during the actual service process.

And do you count yourself among the "educated" ones?

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Steven Rivera76 said:And do you count yourself among the "educated" ones?

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Hey guys, maybe we should just stick to being constructive. It looks like wiredlynx28 might be an insider or something, so she probably has better questions to ask anyway.

wiredlynx28 said:$100k at Bank of America
JPMorgan Chase and Wells Fargo have about $500k combined.
Goldman Sachs holds $50k, but honestly, it’s not worth the hassle since they're circling the drain.
Keep in mind, Bank of America is basically turning into Chase, while JPMorgan Chase will likely shift over to Société Générale.
The only one staying put is Wells Fargo, which is backed by Intesa Sanpaolo—one of the heavy hitters in the US banking sector with massive capital reserves.

U.S. Bank? 😁

When you step back and look at it, Citigroup really is one of the better options—their entry-level staff is actually quite well-trained, though perhaps I just caught them on a good day.

feraljackal2 said:U.S. Bank? 😁

When you step back and look at it, Citigroup really is one of the better options—their entry-level staff is actually quite well-trained, though perhaps I just caught them on a good day.

It really depends, you likely just caught them on a good day. 🙏I’ve been banking with Citigroup for a few years now for my business needs, and I was honestly on the verge of moving everything over to JPMorgan Chase or Capital One because of some incredibly frustrating little hiccups... I eventually realized that the local branch here in my city tends to staff almost everyone who isn't particularly capable, so most of the business clients I know actively avoid that specific location in favor of the others.

Nathan Morris3 said:Hey guys, maybe we should just stick to being constructive. It looks like wiredlynx28 might be an insider or something, so she probably has better questions to ask anyway.

This is a critical question. I hope wiredlynx28 provides an answer.

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@ Steven Rivera76

Not one. I dealt with that a long time ago.
And I'm still sitting here waiting on your answers 👍

wiredlynx28 said:In that case, don't bother with a traditional checking account. Just open a virtual one. That way, you skip the trip to the bank and the waiting in line entirely; you handle everything online instead. 👍

Besides, whatever info they are asking for can be submitted via online banking in just a few clicks.

When I was at Chase, I couldn't get it done online because the web portal only works if you provide info that isn't actually required by the Anti-Money Laundering and Counter-Terrorism Financing Act. If you only want to give them what the law requires, I guess you have to go to a branch and leave certain fields blank. I'm not sure if other banks do things differently, though. Maybe the forms have changed since then. I wonder if someone might finally post the actual questions from the form?😉

The damn form didn't even show up with the circular

Here’s the form! I’m definitely no pro at screenshots, so fingers crossed this works for you guys:



Had to split it into two parts since it's just a print screen.

The images are tiny—I can't see a damn thing.

Just upload them somewhere else and drop the link right here.

The Know Your Customer Questionnaire is mandatory.
I don't see them asking for anything they aren't legally entitled to. If people are complaining about privacy being invaded, they should specify exactly what they mean.
For any non-mandatory fields, there's an option to select "prefer not to say"—for instance, regarding dual citizenship.

Data collection and updates are conducted strictly under the Anti-Money Laundering and Counter-Terrorism Financing Act and its implementing regulations. This is done to facilitate deep client due diligence and meet all regulatory obligations. Furthermore, the Questionnaire details the specific purpose for collecting and processing this Data, including whether it is processed based on legal authority or via the consent provided by you or your representative upon signing this Questionnaire.

You can review your data or update and correct any inaccuracies in the Questionnaire at any time through online banking, in writing, or by visiting a branch in person.

The information in this Questionnaire is essential for the bank, or any third party for whom the bank is collecting data, to fulfill their legal and regulatory duties and to establish a business relationship with you. If you refuse to provide information required by this Questionnaire, or if you provide inaccurate mandatory information, the bank—or the entity for whom the bank is collecting data—may decline to establish a business relationship with you.

You can find the form you need to submit through the online portal right here http://oi64.tinypic.com/2rzxapd.jpg...

I went ahead and cleared out all the fields on the form so you can clearly see which ones are actually mandatory, indicated by those red error messages...

wiredlynx28 said:The Know Your Customer Questionnaire is mandatory.
I don't see them asking for anything they aren't legally entitled to. If people are complaining about privacy being invaded, they should specify exactly what they mean.
For any non-mandatory fields, there's an option to select "prefer not to say"—for instance, regarding dual citizenship.

Data collection and updates are conducted strictly under the Anti-Money Laundering and Counter-Terrorism Financing Act and its implementing regulations. This is done to facilitate deep client due diligence and meet all regulatory obligations. Furthermore, the Questionnaire details the specific purpose for collecting and processing this Data, including whether it is processed based on legal authority or via the consent provided by you or your representative upon signing this Questionnaire.

