Is it normal for a bank to request your financial statements?

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  • woj
    <&(©¿©)&>
    • Jul 2002
    • 47880

    #51
    50........
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    • Giorgio_Xo
      Confirmed User
      • Mar 2003
      • 4263

      #52
      Originally posted by WiredGuy
      I don't have established credit. I've never taken a loan or financed anything. Been profitable since incorporating so I never had the need to.
      WG
      You need to go to a smaller business bank to get better accounts system. They have better experience managing cashflow of small business. I think you have outgrown your current banking relationship. It is unwise to use credit cards on such a large scale, better to use bank letters of credit, wires, etc. You can also hire the bank to collect for you.
      Make Levees, Not War

      Comment

      • WiredGuy
        Pounding Googlebot
        • Aug 2002
        • 34513

        #53
        Originally posted by Giorgio_Xo
        You need to go to a smaller business bank to get better accounts system. They have better experience managing cashflow of small business. I think you have outgrown your current banking relationship. It is unwise to use credit cards on such a large scale, better to use bank letters of credit, wires, etc. You can also hire the bank to collect for you.
        We only have 5 banks in Canada, numerous branches but they all come down to the big 5. If I could avoid using my credit card so much I would, but much easier than sending out wires or drafts and I get rewards on top of those purchases. And I have a great collections agency, I don't want my bank involved with the collections process.

        WG
        I play with Google.

        Comment

        • GTS Mark
          Vrume Mark
          • Jan 2001
          • 20912

          #54
          The only thing I have found with dealing with banks all these years...

          Whenever you need money, they will never give it to you...

          Whenever you don't need money, they give it to you like it's x-mas ;)

          DH

          Comment

          • Giorgio_Xo
            Confirmed User
            • Mar 2003
            • 4263

            #55
            Originally posted by WiredGuy
            We only have 5 banks in Canada, numerous branches but they all come down to the big 5. If I could avoid using my credit card so much I would, but much easier than sending out wires or drafts and I get rewards on top of those purchases. And I have a great collections agency, I don't want my bank involved with the collections process.

            WG
            Can you request a private banker to handle your accounts in Canada?
            Make Levees, Not War

            Comment

            • quiet
              we'll miss you our friend. RIP
              • Sep 2001
              • 25115

              #56
              if my bank ever tried to pull that, i'd simply threaten to close my accounts.
              we'll miss you our friend. RIP

              Comment

              • swami
                Confirmed User
                • Aug 2003
                • 1989

                #57
                Originally posted by WiredGuy
                I don't have established credit. I've never taken a loan or financed anything. Been profitable since incorporating so I never had the need to.
                WG
                I am in the same boat.half a million AUD in a bank a/c yet I have a credit rating of zero.haha.
                I actually use my wifes cc for online purchases.

                Comment

                • swami
                  Confirmed User
                  • Aug 2003
                  • 1989

                  #58
                  Originally posted by WiredGuy
                  I thought of the 3% discount rate that's typically charged, 1% goes to Visa, 1% goes to banks and the remainder is usually given back as rewards to clients. If that's the case, Visa and my bank should love me for the volume I push through.

                  WG
                  WoW!its 16% p.a interest here on CC debts.
                  Which is why Australian Banks fall over themselves to incease your limits.

                  Comment

                  • Peaches
                    Old broad
                    • Oct 2002
                    • 13933

                    #59
                    I can see it for a one time thing, but not every year. Then again, I don't have big lines of credit and I have tons of debt

                    Comment

                    • Spunky
                      I need a beer
                      • Jun 2002
                      • 133978

                      #60
                      Originally posted by SilverCash Thurbs
                      maybe they just want to know where your money is really coming from .... maybe they think ur 100k deposits are on par with a cocaine dealer
                      Yes,,that is indeed why they ask..money laundering.It is standard banking practice

                      Comment

                      • azguy
                        Confirmed User
                        • Nov 2004
                        • 5167

                        #61
                        Solution: www.swiss-bank-accounts.com

                        Comment

                        • JFK
                          FUBAR the ORIGINATOR
                          • Jan 2002
                          • 67369

                          #62
                          Originally posted by WiredGuy
                          But a house is not a secured loan. I have a high credit card limit on the company account but I have paid it in full every month for 4 years and I gave up the equivalent maximum in the form of a GIC to secure it. I just find it odd that the bank wants to know my financials on a regular basis.

