Community Chat

[kivah]

Last week I went to the Credit Union - where I've had an account for 15 years. I transferred $6,000 from my Money Market A/C into a CD (they called it a Trust A/C). The female at her desk was doing the transfer - she then started asking me questions: do u own or rent ur house? How long have u owned the house? I answered her questions - and then when I arrived home, I started to feel uncomfortable. Do u think this was appropriate??? My mortgage is with another bank. I started wondering if I should close my a/c.

[kittyloo]

personally yes, i find it odd. banks are doing lots of things differently now.  they will  no longer allow my renters to depost cash into my acct. must be check or money order.

  i have no idea what difference it would make to them weather or not you own your house.

[jackthebear]

---

@kivah wrote:

Last week I went to the Credit Union - where I've had an account for 15 years. I transferred $6,000 from my Money Market A/C into a CD (they called it a Trust A/C). The female at her desk was doing the transfer - she then started asking me questions: do u own or rent ur house? How long have u owned the house? I answered her questions - and then when I arrived home, I started to feel uncomfortable. Do u think this was appropriate??? My mortgage is with another bank. I started wondering if I should close my a/c.

---

because they want to find out if you need any loans

next time ask why they are asking those questions, and say you only need help with XXX

she's only doing what she was told 

[Love to read]

I'm a loan officer at a credit union and my guess is that she was trying to determine if you might benefit from a mortgage refinance since rates are so low now.  I don't view her questions as inappropriate unless she was rude.  The credit union motto is "people helping people" and sometimes you have to ask a few questions to do that. 

[Spurt]

---

@kittyloo wrote:

personally yes, i find it odd. banks are doing lots of things differently now.  they will  no longer allow my renters to depost cash into my acct. must be check or money order.

  i have no idea what difference it would make to them weather or not you own your house.

---

@kittyloo 

They probably wont let your renters deposit cash because of money laundering ....Money laundering funds and supports drug deals and even terrorists....so banks have strict federal guidelines they must follow to help prevent this....

 Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the money to the launderer in an obscure and indirect way. 

[CelticCrafter]

Well, it's too late now but I would have asked right then and there why she needed answers to those questions.  It probably would have shut her down.

[Spurt]

---

@kivah wrote:

Last week I went to the Credit Union - where I've had an account for 15 years. I transferred $6,000 from my Money Market A/C into a CD (they called it a Trust A/C). The female at her desk was doing the transfer - she then started asking me questions: do u own or rent ur house? How long have u owned the house? I answered her questions - and then when I arrived home, I started to feel uncomfortable. Do u think this was appropriate??? My mortgage is with another bank. I started wondering if I should close my a/c.

---

@kivah 

Even though you have a mortgage with another bank they probably asked questions to see if you would qualify to switch the mortgage to them..I wouldnt worry about it. And Im very cautious about stuff like this........Credit Unions are considered a non-profit so normally their mortgage rates are lower than traditional banks......

In the future I would speak up and bluntly say, is there a reason for these questions...

[chrystaltree]

She was sizing you up financially, trying to determine if they could interest you in refinancing your home.  

[sidsmom]

🤣🤣🤣🤣

That's the 'retail' in Retail Banking!

Much like 'Do You Want Fries With That?'!

It is very, very common....a legitimate practice for a financial institution

to gain your business. Checking, savings, loans, etc. 

[Nuttmeg]

@Spurt

Most credit Unions know their customers.

JMO, banks and credit unions have been doing all types of business for many years.