You can review your data or update and correct any inaccuracies in the Questionnaire at any time through online banking, in writing, or by visiting a branch in person.

The information in this Questionnaire is essential for the bank, or any third party for whom the bank is collecting data, to fulfill their legal and regulatory duties and to establish a business relationship with you. If you refuse to provide information required by this Questionnaire, or if you provide inaccurate mandatory information, the bank—or the entity for whom the bank is collecting data—may decline to establish a business relationship with you.

Give me a break—don't mess with us. 🤣........we have actual terrorists on this forum anyway, and besides, nobody here actually knows how to activate a bomb.😁

This isn't about stopping money laundering or terrorism—it's just a hungry government looking to manage everyone else's money............

The primary launders for criminals and terrorists are the banks themselves—from JPMorgan Chase to Deutsche Bank and beyond... they've paid billions in fines just to keep the practice going.

wiredlynx28 said:The Know Your Customer Questionnaire is mandatory.
I don't see them asking for anything they aren't legally entitled to. If people are complaining about privacy being invaded, they should specify exactly what they mean.
For any non-mandatory fields, there's an option to select "prefer not to say"—for instance, regarding dual citizenship.

Data collection and updates are conducted strictly under the Anti-Money Laundering and Counter-Terrorism Financing Act and its implementing regulations. This is done to facilitate deep client due diligence and meet all regulatory obligations. Furthermore, the Questionnaire details the specific purpose for collecting and processing this Data, including whether it is processed based on legal authority or via the consent provided by you or your representative upon signing this Questionnaire.

You can review your data or update and correct any inaccuracies in the Questionnaire at any time through online banking, in writing, or by visiting a branch in person.

The information in this Questionnaire is essential for the bank, or any third party for whom the bank is collecting data, to fulfill their legal and regulatory duties and to establish a business relationship with you. If you refuse to provide information required by this Questionnaire, or if you provide inaccurate mandatory information, the bank—or the entity for whom the bank is collecting data—may decline to establish a business relationship with you.

wiredlynx28, you keep repeating the same lines we hear from banks, but I guess you can understand my skepticism since my bank tried to push a Know Your Customer Questionnaire on me a couple of years ago using all those laws, but it turned out they were lying and had no legal basis for some questions. So, I guess I'll just wait and see which questions they actually ask, and hopefully, our friend Erin can manage to upload a slightly larger screenshot 😉.

Harold Evans4 said:The images are tiny—I can't see a damn thing.

Just upload them somewhere else and drop the link right here.

My bad! I'll give it another shot tomorrow. I noticed someone already posted a link, so maybe it'll be easier to see over there?

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wiredlynx28 said:What does Chase have to do with this? 🤣

Explain to me how, why, and based on what specific reasoning my previous point is incorrect. Argue your position. I know exactly where my facts are coming from, so I'm genuinely curious about the basis for your claim that I'm wrong.👍

Hostess, what am I even supposed to say to you? You’re asking for an argument, yet your only argument is that you "know" why you are right. 😵

We are discussing the fact that JP Morgan Chase is threatening to freeze access to account funds. Your position is this:

Regarding data updates, if a client repeatedly ignores requests, the bank simply closes the account for failure to meet operating requirements. If there are available funds, they instruct the client to withdraw them minus any fees; if there are outstanding loans or debts, they simply call the entire amount due at once. If the client fails to pay, forced collection begins.
What JP Morgan Chase is doing by disabling withdrawals is just a step prior to closing the account.

I asked if this had ever happened at your bank, which you can't answer (though I see you are perfectly capable of predicting what will happen at JP Morgan Chase 😉).

I looked up those banks you mentioned in a previous post (I don't follow the banking sector closely, so I had to Google it), and half of what you wrote isn't even true. (On a side note, I noticed JP Morgan Chase won some award for private banking late last year; doesn't that seem somewhat contrary to what you've been posting? 🍿)

By the way, has anyone actually received a response from the bank regarding their complaint?

wiredlynx28 said:The Know Your Customer Questionnaire is mandatory.
I don't see them asking for anything they aren't legally entitled to. If people are complaining about privacy being invaded, they should specify exactly what they mean.
For any non-mandatory fields, there's an option to select "prefer not to say"—for instance, regarding dual citizenship.

Data collection and updates are conducted strictly under the Anti-Money Laundering and Counter-Terrorism Financing Act and its implementing regulations. This is done to facilitate deep client due diligence and meet all regulatory obligations. Furthermore, the Questionnaire details the specific purpose for collecting and processing this Data, including whether it is processed based on legal authority or via the consent provided by you or your representative upon signing this Questionnaire.

