Bitcoin Forum

Yesterday, I accompanied my wife to a bank because she wanted to open a new account. We went to the first bank and it seems everything is ok. However, I noticed that they are asking too much questions, like what is the purpose of opening one and where are the money coming from, so I find it quite surprising. Then they asking a lot of identifications and I have to go home to find another proof of billing address. And then what irritates me is that the bank manager is asking too much question about me, eventhough my wife already noted that its not a joint account. But later, the bank manager declined our application, so I was very pissed. Next we went to another bank were my wife has a previous account but due to personal reasons, she has so closed it years ago. So the same thing happened, and I was again so pissed because my wife already should 2 ID's and the bank manager says that the signature of each one is identical. My wife reasons out that his SSS ID is like taken 20 years ago so due to time, there might be some deterioration on the pictures, and of course they might be some discrepancies because the ID is too old. Again she was declined. This got my thinking that I would not transact to any banks, though my last transaction with a bank is like 2 years ago.

Do you guys have the same experienced? I understand that this maybe because of the KYC/AML complaint but at least they should used their common sense on checking ID's or documentations.

Banks are very strict when it comes to identifications ID. I have an experience also that became a reason to dislike banks. My wife opened a bank account in this bank and then they sent us a credit card which my wife didn't applied or approved. I called the bank and asking why they sent a credit card that we didn't applied they said its ok sir that credit card is for your future needs but don't worry there is no payment on that unless you used it so we keep the cards because they mentioned its free then after a year we received a billing letter on that bank and we have to pay 120$ for the two cards. Then again i called them and said it is for the annual fee and i mentioned to them that we didn't applied for that and they said that they can't do anything with it we have to pay for that in order for us to closed that account.

I find this odd, when I'm visiting the bank there's not that much question on where did I get the money I'm depositing and when I opened my an account it's not that strict too.


This will piss me off too sometimes the bank managers are the ones that are making their own regulation even their clients has sufficient requirements or there are just new regulations coming from your countries central bank so they have to be strict.

What's that personal reason why she has to close it probably there is a system where all banks are associated to that database and they can see your/your wife's credit standing but if the reason isn't on that thing there must be something wrong. Have you ever ask them if they can consider you and give some delight what's totally the main reason, there might be reason behind those rejections. You have sufficient IDs and yet you are declined.

I did worked on a third party agency of a bank and clients that I handled are strictly verified by me and if there are reasons to decline a client, they won't disclose it anyway but asking them directly will help.

I’ve not had any problem like that and haven’t heard of anyone until today. In my country they don’t ask many questions, by law all citizens must have an ID card, so, when you go to the bank they just ask for your ID card and a minimum deposit, like 1 Euro. They may ask what you want the account for, like if it is to get your wages or a business account etc., but they open it straight away.

However, if I went here to open an account with a deteriorated ID, I suppose they would tell me to get a new one.

Banks are only a option, if you want to loan money or if you need credit or a over draft facility. Do not use them for anything else, because they will rip you off, somewhere along the line. I had a account at a Bank and they had a option on that account that stipulates that you do not pay charges at a ATM, if you keep a specific amount of money in your account.

I realized soon that this was only applicable to ATMs that are owned by the Bank and not ATMs operated by private companies for the Banks. They just know how to fck you over, with clever little tricks. They funded these small operators to bypass free transactions, saying that these operators are charging the fees for their services, not the Banks. ^grrrrrrr^

Banks these days are strictly implementing the guidelines set under the KYC/AML law and they have no choice but to do it otherwise they can be in trouble with government regulators. I am suggesting that maybe if you guys don't need the usual bank services then opening a bank account under the cooperative can be better as they tend not to be too strict with a lot of questioning but you still have to submit the required documents.

We have to live under the bank regulators otherwise we could be denied of their services. We already know why banks are getting stricter and the reasons why the government has to make sure that the possibility of money laundering using banks can be lessen. On our part, we have to make sure that we are following all the things they ask us to produce and make sure to answer the required questions plainly.

Not a problem. Dont do it anymore. It is not a requirement to live. Although they are offering convenience to keep your money and easily withdraw it at an ATM there are still negative sides of them.
Thise questions are irrelevant. You could sue them for that.
As long as you can pay the amount needed to get a ATM card or a bank book then you are on the go. This is just some cheap lazy reasoning of them.

