Disappointed with Banks

[alexsando]

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.

[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.

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.

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.

[Kemarit]

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.

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. 

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.

[Kemarit]

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.

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.

[Harlot]

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.

[Kemarit]

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.

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.

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.

[hubballi]

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.

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.

[Kemarit]

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.

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.

[jseverson]

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!

[Voice-Of-Reason]

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

[YuginKadoya]

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.

[n0ne]

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.

[Theb]

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.

[Fahdi]

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.

[paolo099]

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?

[zikithay]

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

[Virtual miner]

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.

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.

[ajmapalo22]

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

[audaciousbeing]

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.

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...

[Wulanayu]

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.