                          WG
                          did you sign over the GIC to them ? or is just held at the bank ?

                          I would tell them to whistle, tell them to go on your track record for the past 4 yrs.You can always switch over to another bank which will gladly take over your existing credit card balance. You are Not asking for a business loan so they have no right to any of the info

                          FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX
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                          Comment

                          • Beejeebers
                            Confirmed User
                            • Oct 2004
                            • 290

                            #63
                            Hate to break it to ya, but you're under survelliance by the powers that be.

                            Here's the deal. You make a lot, (probably an understatement), of money from a relatively UNKNOWN source, (to the bank business world). In the banking world, you fall under "suspicious activity". They want you to PROVE where the money is coming from so they know you are not laundering money. I guarantee the RCMP has a file on you and are watching your transactions like a hawk. Bascially they're covering their asses just in case it turns out you're laundering drug or terrorist money.

                            I've been through the training for this and this is a perfect example. One thing to note is if an employee at the bank tells you that you are under survelliance, they could be fired. BUT I guarantee you this is the situation. You can change banks if you want. But it won't change the fact that you make too much money from a relatively unknown or should I say, misunderstood source. That = suspicious activity and that = WG being watched. The good news is as long as you keep your nose clean, nothing will happen.

                            Overall nothing but standard procedure. This occurs in Canada AND the U.S. (The u.s. is even more paranoid, rightly so)

                            Comment

                            • Gottis
                              Confirmed User
                              • May 2004
                              • 1746

                              #64
                              In other words, he's fucked.
                              Hit me up for ABC link trades - icq 7583011

                              Comment

                              • Juicy D. Links
                                So Fucking Banned
                                • Apr 2001
                                • 122992

                                #65
                                Bank OF JDl In Belize

                                Comment

                                • WiredGuy
                                  Pounding Googlebot
                                  • Aug 2002
                                  • 34513

                                  #66
                                  Originally posted by DrinkingLight
                                  The only thing I have found with dealing with banks all these years...

                                  Whenever you need money, they will never give it to you...

                                  Whenever you don't need money, they give it to you like it's x-mas ;)

                                  DH
                                  I have come to the same conclusion.
                                  WG
                                  I play with Google.

                                  Comment

                                  • WiredGuy
                                    Pounding Googlebot
                                    • Aug 2002
                                    • 34513

                                    #67
                                    Originally posted by quiet
                                    if my bank ever tried to pull that, i'd simply threaten to close my accounts.
                                    Have you ever taken out a lot of credit or loans on your company before? I'm rather curious if this is normal practice for CDN banks.
                                    WG
                                    I play with Google.

                                    Comment

                                    • WiredGuy
                                      Pounding Googlebot
                                      • Aug 2002
                                      • 34513

                                      #68
                                      Originally posted by JFK
                                      did you sign over the GIC to them ? or is just held at the bank ?
                                      It is signed as a General Security Agreement, like a mortgage, if I default, they can seize it.
                                      WG
                                      I play with Google.

                                      Comment

                                      • WiredGuy
                                        Pounding Googlebot
                                        • Aug 2002
                                        • 34513

                                        #69
                                        Originally posted by Beejeebers
                                        Hate to break it to ya, but you're under survelliance by the powers that be.