Some banks have their own levels of protocols in terms of strictness and security bringing you to the point where you must comply to their requirements and answer to their questions added the KYC/AML law, I've also opened a bank account to a certain central bank company and they did check everything includes the source of income, proof of billing, personal life questions like how many are the family members what is your monthly income etc. but the dude above that says about the credit card that needs to pay for $120 for two cards is totally insane, that's how the banks work but some of them are not so strict for the compliance of the clients, just look again for another bank.

That's what regulation looks like on centralized institution. The banks are instructed to do those things, when you ask why, they give this vague reason that doesn't really answer the question.

If you're living in the Philippines I suggest you apply for either paymaya or the gcash card it works like a bank but not including the wihtholding tax that they will deduct from your account and the good thing about this is there is no maintaining balance. Banks are not advisable for me to store your money because instead of them helping you save they even deducts money from you when you are not maintaining the amount they said. I don't find it reasonable have you're money deducted just because it's below the maintaining balance for the day. 300pesos tlaga monthly ideduct nila pag less than the maintaining balance pero pag mei discripacies ang tagal ng action nila.. Kaka HB din..

Never really had such an issue with banks anyway and I am sure the whole issue stemmed from not having a recent ID. Although I have never liked banks but they are just a necessary evil. Why not just tell your wife to open her own bank account (bitcoin wallet) instead ;D ... who knows? It is just crazy the level of annoying control our financial institutions rub on us.

It's  only natural sir because they are being audited by the internal and external  auditors yearly they cannot based the customers information base on the given documents because interview is needed to furtherly identify clients that is the purpose of know your clients because they want to avoid getting involved with guys in illegal transaction and they need to follow their policies sir becaue the banks procedures revolved around the policies coming from the Central bank. Don't  be disappointed in that because it is a necessary  requirements to avoid high risk.

That's like bullying brother. Banks can't do such things. Why should one pay for a thing he didn't ordered at the first place. You should have given the credit card to them and said them to pay whatever the bill is for themselves. This is why it is a must to read all the bank related documents properly and be wise in choosing a bank. Fortunately my bank is better than any others. It allows me to make n number of transactions and my payment form Bitcoin is deposited in it as well. The bank people never gave any trouble to me.

The rules that exist in the banking sector have evolved over the centuries. They are very conservative and practically dictate to us their conditions from a strong position, as there was no alternative to banking services before. With the advent of crypto currency, the situation will gradually change. In view of the nature of the crypto currency, banks will mitigate existing hard constraints, if possible, or lose customers and incur losses.

Banks are working under authority of CBN and government so you do not expect the banks to work in order to suit you. I believe if you go there with the  right and valid means of identification bank will definitely open the account for you.

I agree with you that banks nowadays request for too many requirements. I was also surprised that in one of their forms, they are asking about whether I have other bank accounts. May I just suggest that if you want to open a bank account, open the one with the least requirement. But this may mean that it will be limited to those accounts without passbook (ATM card only), and with lower maximum balance. But the maintaining balance would also be low. Or maybe if you are willing to name it after your child/children?

So your wife ever had same bank on previous before try to open new one ?
If that's so ,  I think it's reasonable since they have their own policy for preventing something bad happen.

Or maybe it's your chance to open bitcoin account for your wife , perhaps  :)

Banks are a corporation, they depend on profits so that they can safeguard their interests they won't be taking any chances of blindly trusting their prospective customers. As for some stupid unreasonable form's like the one which states do you have an account with another bank, they want to know how to beat their competitors, so they trouble us, but in the long run we are at least at some point point dependent on them.

Banks are having big problems with money mules and money laundering that is why they are very strict with the rules and new clients, they pay attention to security issues much more than before. Besides they are obliged with many regulations posed by governments and central banks so sometimes it's hard to get what you want and all these procedures might go on your nervs.
That is also the reason why Bitcoin could be one of the solution.

I never get pissed with the bank Im engaged into that way. Well before Ive been with them, I already visited lots of bank and ask same questions specially lots about source of income but I dont think there is something wrong that specially here in my country where lots of allegation of money laundering have been executed through usung dummy bank accounts so bank being strict to their policy is a must in my opinion.

Because so many people are exchanging bitcoin instead of bank. I think the future of the bank will be closed and replaced by crypto. At present stable bitcoin prices are creating a huge demand for coin.

