[Queen Bee]

We have stable income, never faulted on a loan of any kind. Never let anything go back have a savings, 401 and a checking account! We love the bank we are with been there over 27yrs. but we moved ..same county but the closest branch is over 30 min. from our house
We needed a local bank. So I dropped in to the BB&T in the tiny town w/ 500$ to open a checking account.. he asked me several questions and I almost felt like he was going to deny me an account! Finally after an hour and signing the papers, giving them my social and drivers license.. I got the account! Is this normal??? Not having dealt with other banks in 30 years I feel like a crook when I left
...it was not a good experience at all. We are 60+ and my husband has lived here all his life. .I have lived here 41years.

 

[Shoden]

Yep, that's normal now. You can thank the USA PATRIOT Act for that nice little interogation. Take a look at this http://www.fincen.gov/statutes_regs/patriot/ for a summary of the sections that act that apply to banking.

That being said, some banks may be more streamlined in the application process, or be more friendly about explaining why they're asking, and how they ask, but they've all got to do it, or they can get in big trouble.

 

[mnn2501]

Yes, I work for a bank and its pretty common, there are questions the law now requires that it didn't 10-15 years ago.
Patriot Act was a part of it, but also: OFAC, BSA, etc - all laws 'to protect us' brought to you by your friendly overpaid and under worked legislators.

 

[Queen Bee]

Well , I am glad, I didn't react how I wanted to! I wanted to let them get thru with the paper work and right before I signed it..tear it up! I wasn't a happy camper!

 

[mnn2501]

The key would be how the bank employee handled it, we try to explain that the law is requiring us to ask and try to do it in a nice way. Sounds like your person may not have done that.

 

[Danaus29]

You mean they didn't ask for a cheek swab and urine sample? (just kidding)

 

[grandma12703]

LOL funny you brought it up, I had to give a cheek swab to activate my small life insurance policy today. Luck of the draw I was told. I didn't have time to go do it but I did.

 

[Danaus29]

Dh was checking into a small life insurance policy a few weeks ago. He refused to sign the paper asking for a background check, financial and employment history, and complete medical history. No sign, no policy. Oh well.

 

[1shotwade]

Well, welcome to the "land of the free!" As was stated the "patriot act"! DHS has their nose in everything,and I do mean EVERYTHING!One of my sons in in college. Wanted to rent a place off campus.Totally unbelieveable what he had to go thru just to give them his money for rent! It was really crazy! They would not rent to him without holding in their hand,his social security card period.He had lost his and had to get a new one or they wouldn't rent him the place!
This is the new world we live in so better get used to it.I have my bank of the last 50 years. I got a loan for $100 to use for a down payment on my first car in 1966 and I'm still with them. I know the banker,this brother and sister and of course his dad who ran the bank before him.I hunt on his land,I keep an eye on some properties he has. We see eachother 3-4 time a year at social events.They will not allow and deviation from the rules DHS has put them under.If I want to start a new account I will be treated EXACTLY the same as someone who just came in from Iran.
If I were you I do everything I can to stay friendly and maintain an account with the previous bank.It could make a big difference somewhere in the future!

Wade

 

[bellcow]

Everything has changed in the banking world. I feel so much safer now that the government is monitoring my money. What could possibly go wrong? Yea right.

Bellcow

 

[arabian knight]

Everything has changed in the banking world. I feel so much safer now that the government is monitoring my money. What could possibly go wrong? Yea right.

Bellcow

Sorry about this, I know this is not the political section, but lets get the truth on what is causing people so much trouble in dealing with banks. Again Sorry but the truth has to by posted, to give due process to who and what changed in the banking industry and why it has changed so much over the past few years.
it sure has but I see so many still are blaming The patriot act~!

Well that is a very SMALL part of it.


Lets put the Blame where the Blame is.
Directly on President Obama's Head~!
It is called "DODD- FRANK" Law
And if you talk to a banking instead of making of stories they WILL tell you tall these NEW regulations and crud is a direct result Of Dodd-Frank Not the PA

President Barack Obama on Wednesday signed into law the most historic shakeup of the regulation of U.S. banks since the Great Depression, placing new fees and limits on the nation's biggest banks, imposing new restrictions on the $450 trillion derivatives market, and crafting a major new consumer-protection division for mortgage and credit-card products.

The approval hands Obama a significant triumph in his effort to rein in Wall Street after the excesses that drove the economy to the brink of collapse in September 2008.

The new law, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, is named after the legislation's two key sponsors in the House and Senate, the Connecticut Democrat Sen. Christopher Dodd and Rep. Barney Frank, a Democrat from Massachusetts.

http://www.marketwatch.com/story/obama-signs-sweeping-bank-reform-bill-into-law-2010-07-21-12200

 

[Ramblin Wreck]

From my old credit union days, I remember that the Patriot Act required more information be taken from depositors, primarily to guard against terrorists funneling money into the US. It seemed pretty "heavy" to those of us concerned about our members, but no one wanted to make it easy for terrorists to fund harmful activities here. So we started requesting/obtaining all the required information.

The Dodd-Frank Law was a very massive piece of legislation that attempts to fix a lot of stuff (like the derivative problem with bundled home mortgages), but I don't remember it requiring much for new depositors. It does try to address the mortgage fraud that almost caused a liquidity crisis at the end of the Bush administration.

I clicked on Arabian knight's link and googled Dodd Frank impact on consumers, but I didn't see anything about requiring more information from new depositors.

 

[1shotwade]

Sorry about this, I know this is not the political section, but lets get the truth on what is causing people so much trouble in dealing with banks. Again Sorry but the truth has to by posted, to give due process to who and what changed in the banking industry and why it has changed so much over the past few years.
it sure has but I see so many still are blaming The patriot act~!

