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" :disgust

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?

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

Just a standard practice by all the banks here. Don't think there are any major banks that don't do it

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 :2 cents:

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.

how do they come up with such bullshit?

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

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...

This is getting worse and they have queries and algorithms to search out "suspicious accounts" that as always are far too broad.

from the government :1orglaugh:1orglaugh:1orglaugh:1orglaugh

hahahaha!! i used that one a long time ago!

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 .

Never had an issue here, but there is no way around it

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.

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.

KYC > you

Get used to it...

banks are becoming so hard to deal with with all their KYC and other crap... hate that shit...

there´s too much information banks and other companies need these days...


we´re being watched, we´re not free. We´re taxed and bashed every day :(

That's an odd list of questions.....

This is exactly why cryptocurrencies shall prevail.