Edited by author 09-12-2003 08:32 AM
I guess "Know Your Customer" was YA thing on the jackboot wish list which got rolled into the Patriot Act.

Funny coincidence from a Wired story about it; the Financial Crimes Enforcement Network (FinCEN) has a database called Suspicious Activity Reporting System (SARS).

I got a letter from HSBC last week, letting me know that: "In auditing our accounts, we have come to learn that we are missing information from your file. The USA Patriot Act requires that we maintain certain information in order to better know and serve out customers".

In order to "better know and serve me" they need:

Employer name, address and phone
Occupation
Source of income
Purpose of account
Expected account usage
From what countries will I receive funds transfers
What countries will I be transfering funds to
mothers maiden name

At first I thought this was a joke/scam, but I stopped into my local branch and was told they really did need the information. I explained I wasn't psychic, and couldn't predict where I might be spending or receiving funds. I've had my account with them for 27 years, do they really think I'll crack now and start laundering cash?

This may be an HSBC only thing though. I went to the credit union and showed them the letter. The branch manager just laughed and said she never heard of this.

Want a loan? Want to buy a house or a car or a co-op? Get used to disclosing your life and every penny you ever spent. That's how they work - they all ask silly questions like that. Try buying a co-op in New York City - "want to live here? Who are you dating and what music do you like? Have you ever spent your money on porn?" It's insane.

But always remember you have every right to get up and leave, or hang up the phone, and go elsewhere. Seems you just got someone who was making things up to intimidate you.

Exercie your capitalist perogative:

"Accept my refusal to answer your unwarranted questions or I will take my business to one of your competitors."

Yeah, that's not normal for a bank. Write a complaint letter, and close the account. Go find a credit union.

Edited by author 09-11-2003 12:38 PM
Bull. The patriot act and associated laws do not require that sort of information. They're flexible and allow the bank to choose their own program, so long as it includes things like positive identification of the customer (they might scan your drivers license and birth certificate for example), needing the correct address, and so forth.

Details here:
http://www.banktech.com/story/whatsNews/BNK20030807S0014

So, dump that bank, find another one where the management isn't so paranoid. But complain, first. Enough complaints and they'll change things. Within the limits of the law, of course.

Try a local credit union. They usually give better interest rates, too.


Oh, and I should note... I work for a bank. I'm working on a web app to do our patriot act stuff. It contains such scary stuff as "primary ID," "secondary ID," and for non-citizens (I think) "tertiary ID" (so, like... birth certificate, driver's license/passport, and green card). Everything else is stuff that was already required (ssn, name, address, date of birth)

We do ask for email, but it's obviously optional. (and we only use it to notify people that online banking has scheduled downtime)

I agree, close your account.
Z.

You live in a democratic capitalist state (I'm told). Exercise your power. Close your account.