How nosy has your bank been about your activities?

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  • rowan
    Too lazy to set a custom title
    • Mar 2002
    • 17393
    #1

    Business How nosy has your bank been about your activities?

    My bank recently suspended my savings account because I (politely) refused to fill out a "personal information form." Without knowing this information they were supposedly unable to safeguard my account.

    At this point I had been a customer for 8 years without incident. It's a simple USD transaction account, no credit or anything.

    Things they asked:

    - Employment status
    - Employment details (business name, contact details of employer)
    - Whether I have held a high profile position such as a diplomat or whether I am associated with such a person
    - Expected value of funds to be deposited in the next 12 months
    - Whether I intend to make large cash deposits; if so, for what purpose
    - Whether I intend to make large cash withdrawals; if so, for what purpose
    - Whether I intend to make or receive international payments; if so, which countries, for what reason, expected frequency, expected value

    I think the last few questions can basically be summarized as "are you funding terrorism and/or laundering money"

    This form isn't to safeguard my finances - it's all for the bank...

    Has your bank asked about your activities, either informally (eg a "friendly chat" with a teller), or officially?
    Tags: None
    • Ferus
      Bye - Left to do stuff
      • Feb 2013
      • 4108
      #2
      Its International law, deal with it. Just put ?fintech software consultant? in your title, and tell them there is no way for you to predict how many customers or profit you will make in the future, but you surely hope for as much as possible

        Comment

        • Spunky
          I need a beer
          • Jun 2002
          • 133987
          #3
          Just a standard practice by all the banks here. Don't think there are any major banks that don't do it

            Comment

            • Barry-xlovecam
              It's 42
              • Jun 2010
              • 18083
              #4
              I have a commercial account -- no problems there. I have a 2nd bank -- again no problems there. (so far).

              I have always had 2nd or 3rd banks with active accounts. Spread the risks

              I know people with 7 and 8 figure bank balances in adult that have banking problems too. So it is not just you.

              Tell them you are a self employed 'web developer' doing contract work globally.

                Comment

                • bns666
                  Confirmed Fetishist
                  • Mar 2005
                  • 11555
                  #5
                  Originally posted by rowan
                  Without knowing this information they were supposedly unable to safeguard my account.
                  how do they come up with such bullshit?

                  you keep your money in their hands and they are unable to protect it? from who?
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                    Comment

                    • rowan
                      Too lazy to set a custom title
                      • Mar 2002
                      • 17393
                      #6
                      Originally posted by Barry-xlovecam
                      I have always had 2nd or 3rd banks with active accounts. Spread the risks
                      That's why I declined to answer their questions - I have other accounts. They mailed me the same form 4 times (!), plus left a few voicemails, then finally sent me a letter saying my account was suspended.

                      I don't know if my account was specifically flagged because it receives USD funds (I'm in Australia) or whether everyone was 'audited'

                      If they stated it was for KYC/AML legislation then maybe I may have been more agreeable, but they just bullshit on about how they have to protect my account. More like: we need you to provide reasonable proof that you're not involved in criminal activies...

                        Comment

                        • ilnjscb
                          Confirmed User
                          • Jun 2009
                          • 8974
                          #7
                          This is getting worse and they have queries and algorithms to search out "suspicious accounts" that as always are far too broad.

                            Comment

                            • klinton
                              So Fucking Banned
                              • Apr 2003
                              • 8766
                              #8
                              Originally posted by bns666
                              how do they come up with such bullshit?

                              you keep your money in their hands and they are unable to protect it? from who?
                              from the government

                                Comment

                                • brassmonkey
                                  Pay It Forward
                                  • Sep 2005
                                  • 77397
                                  #9
                                  Originally posted by Barry-xlovecam
                                  I have a commercial account -- no problems there. I have a 2nd bank -- again no problems there. (so far).

                                  I have always had 2nd or 3rd banks with active accounts. Spread the risks

                                  I know people with 7 and 8 figure bank balances in adult that have banking problems too. So it is not just you.

                                  Tell them you are a self employed 'web developer' doing contract work globally.
                                  hahahaha!! i used that one a long time ago!
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                                    Comment

                                    • Klen
                                      • Aug 2006
                                      • 32235
                                      #10
                                      I was asked once questions which was result of FATCA US Law. Kind a crazy how US can dictate what banks in world ask their customers .

                                        Comment

                                        • GAMEFINEST
                                          Make STACK$
                                          • Nov 2006
                                          • 14478
                                          #11
                                          Never had an issue here, but there is no way around it
                                          Compound interest.

                                            Comment

                                            • Paul Markham
                                              Too old to care
                                              • Jun 2001
                                              • 52942
                                              #12
                                              While I was in the UK my bank manager was very supportive of me. He would allow me to have an overdraft to go on trips to shoot girls. Saved digging into my US accounts.

                                              Here they wouldn't ever give me that, took 4 weeks to clear checks that came in monthly to an account that held more than the check was worth. Sneaky way of collecting interest on the overnight markets. But they knew exactly what I was doing.



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                                                Comment

                                                • ZENRA
                                                  Confirmed User
                                                  • Sep 2016
                                                  • 655
                                                  #13
                                                  With KYC laws, banks *will* most likely be inquisitive about what you do and it'd be best to comply (to some extent given the stigmas associated with our industry) and hope for the best.

                                                  Also, have multiple bank accounts for both business and personal just in case.
                                                  ZENRA | Subtitled Japanese AV | @ZENRAMANIAC
                                                  JAV VR Content Manager at SexLikeReal

                                                    Comment

                                                    • pimpmaster9000
                                                      Too lazy to set a custom title
                                                      • Dec 2011
                                                      • 26732
                                                      #14
                                                      KYC > you

                                                      Get used to it...
                                                      Report a suspicious cracker: Click Here

                                                        Comment

                                                        • HomerSimpson
                                                          Too lazy to set a custom title
                                                          • Sep 2005
                                                          • 13826
                                                          #15
                                                          banks are becoming so hard to deal with with all their KYC and other crap... hate that shit...
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                                                            Comment

                                                            • NatalieK
                                                              Natalie K
                                                              • Apr 2010
                                                              • 20123
                                                              #16
                                                              there´s too much information banks and other companies need these days...


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                                                                • Rochard
                                                                  Jägermeister Test Pilot
                                                                  • Dec 2001
                                                                  • 75733
                                                                  #17
                                                                  That's an odd list of questions.....
                                                                  Herschel Savage
                                                                  Brooklyn, NY

                                                                    Comment

                                                                    • Tube Ace
                                                                      So Fucking Banned
                                                                      • Nov 2008
                                                                      • 4941
                                                                      #18
                                                                      This is exactly why cryptocurrencies shall prevail.

                                                                        Comment

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