                                        Here's the deal. You make a lot, (probably an understatement), of money from a relatively UNKNOWN source, (to the bank business world). In the banking world, you fall under "suspicious activity". They want you to PROVE where the money is coming from so they know you are not laundering money. I guarantee the RCMP has a file on you and are watching your transactions like a hawk. Bascially they're covering their asses just in case it turns out you're laundering drug or terrorist money.

                                        I've been through the training for this and this is a perfect example. One thing to note is if an employee at the bank tells you that you are under survelliance, they could be fired. BUT I guarantee you this is the situation. You can change banks if you want. But it won't change the fact that you make too much money from a relatively unknown or should I say, misunderstood source. That = suspicious activity and that = WG being watched. The good news is as long as you keep your nose clean, nothing will happen.

                                        Overall nothing but standard procedure. This occurs in Canada AND the U.S. (The u.s. is even more paranoid, rightly so)

                                        So this is considered normal practice for my bank to make such a request? I wouldn't be surprised if I'm under watch by the CCRA (I was fully investigated for 2 years during an audit), but I can't forsee the RCMP doing the same.

                                        WG
                                        I play with Google.

                                        Comment

                                        • pxxx
                                          First African GFY Member
                                          • Mar 2004
                                          • 12114

                                          #70
                                          Originally posted by Juicy D. Links
                                          tell em to eat a cock.

                                          and also to blow you.
                                          Sometimes the ugly response works a lot better.

                                          Comment

                                          • Sly
                                            Let's do some business!
                                            • Sep 2004
                                            • 31378

                                            #71
                                            Charles I'm having problems with my bank right now, too. They claim that they want to eliminate a good chunk of the paperwork involved with my account so they're switching me to "direct deposit" only. Yeh fuckin' right, I'm taking my checks elsewhere.
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                                            • WiredGuy
                                              Pounding Googlebot
                                              • Aug 2002
                                              • 34513

                                              #72
                                              Originally posted by Sly
                                              Charles I'm having problems with my bank right now, too. They claim that they want to eliminate a good chunk of the paperwork involved with my account so they're switching me to "direct deposit" only. Yeh fuckin' right, I'm taking my checks elsewhere.
                                              They won't cash your checks?
                                              WG
                                              I play with Google.

                                              Comment

                                              • swami
                                                Confirmed User
                                                • Aug 2003
                                                • 1989

                                                #73
                                                Charles why don't you and I and maybe a couple of others become partners in a bank in Vanuatu?
                                                it only needs $500,000 to become a bank here.
                                                http://www.pkfvanuatu.com.vu/taxfree_banking.html
                                                then you can have all the credit you want.

                                                Comment

                                                • WiredGuy
                                                  Pounding Googlebot
                                                  • Aug 2002
                                                  • 34513

                                                  #74
                                                  Originally posted by swami
                                                  Charles why don't you and I and maybe a couple of others become partners in a bank in Vanuatu?
                                                  it only needs $500,000 to become a bank here.
                                                  http://www.pkfvanuatu.com.vu/taxfree_banking.html
                                                  then you can have all the credit you want.
                                                  WorldPornBanc - In SEO We Trust
                                                  WG
                                                  I play with Google.

                                                  Comment

                                                  • swami
                                                    Confirmed User
                                                    • Aug 2003
                                                    • 1989

                                                    #75
                                                    Originally posted by WiredGuy
                                                    WorldPornBanc - In SEO We Trust
                                                    WG
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                                                    Comment

                                                    • Beejeebers
                                                      Confirmed User
                                                      • Oct 2004
                                                      • 290

                                                      #76
                                                      Originally posted by WiredGuy
                                                      So this is considered normal practice for my bank to make such a request? I wouldn't be surprised if I'm under watch by the CCRA (I was fully investigated for 2 years during an audit), but I can't forsee the RCMP doing the same.

                                                      WG
                                                      Yep it's normal. The RCMP is more like the enforcer but they do keep tabs. The real government agency, (in canada), is Fintrac, located here:

                                                      http://www.fintrac.gc.ca/intro_e.asp

                                                      You're not in trouble, it is standard procedure. But someone at the bank DID file a suspicious activity report on you in the past.