Well that is a very SMALL part of it.


Lets put the Blame where the Blame is.
Directly on President Obama's Head~!
It is called "DODD- FRANK" Law
And if you talk to a banking instead of making of stories they WILL tell you tall these NEW regulations and crud is a direct result Of Dodd-Frank Not the PA



http://www.marketwatch.com/story/obama-signs-sweeping-bank-reform-bill-into-law-2010-07-21-12200

OK so can you explain a couple things? Without hi-jacking this thread,I got a notice from my bank telling me"something" about dod-frank and my limit was $100. About 2 months later I got a notice that the amount had changed to $200.To this day I don't know what they were talking about!(And I can't ever remembe to ask the bank)LOL ! Have an idea what they were talking about?

Also,My wife and I are both veterans and have an account with USAA. Our son is in the military and also has an account with them.In the past we were able to pick up the phone and transfer money from our account to his. We wanted to do this again recently and was refused. The only way we are allowed to transfer funds is if our names are on the receiving account!

I guess I'm just too "old school" to understand all of this!

Wade

 

[Danaus29]

No, the identification requirements were part of the Patriot Act, signed by Bush, version 1.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_011.htm

Wade, I think the problem with that was the implementation of Regulation D:
http://www.federalreserve.gov/boarddocs/supmanual/cch/int_depos.pdf
Reg D was enacted under the 0bama regime:
https://www.gncfcu.org/files/gncfcu12/1/file/Frequently Asked Questions Regarding Reg D.pdf

 

[ognend]

I have a different problem with the banks today - they all charge for the accounts by requiring people to maintain a minimum balance. What gives? It's not like someone sits with a pen and pencil and tracks your account personally - it is all done on a computer, you are just a file and entry in a database. The amount of interest paid out on savings is offensive too. Sad thing is you can almost not make a life without a bank account - even getting paid requires a checking account since apparently it is cheaper to direct deposit than to cut a check.

 

[charged]

We have stable income, never faulted on a loan of any kind. Never let anything go back have a savings, 401 and a checking account! We love the bank we are with been there over 27yrs. but we moved ..same county but the closest branch is over 30 min. from our house
We needed a local bank. So I dropped in to the BB&T in the tiny town w/ 500$ to open a checking account.. he asked me several questions and I almost felt like he was going to deny me an account! Finally after an hour and signing the papers, giving them my social and drivers license.. I got the account! Is this normal??? Not having dealt with other banks in 30 years I feel like a crook when I left
...it was not a good experience at all. We are 60+ and my husband has lived here all his life. .I have lived here 41years.

Banks are so regulated now that they are essentially branches of the federal government. That's why tellers can be so rude. They know that if you go to another bank, you will get the same treatment. They view all of us as either terrorists or drug dealers.

 

[AmericanStand]

LOL the reason you had so much hassle was you were depositing $500 add 3 more zeros and the would have served you tea and cookies while fanning your butt with their lips !

 

[ognend]

Banks are so regulated now that they are essentially branches of the federal government. That's why tellers can be so rude. They know that if you go to another bank, you will get the same treatment. They view all of us as either terrorists or drug dealers.

Hmm. I think they are rude because they understand that without an account you cannot exist. Most employers (unless you are doing manual labor) almost refuse to pay you unless you have a checking account and do direct deposit - at least this is the case in the world of professional jobs. Knowing this, the banks can now charge you for having an account with their computer (essentially a number and an entry in a database). They can "ding you" if you do not carry a minimum balance.

Bankers observer every holiday and have you seen their hours? The cushiest job you can get. In addition, they know they will be bailed out by the government or bought out by another bank, also no responsibility for your deposits up to $250K, that's covered by FDIC.

Can you see how a bank employee's job is the best job in the world?

I worked for 5+ years in the financial industry and dealt with banks every day as a money manager. Banks are slow to adapt, they take their time and many times it took calling our client and asking them to call their bank to tell them to move their a** and fix their errors. For a bank, everything is your problem. After all, what are you going to do? Go to another bank? Same shiate, different brand...

 

[DirtyHowi]

huh, when i got here 3 years ago it was "where ya workin, oh yea have you met ______"

and sign here, here and here, sign the signature card, here's your starter checks, i'll email you your bank login when i get to it later..thanks

that was it, now i have had the other experience too and was wholly expecting it here. I guess they figure a middle aged white feller working in IT at the towns largest employer (considering the background check you need to get into this place) aint a ter'rist

 

[DirtyHowi]

Hmm. I think they are rude because they understand that without an account you cannot exist. Most employers (unless you are doing manual labor) almost refuse to pay you unless you have a checking account and do direct deposit - at least this is the case in the world of professional jobs. Knowing this, the banks can now charge you for having an account with their computer (essentially a number and an entry in a database). They can "ding you" if you do not carry a minimum balance.

Bankers observer every holiday and have you seen their hours? The cushiest job you can get. In addition, they know they will be bailed out by the government or bought out by another bank, also no responsibility for your deposits up to $250K, that's covered by FDIC.

Can you see how a bank employee's job is the best job in the world?

I worked for 5+ years in the financial industry and dealt with banks every day as a money manager. Banks are slow to adapt, they take their time and many times it took calling our client and asking them to call their bank to tell them to move their a** and fix their errors. For a bank, everything is your problem. After all, what are you going to do? Go to another bank? Same shiate, different brand...

oh yes you can i dont know about anywhere else, but here we have bluebird accounts, you deposit 10 bucks at the local walmart, take your starter kit home and sign up online...whos to say you didnt make that stuff up??

they ask all the same questions, have online bill pay, and come with a amex backed debit card, you can DD into it, no bank required.

i was a fan of ING until crapitol one bought them, then i closed my account there.