Disappointed with Banks

[Kemarit]

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.

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[BossMacko]

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.

[boyptc]

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.

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.

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.

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.

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.

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.

[Don Pedro Dinero]

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.

[Kakmakr]

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^

[CryptoBry]

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 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.

[Reid]

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.

[miyaka26]

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.

[nappoleon]

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.

[LinAliza]

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..

[nl247]

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 ... who knows? It is just crazy the level of annoying control our financial institutions rub on us.

[cipher-x_09]

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.

[hasmukh_rawal]

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.

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.

[Falgorn]

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.

[pat4cryptoreal]

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.

[fishbonez11]

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?

[btc-facebook]

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 

[dancingnancy]

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?

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.

[bitbunnny]

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.

[amilla041184]

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.