                                                      Comment

                                                      • WiredGuy
                                                        Pounding Googlebot
                                                        • Aug 2002
                                                        • 34513

                                                        #77
                                                        Originally posted by Beejeebers
                                                        Yep it's normal. The RCMP is more like the enforcer but they do keep tabs. The real government agency, (in canada), is Fintrac, located here:

                                                        http://www.fintrac.gc.ca/intro_e.asp

                                                        You're not in trouble, it is standard procedure. But someone at the bank DID file a suspicious activity report on you in the past.

                                                        So what was so suspicious that set them off? Its not like its anything I could have prevented.
                                                        WG
                                                        I play with Google.

                                                        Comment

                                                        • WarChild
                                                          Let slip the dogs of war.
                                                          • Jan 2003
                                                          • 17263

                                                          #78
                                                          Maybe they want to make sure you're not laundering money and you're actually paying taxes? Sounds odd to me though.
                                                          .

                                                          Comment

                                                          • slapass
                                                            Too lazy to set a custom title
                                                            • Nov 2002
                                                            • 14625

                                                            #79
                                                            Help yourself with a few things. Get a second card and start building it up. I understand where you are coming from. My mainstream business runs a huge monthly visa charge and it freaks banks out even though I keep a positive balance to avoid any business interruptions. I had to send tax statements to my credit card company.

                                                            I would set up to deliver it personally. ask if it is an every year thing. Can he help you out etc. Let him set up some other account for you or an added feature. Develop a relationship. You are a big dog and they know it. They just need to know why.

                                                            Comment

                                                            • WiredGuy
                                                              Pounding Googlebot
                                                              • Aug 2002
                                                              • 34513

                                                              #80
                                                              Originally posted by slapass
                                                              Help yourself with a few things. Get a second card and start building it up. I understand where you are coming from. My mainstream business runs a huge monthly visa charge and it freaks banks out even though I keep a positive balance to avoid any business interruptions. I had to send tax statements to my credit card company.

                                                              I would set up to deliver it personally. ask if it is an every year thing. Can he help you out etc. Let him set up some other account for you or an added feature. Develop a relationship. You are a big dog and they know it. They just need to know why.
                                                              I kind of already have this. I have 2 USD Visa's, I have a mutual fund account, savings, checking, and GIC's all with the bank. My manager is saying the financial statements is necessary due to the high credit limit so it seems I don't have much I can do about it.

                                                              WG
                                                              I play with Google.

                                                              Comment

                                                              • PurrrsianPussyKat
                                                                Confirmed User
                                                                • Jan 2004
                                                                • 2088

                                                                #81
                                                                I think they just want to make sure you aren't a columbian drug runner. ;)
                                                                Need a reliable, reasonably priced php programmer? Hit me up! 2934409

                                                                Comment

                                                                • L0stMind
                                                                  Confirmed User
                                                                  • Sep 2002
                                                                  • 1681

                                                                  #82
                                                                  Ummm, they just want to ensure your company is remaining profitable. From a bank standpoint, small businesses come and go fairly easily. And getting commercial credit in Canada for a small business is extremely difficult. Very annoying. We've had a bunch of problems with our biz visa's as well.

                                                                  So I actually use my personal one as it was easy to get a higher limit on it and submit an expense report and just pay it off every month. Hope CCRA doesn't figure out a way to count airmiles as taxable benefits.

                                                                  http://cashcore.com
                                                                  - Make Money.
                                                                  http://ezprovider.net - Hosting.

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                                                                  • SleazyDream
                                                                    I'm here for SPORT
                                                                    • Jul 2001
                                                                    • 41470

                                                                    #83
                                                                    there's no money in SEO
                                                                    This dog, is dog, a dog, good dog, way dog, to dog, keep dog, an dog, idiot dog, busy dog, for dog, 20 dog, seconds dog!

