topic Question when opening a bank account in Community Chat

Question when opening a bank account

mormel20 — Thu, 21 Nov 2024 02:48:57 GMT

I recently opened a checking account. The banker started asking me questions but said I did not have to answer if I did not want to. One question was how many more years I was going to work before I retire. I told him how long, But now I am wondering why? Even if I retire I expect to still use my checking account. What do you think was behind this question?

Re: Question when opening a bank account

ahoymate — Thu, 21 Nov 2024 02:53:07 GMT

Bankers may ask about your retirement plans when opening an account as part of their "Know Your Customer" (KYC) procedures, which are designed to understand your financial situation and identify potential risks like money laundering or fraudulent activity; by knowing your expected retirement age, they can better assess your income and spending patterns, which helps them tailor financial products and services to your needs.

Re: Question when opening a bank account

mormel20 — Thu, 21 Nov 2024 02:55:40 GMT

Thanks for the answer. Makes sense.

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 03:08:33 GMT

I don't tell "bankers" ANYTHING. They are all salesmen! The last time I was actually INSIDE the bank, someone took me aside and wanted to set up a "pre-approved car loan".

I told him my background was in financial accounting and I KNOW how to handle money. (His jaw dropped.)

Re: Question when opening a bank account

Tinkrbl44 — Thu, 21 Nov 2024 03:21:35 GMT

@Desertdi wrote:
I don't tell "bankers" ANYTHING. They are all salesmen! The last time I was actually INSIDE the bank, someone took me aside and wanted to set up a "pre-approved car loan".

I told him my background was in financial accounting and I KNOW how to handle money. (His jaw dropped.)

@Desertdi

Yes, they are all sales people. EVERY business needs its employees to be in Business Development, and this shouldn't surprise anyone.

His reaction was funny ... and obviously not what he expected.

Re: Question when opening a bank account

Kachina624 — Thu, 21 Nov 2024 03:42:42 GMT

@mormel20. Expect to hear from their investments department about retiremen5 time.

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 04:14:12 GMT

@Kachina624 wrote:
@mormel20. Expect to hear from their investments department about retiremen5 time.

@Kachina624

NOBODY, except my lawyer, has a financial statement from me!!

Sorry...but the "rest of them" do NOT need to know how much I do (or don't) have!!! di

Re: Question when opening a bank account

JoyFilled Warrior — Thu, 21 Nov 2024 04:42:31 GMT

Hi @mormel20

Unless this Banking Professional was just shooting the breeze with you:

Im surprised this Banking Professional asked you about your future income, & plans, since Checking Accts only write checks on money you already have in the Bank.

Was this Banking Professional trying to sell you on his/her Financial Advisor Services?

Or, sell you This Bank's other Svcs in addition to the Checking Acct you were there to open?

It may be my bias, but Im trying to visualize a Male Banking Professional asking the future Income plans of a new Male Banking Customer there to simply open up a Checking Acct.

Just seems kind of unnecessarily invasive unless I'm missing something.

It's okay for a woman, or tentative person to say:

"hmm why do you ask?" or

"Interesting question. Why is it you ask?"

(or, any wording, more comfortable for you to say that satiates your own understandable curiosityabout this perceived prying question! )

*ALL* people have to right to know the answer to this question, *ESP* if it doesnt feel right!

BTW! Congrats for opening up your Checking Acct!

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 04:45:21 GMT

I keep getting emails..."supposedly" from my bank (the letterhead looks pretty accurate)... wanting to know the name and Social Security number of my "benefactor".

The only cash in that particular bank IS from Social Security...so I know this is a SCAM.

Be VERY careful with financial information!!!!

Re: Question when opening a bank account

Snowpuppy — Thu, 21 Nov 2024 08:16:54 GMT

For sure they want to sell you something.

I was inside a bank, first time in years a few weeks ago. I wanted to withdraw more than the ATM daily limit. Boy, the questions! I had proper ID. Should have been sufficient.

I side stepped all the inapprpriate questions like "what are you going to do with all that"? Seriously?