We didn't asked for the reason. We immediately headed for the door. What I disliked is the way those bank handled the application. It looks like very unprofessional. The other banks says that someone with that surname already opened a account a few days ago. I have a lot of relatives around and maybe one of them indeed apply for one. Yes, we have sufficient ID at hand. They checked the previous account, it has been deleted already on the database so I assumed that she can start with a clean account with the second one.

Yes, its been a practice on our country. However, my wife just want to save because she is currently working and we know next month is Christmas season and we know how Filipinos spend during holidays.  ;D

As far as credit card is concern, we are not after that, we will return it if in case they  give us one. Its purely savings on my wife's end.

The only is one time issue only. I don't know about your country but here or in the States, SSS are one time issue and I don't know if you can apply for a replacement because I haven't heard anyone here asking for a replacement unless you lost it. Good for you that you don't have that kind of issues opening a bank account. Actually, I haven't had transactions in a bank for a long time as I have said, that's why I'm really surprise to see how they are strict today as compare on the previous years.

You cannot blame the banks for asking too much question about you opening an account, it is their required standard operating procedure that is handed out by the government, yes their are laws like bank-client privilege where your privacy is protected but when it is an emergency or crime related the Bank can quickly relate you to your Bank Account. Also they are financial institutions one of the biggest businesses out their protecting their name and also their money is one of the top priority.

This is the only reason I can think of. Complying with the strict KYC/AML law otherwise every citizen has the right to open a bank account. And the other thing that I don't like is they are questioning me, when I'm not a opening a account and it was clearly stated that it is not a joint account. Its purely personal reasons to open an account to save for rainy days or what you guys winter. She has work so obviously part of her salary is going to put it there. I'm not opening a account, I already have my own bank, bitcoin.

Which country you are living and tried this procedure dont know but i am from India and here if we have aadhar card then very easyily we can open the account as now everything is online. Last month i opened account for my son and it took only 15 min to open the bank account with fully KYC verified it.

I guess being away from transacting from banks really caught me off guard this time. As I have before, I already closed all my banks account from past years including credit cards. If I have to buy something here I do it straight up cash.

That's just how it goes. I've honestly never heard of anyone being declined a bank account though. It's a hassle, but it's pretty straightforward if you have all the requirements. It's also hard to blame them because governments impose lots of rules and regulations upon them, and they could be held liable for not being able to stop shady dealings under their noses. Try other banks, they may be more forgiving.

Still, this is where Bitcoin's decentralized nature can save the day. No legal requirements, no bullshit documents. Create a wallet and you're good ti go!

in about 30 min I opened a bank account, got a temporary debit and a credit card

I had all the documentation ready, but almost no questions were made...

This could be because of this being a new bank and wanting new clients quickly

I don't see any bitcoin related topic or such but only a disappointment towards banks you should include an investment towards Crytocurrency, because banks have many things needs to consider before engaging in some transactio, and if you put your money on banks consider your money secure but it will not increase it's price, but if you invest in Cryptocurrency you can sure see your money increase in value, but consider it as a risk if the value drops.

Haven't experienced such problems till date. Been a customer of bank for a long term and such issues haven't got raised. I have seen banks asking people join them, what has happened with Op is very rare. Banks follow the KYC norms for which they won't go in depth until the customer himself opens the account for specific reasons similar to getting loans and other business needs.

I guess it depends on what country you are in. Some countries have a stricter way of opening a bank account but some are easy and a hassle free way to open a bank account, for instance the country Philippines, you can open a bank account online creating your log-in and password first before submitting the required print-outs directly to the branch of your choice. I wouldn't complain if its hard to open up a bank account as you know security is the purpose for it in the first place.

Depends on what country you are from. I reside in both Canada and the US and it's never been that bad. Although the worst thing that I have seen happen is something super unnecessary. Whenever I went to take out an extra amount of money from my bank in Canada, they would ask why? I mean it could be a personal reason, so why even ask? Anyway, at the end of the day, I think online banks may be a better deal due to the 1% APR.  But you can use Bitcoin as your bank instead with actual % of money coming in.

never had or heard about bank declining application to open a bank account.
In both country (home country and country i'm living in right now) they didn't ask for a lot of information besides ID card and residential status and you can even open a bank account without the need to deposit anything.
Maybe i've missed it but where are you from?

Banks are really bad,every time i made transactions with banks.banks takes transaction fees are high.we need to wait for open account.