                                                                    Now read without the word dog.

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                                                                    • WiredGuy
                                                                      Pounding Googlebot
                                                                      • Aug 2002
                                                                      • 34513

                                                                      #84
                                                                      Originally posted by L0stMind
                                                                      Hope CCRA doesn't figure out a way to count airmiles as taxable benefits.
                                                                      I know one person who got nailed pretty hard by the CCRA for using their Amex points for personal use.
                                                                      WG
                                                                      I play with Google.

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                                                                      • WiredGuy
                                                                        Pounding Googlebot
                                                                        • Aug 2002
                                                                        • 34513

                                                                        #85
                                                                        Originally posted by SleazyDream
                                                                        there's no money in SEO
                                                                        That's the way my bank is treating me
                                                                        WG
                                                                        I play with Google.

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                                                                        • Kimmykim
                                                                          bitchslapping zebras!!!!!
                                                                          • Jun 2001
                                                                          • 16015

                                                                          #86
                                                                          The banking system sucks pretty much everywhere these days. Banks are terrified since 9/11 -- especially banks that do business in the US, of the Patriot Act and the other money laundering laws.

                                                                          In the US, cash or instruments of cash, transactions that are more than 10,000 require a Cash Transaction Report to be filed with the government, including gambling winnings, cashiers checks, etc. There is also a form called the Suspicious Activity Report, which is filed on transactions over 5,000. What exactly constituted suspicious activity is pretty much a mystery to everyone at every bank and to most regulators. I was just reading an article in the business section last week about how the system is now inundated with so many SARS that the government can barely process them all -- basically banks are turning them in right and left in order to make sure they don't allow anything that might be considered suspicious go through without the form...

                                                                          Can't you get a brokerage account somewhere, like a Merrill Lynch or a Morgan Stanley? Most brokerage houses offer programs that are identical to standard banking, usually with cheaper rates and more bells and whistles too...

                                                                          Comment

                                                                          • WiredGuy
                                                                            Pounding Googlebot
                                                                            • Aug 2002
                                                                            • 34513

                                                                            #87
                                                                            Originally posted by Kimmykim
                                                                            In the US, cash or instruments of cash, transactions that are more than 10,000 require a Cash Transaction Report to be filed with the government, including gambling winnings, cashiers checks, etc. There is also a form called the Suspicious Activity Report, which is filed on transactions over 5,000. What exactly constituted suspicious activity is pretty much a mystery to everyone at every bank and to most regulators. I was just reading an article in the business section last week about how the system is now inundated with so many SARS that the government can barely process them all -- basically banks are turning them in right and left in order to make sure they don't allow anything that might be considered suspicious go through without the form...
                                                                            So every check (or financial instrument) that I deposit over 10k gets filed with the government? Wow, they must have quite a few records from me. I can imagine that a lot of my deposits would be considered a Suspicious Activity as well since a lot of sponsors pay from offshore companies or from holdings companies.

                                                                            WG
                                                                            I play with Google.

                                                                            Comment

                                                                            • Kimmykim
                                                                              bitchslapping zebras!!!!!
                                                                              • Jun 2001
                                                                              • 16015

                                                                              #88
                                                                              Originally posted by WiredGuy
                                                                              So every check (or financial instrument) that I deposit over 10k gets filed with the government? Wow, they must have quite a few records from me. I can imagine that a lot of my deposits would be considered a Suspicious Activity as well since a lot of sponsors pay from offshore companies or from holdings companies.

                                                                              WG
                                                                              I don't know exactly how Canada handles it, but if there are US banks involved, I would guess there is some co-operation between the banks and the governments.

                                                                              Frankly I think its shit of your bank to ask you for financials when you're not asking for credit per se, but I'm guessing they are aware of the audit and they see all the deposits from all over the world, and they want to make sure you're not doing something illegal...