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 09:08:53 GMT

@Snowpuppy

One time I was in the bank, and the TELLER told me I had TOO MUCH

money in my checking account. I had to explain that I just wrote a check for $15,000 to pay for a new roof, and the check didn't have time to clear the bank yet.

These people should mind their own business, not MINE. di

Re: Question when opening a bank account

Snowpuppy — Thu, 21 Nov 2024 09:56:10 GMT

@Desertdi If you're comfortable with how your funds are allowcated, including a coffee can and a Serta mattress, that's all that matters! 😉

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 10:00:01 GMT

@Snowpuppy

My grandma hid her cash between the plates in the china cabinet, between pages of books...under the carpet. I do keep my "slush fund" in a bank. (!!!) di

Re: Question when opening a bank account

jlkz — Thu, 21 Nov 2024 10:28:59 GMT

@Desertdi

Yes, that happened to me too. We had just sold a vacation home and were researching different investment options....none of which involved regular bank options, esp. annuities !

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 11:08:56 GMT

@jlkz

I was out digging in my front yard, when a solar panel salesman walked up and started yakking about how much money I could save by leasing the panels. (It's an OLD 1,000 sq ft house.)

So, I asked him how much the lease payments are. He said, "They start at $150 a month."

I told him my electric bill isn't that much, even in the summer with the a/c blowing 24/7.

I wish companies would teach their salesmen some common sense before they send them out looking for "old ladies" to con...but, then again....I bet "some" fell for his pitch.

Re: Question when opening a bank account

magicmoodz — Thu, 21 Nov 2024 11:33:02 GMT

We had a CD mature last Sunday so I have been calling banks and credit unions to see who has the best CD/money market rates (I want to keep this money out of our investment accounts).

One credit union I contacted transferred me from the teller who answered the phone to someone better capable of helping me. She then suggested I speak to a "relationship team member".

He too asked lots of questions about our financial picture, but did offer a promo for opening a money market account that would pay us $3,000 if we kept the account open for 90 days and we would get another $1,000 if we kept the account open for an additional 30 days. This is not a scam, we received $5,000 last year for doing this with another financial institution.

So to put a fine point on all that above, when they ask what you feel are intrusive questions, they are "interviewing you" to see if you would be a good match for their investment banker.

Re: Question when opening a bank account

geezerette — Thu, 21 Nov 2024 12:40:23 GMT

It's the modern banking system.

Some of those seemingly invasive questions are required by the federal government now. (As if anyone planning to use the bank for illegal purposes is going to admit it.)

Some of it is because the banks are no longer just "banks", but "financial institutions" that sell products (from other companies) other than the usual government insured accounts that we're all accustomed to for years.

And some of them are merely because so many people don't use a human to do their banking anymore so that when you do go in person they don't know you. I also think sometimes it has to do with the particular bank itself (national vs. regional) and whether or not you live in a large city where they have more customers and tend to have less personal contact.

Re: Question when opening a bank account

Group 5 minus 1 — Thu, 21 Nov 2024 11:59:04 GMT

Ask if the answer will influence an opening of the bank account. If not don't answer.

I answer as few questions as possible.

Re: Question when opening a bank account

Desertdi — Thu, 21 Nov 2024 12:21:08 GMT

I was with my mother when she went to roll over a CD. The banker was pushing "investment accounts"......and I kept shaking my head NO at my mom.

Well, she fell for the pitch and opted in. Guess what? It was 2007...and she LOST the whole works in the crash....

Trust your instincts!

Re: Question when opening a bank account

TheWanderingOne — Thu, 21 Nov 2024 12:27:31 GMT

@mormel20 - they're asking you those questions so that they can target you to "cross sell" additional products and services. It's all about fee generation.

I switched banks about 15 years ago, and the first thing that I told the person that was assisting me was "mark my accounts "DO NOT CROSS SELL". I told them that if I had any interest in additional accounts or services, I would let them know, but any attempt to cross sell me would result in my taking my money elsewhere. They haven't tried it once.

Fotrunately, it's a smallish, local bank with only a handful of branches in a 75 mile area. I'm not sure I'd be so lucky with a large, national chain bank.