Its not at all bank's fault. The system is really too strict. Even if banks allow you to open an account they are the ones who will be judged at fault in case something happens. Moreover to people like you who rarely visit bank they have more sorts of passive behaviour as they are not going to earn much from you. Their common sense can actually lead their banks to closure which is why they want a proper conformation about everything even if they have to reject a customer for it.

What happen to you and your wife is just a part of following rules and regulation by the banking associations this is their counter measure to assure that no person with illegal intention will be able to have an account open with them though really quite annoying but we all have to follow those guidelines and I think it is really their right otherwise you can always choose to transfer to other banks

Hardly will you see anybody who had not have any issue with banks and the likes whether currently or in the past. Your own is even still better at least you were denied to open an account before ID by that, you can then keep your money anywhere you want it at most someone somewhere will see you as a potential client.

Over here, the bankers are more terrible because of the quest to increase their customer base will tell you to open the account after which you make deposits thats when they will start with series of their documents that needs to be submitted and pending the time you will make it available, there will be a ban on your money that you put there willingly. Sometimes, it will be about the maximum amount you can withdraw, other times it will be about no withdrawal in the banking halls, several other times it will be about the charges etc...

Fortunately in my country make the account is not in trouble like your country. In my country make the account very easy even not in such a difficulty, especially to ask a very many questions. We live bring ktp and and money, continue to fill out the form with an account we are so.

Due to immense restrictions and hard terms and conditions people are fed up of bank business that’s why people dislike banks. For your own money you will request to bankers whenever you want to withdraw but they will not give you your money easily and may be you need to go to bank for so many times for your withdrawal. Actually Banks have monopoly in the market and people are compel because there is no any competitor of banks in the market. I think currency only bitcoin can compete banks and provide facilities to masses according to their well.

I agree. But I also understand the side of the banks to be fair to them. Banks are holding a huge amount of money that is not theirs in the first place. One false move and they will get the ire of the depositors as well as the entire banking industry for failure and neglect of duty. That is why they make sure that the identity of people doing transactions with them are confirmed and verified to the highest level. Bitcoin is an alternative though. People are free to choose.

Banks are really strict about identification because we are talking about money here. We cannot blame them because they are just following their rules and regulations. That is their standard operating procedures. Why are you not updating your identification card and your wife's ID is already 20 years old? Maybe the bank didn't accept it because aside from detoriation, there are physical changes and the younger version in the picture is very different from the person they are talking to because she had aged already.

I am a bank employee although they are too strict but I know its for their own safety to avoid some people who open an account using their account in some criminal activities.We are following some rules so if we dont accept you sorry for the inconvinience we are doing our job as an employee of the bank but if you present us a  complete requirements that we need no need to be disappointed we were allowing you to open an account that you want.

Banks have hundreds of thousands of customers and there is a lot of fraud due to identity confusion. So when I want to open an account in a bank, I present all the documents required. So if I have a problem with my account after I have done all the transactions properly, all the responsibility will be in the bank and I can get my money back by law.

My bad experience with the bank is when I want to get a token or a tool to transact via the internet is very disappointing, I have to go back and forth more than 3 times but no results.

And the victim was my precious time, from then on I began to lazy to go to the bank office.

Banks are now very strict, trying to get a loan will be even more strict ;D
But I personally think it is needed to protect their customers as well

I know that disappointment you got there but much better then if you'll ask them the reason behind the declination and if I can recall it, there is a certain period of time that you can apply to them again. You can even complain them to their head office or to the central bank if they are acting like that. Banks doesn't really care if you have someone with the same surname, it's like a database that has primary keys so that doesn't really matter for them. Maybe there is something deep.

Well it is to be accepted that banks are a way slow than bitcoin, they lack the qualities of transferring money quickly and to give a high profit, people are accepting bitcoin due to the above two reasons and are preferring it over banks. They use such systems which are very time consuming and people want to save time. Am not saying that bitcoin will replace banks but will give them a tough competition in future

Banks are regulated by governments. They're just abiding to the policies imposed by central banks. Trust me, they want your business, the requirements are there for both the bank and client's security.

I think the banks should not ask question like where the money will come from because even us the depositor dont know when we will get the money that they are not expecting. Because there are many reasons to have a bank account, for example it maybe an escrow account for transactions. This is the very reason why cryptocurrency has been established , you can have an account/wallet without giving them this kind of information.