Out in these parts Commerce Bank is "America's Most Convinient Bank" and considering 98% of branches are open until 8pm Thursday and Friday and that one branch has a drive through open until *midnight* on the weekend, they have a right to boast. So I was at a local branch talking to a cs rep and I notice papers on her desk. One that caught my eye was a new account checklist. From what I gleaned, here's what they are doing: Verify customer's name using government issued photo ID. Record ID type and number. Verify name of customer is same as on a utility bill or something similar. (If you are a roomate in someone's house, you may now be SOL). Verify customer name and address via www.411.com WTF?!? That's a new one. If unable to get info, then call 411 operator and ask "Can you verify that the information for Jane Doe at 411 Main St and phone number 212-555-1212 is correct?" Verify employer's name and phone number using www.411.com The bank's computer will automatically run a check through Chex. They are to include the printout that shows year/state SSN was issued. There were some other procedures that had to be done...I think there was even something about a blood sample and retina scan! ;-) j/k
A guy I work with just got back from there. They wanted to update his file--evidently some branches are trying to make the procedures retroactive by getting the info they missed before. So, he said they asked him where he worked and his supervisor's name and phone number etc. Now where we work, employment information--even "yeah, he works here"--is restricted. The only way for someone to get that info is via a 3rd party company with the employee's permission. So he just told them he is retired (at age 30 LOL).
Other Procedures . . . Larger banks will also check one of the credit bureaus and accept or reject your new account based on your FICO. It is built into the computer program when they enter your information. Tried to get a Wells Fart . . . I mean a Wells Fargo business account. Since I am a sole proprietor, they ran a FICO and Chex on me. The bank employee said that she had to reject me based on my credit report. My chex file is clear. I called back and a supervisor said that you have to have a certain FICO, but would'nt tell me what it was.
Re: Other Procedures . . . Suzie Orman ""I think that's her name"" The one who write books about money,Road to wealth""Said 689 is what they look for. I wonder why all this is a sercet someone from the in side should write a book about the credit card GAme and get rich.
This is compliance... With the new Patriot Act - designed to prevent terrorists from opening US bank accounts. There's a stack of rules for financial institutions - they are liable for verifying identities with new customers, and I imagine (haven't read it all yet) they will also implement this with existing customers. Look for more on this soon, it's just getting started.
Re: This is compliance... Aah...no this is something I can speak on. I work for a financial services organization and yes, the Patriot Act is very real and compliance is mandatory and the government is hounding to get this done and QUICK. Having said that, my organization is complying and whatever the government says they need to verify that terrorists are not funneling money through US accounts (and stocks, bonds, mutual funds, etc), they are applying to all accounts. Just for the record...P.O. Boxes are a big no no. That can NOT be the only address that any financial organization has for you. They will need an actual physical address.