                                                                              Comment

                                                                              • WiredGuy
                                                                                Pounding Googlebot
                                                                                • Aug 2002
                                                                                • 34513

                                                                                #89
                                                                                Originally posted by Kimmykim
                                                                                I don't know exactly how Canada handles it, but if there are US banks involved, I would guess there is some co-operation between the banks and the governments.
                                                                                In that case, I would imagine it is under US jurisdiction. Even though the account is up here in Canada, the actual transactions are settled in First National Bank in New York. I'm pretty sure the actual bank transactions occur in is in New York and I just deal with my local bank for convenience. That would probably explain why USD accounts here are not FDIC insured either.

                                                                                WG
                                                                                I play with Google.

                                                                                Comment

                                                                                • alec
                                                                                  Confirmed User
                                                                                  • Jun 2005
                                                                                  • 1877

                                                                                  #90
                                                                                  It's part of their legal inquiry. It sounds ok unless a person has somethign to hide.

                                                                                  Comment

                                                                                  • SeniorX
                                                                                    Confirmed User
                                                                                    • Jan 2005
                                                                                    • 302

                                                                                    #91
                                                                                    Get a Virtual VISA in a Latvian Bank, e.g. www.parex.net - you can spend whatever is on your account, like with debit cards. Some More Latvian banks here:

                                                                                    http://www.rietumu.lv

                                                                                    http://www.paritate.com

                                                                                    http://www.lbb.lv

                                                                                    http://www.multibanka.com

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                                                                                    Comment

                                                                                    • Kimmykim
                                                                                      bitchslapping zebras!!!!!
                                                                                      • Jun 2001
                                                                                      • 16015

                                                                                      #92
                                                                                      Ah yes, Latvia, that bedrock of banking.

                                                                                      Comment

                                                                                      • pr0
                                                                                        rockin tha trailerpark
                                                                                        • May 2001
                                                                                        • 23088

                                                                                        #93
                                                                                        open several safetly deposit box's in switzerland
                                                                                        __________
                                                                                        Loadedca$h - get sum! - Revengebucks - mmm rebills! - webair (gotz sErVrz)

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                                                                                        • WiredGuy
                                                                                          Pounding Googlebot
                                                                                          • Aug 2002
                                                                                          • 34513

                                                                                          #94
                                                                                          Originally posted by Kimmykim
                                                                                          Ah yes, Latvia, that bedrock of banking.
                                                                                          LOL, I'm sure after my 2 year audit, opening offshore accounts will go over well.
                                                                                          WG
                                                                                          I play with Google.

                                                                                          Comment

                                                                                          • slapass
                                                                                            Too lazy to set a custom title
                                                                                            • Nov 2002
                                                                                            • 14625

                                                                                            #95
                                                                                            Originally posted by WiredGuy
                                                                                            I kind of already have this. I have 2 USD Visa's, I have a mutual fund account, savings, checking, and GIC's all with the bank. My manager is saying the financial statements is necessary due to the high credit limit so it seems I don't have much I can do about it.

                                                                                            WG
                                                                                            Not sure about you but I would rather a bank has my tax returns then all of the sponsors who have my social security number.

                                                                                            Comment

                                                                                            • WiredGuy
                                                                                              Pounding Googlebot
                                                                                              • Aug 2002
                                                                                              • 34513

                                                                                              #96
                                                                                              Originally posted by slapass
                                                                                              Not sure about you but I would rather a bank has my tax returns then all of the sponsors who have my social security number.
                                                                                              I'm just being overly cautious as these documents indicate profit/loss, income sources, assets, etc. While something like this is not a big deal for a bank, in the wrong hands it could be.
                                                                                              WG
                                                                                              I play with Google.

                                                                                              Comment

                                                                                              • Juicy D. Links
                                                                                                So Fucking Banned
                                                                                                • Apr 2001
                                                                                                • 122992

                                                                                                #97

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