You can review your data or update and correct any inaccuracies in the Questionnaire at any time through online banking, in writing, or by visiting a branch in person.

The information in this Questionnaire is essential for the bank, or any third party for whom the bank is collecting data, to fulfill their legal and regulatory duties and to establish a business relationship with you. If you refuse to provide information required by this Questionnaire, or if you provide inaccurate mandatory information, the bank—or the entity for whom the bank is collecting data—may decline to establish a business relationship with you.

... so I looked over the questionnaire, and yeah, there are questions they technically don't even need to ask by law. I just don't get why you're trying to convince us otherwise when we all have the internet and can just look up the law ourselves to see what's actually required. I'm guessing you aren't in banking, but maybe check with a pro to see where in the Law/regulations/international treaties/guidelines/... it says they can ask about someone's total income.

"ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT"
"GUIDELINES FOR IMPLEMENTING THE ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT FOR ENTITIES UNDER THE JURISDICTION OF THE U.S. FINANCIAL REGULATORS"
"Agreement between the government of the United States of America and the government of the Republic of America to Improve Microsoft International tax Compliance and to Implement FATCA"

I read everything—nothing changed in the Act, so I'm not sure why you're insisting the Law is wrong, or like there's some higher authority than domestic and international laws???

Just to repeat: per the Law, the bank is only supposed to ask for the "source of funds or assets that are or will be the subject of the business relationship or transaction" (Article 16. Section 10). The question on this form is totally different, and banks are basically trying to grab info on every single bit of income a citizen has, even stuff that has nothing to do with their transactions. There's a huge difference between those two things, I guess.

Guys: maybe file a complaint with the FTC, and tell the bank to show you the specific Article and Section of the Law that lets them demand your income details.

Nathan Morris3 said:... so I looked over the questionnaire, and yeah, there are questions they technically don't even need to ask by law. I just don't get why you're trying to convince us otherwise when we all have the internet and can just look up the law ourselves to see what's actually required. I'm guessing you aren't in banking, but maybe check with a pro to see where in the Law/regulations/international treaties/guidelines/... it says they can ask about someone's total income.

"ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT"
"GUIDELINES FOR IMPLEMENTING THE ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT FOR ENTITIES UNDER THE JURISDICTION OF THE U.S. FINANCIAL REGULATORS"
"Agreement between the government of the United States of America and the government of the Republic of America to Improve Microsoft International tax Compliance and to Implement FATCA"

I read everything—nothing changed in the Act, so I'm not sure why you're insisting the Law is wrong, or like there's some higher authority than domestic and international laws???

Just to repeat: per the Law, the bank is only supposed to ask for the "source of funds or assets that are or will be the subject of the business relationship or transaction" (Article 16. Section 10). The question on this form is totally different, and banks are basically trying to grab info on every single bit of income a citizen has, even stuff that has nothing to do with their transactions. There's a huge difference between those two things, I guess.

Guys: maybe file a complaint with the FTC, and tell the bank to show you the specific Article and Section of the Law that lets them demand your income details.

But you don't actually have to answer the question about other income!

placidmaker6 said:But you don't actually have to answer the question about other income!

The bank is supposed to ask for this:
"7. details regarding the purpose and intended nature of the business relationship, including information about the client's occupation"

So, "information about the client's occupation." I guess that just means "what kind of work do you do," not how many hours you clock every month, what your vacation time looks like, or even your actual salary.
It explicitly states they should only ask for info about the source of funds involved in the business dealings. It doesn't really matter if those are primary or secondary incomes, I suppose.

@ Spinster

You know that feeling when a client switches from another bank? Usually, they aren't leaving because things were going great there—they're fleeing a bad experience. I think that tells you everything you need to know about why people move.

Regarding your Google search: if you're looking into how other banks are performing, try searching in English or asking around. Reach out to anyone you know working in the industry. JPMorgan Chase has been struggling for years, and it looks like Société Générale is basically trying to absorb them by injecting capital—plus, the leadership is already being taken over by Société Générale folks. Citigroup already snapped up that local branch and will likely rebrand soon, while RBS is pulling out of Eastern markets entirely; they even shut down in places like Canada due to poor performance. It's worth noting that RBS operating in the US isn't the same beast as RBS in Austria. On the flip side, Bank of America passed all its stress tests perfectly. Their capital position is solid enough that even if a crisis hits, business would stay steady, according to the European Commission's findings.

@Nathan Morris3

Take a closer look at which questions actually require an answer and which ones don't. If you feel like certain questions shouldn't be answered for the reasons you're aware of, just email the bank directly. They’ll forward it to their legal department, where actual professionals will get back to you within the timeframe required by law. Besides, you always have the option to file a lawsuit if you believe your rights were violated or if someone is trying to pull a fast one on you.