Disappointed with Banks

[bitllionaire]

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.

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.

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[Hallmader]

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.

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.

[erickkyut]

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.

[Bonakid]

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.

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.

[virtfund]

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.

[ubay]

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.

[dhka]

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

[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.

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.

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.

[expless]

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

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

[Nilda]

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.

[Ilegendph]

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.

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.