Community Chat

[mormel20]

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? 

[ahoymate]

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.

[mormel20]

Thanks for the answer.  Makes sense.

[Desertdi]

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.)

[Tinkrbl44]

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@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.)

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@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.  

[Kachina624]

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

[Desertdi]

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@Kachina624 wrote:

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

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@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

[JoyFilled Warrior]

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!   

[Desertdi]

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!!!!

[Snowpuppy]

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?