Why Bank of America asked Kansas man for proof of citizenship -- and may ask you, too

[Zorro]

Josh Collins and wife Jessica Salazar Collins were mystified: Why would the Bank of America, where they’ve banked since the early 2000s, suddenly ask questions about Josh’s citizenship?

He was born in Wichita.

So this thoroughly American couple from Roeland Park ignored a form that the bank mailed them about a month ago asking, among other things, whether Josh Collins was a citizen or could claim dual citizenship with another country.

Jessica said she tossed the letter because she and Josh “thought it was a scam.”

https://www.bradenton.com/news/nation-world/national/article215688615.html

These days it's getting difficult to determine which megabank is the worst -- BofA, Wells Fargo, Shitibank, or Chase.

[Cartoonist]

1. The proper response

Jessica added that they’ll be changing banks.

[Generic Brad]

3. Their next bank will ask for the same thing at sign up

The CFPB enforces extremely stringent Know Your Customer rules. They are much tougher regulating large banks than smaller institutions. We all seem to love the CFPB until their enforcement affects us personally. Getting pissed about their bank following regulations sure did teach that bank a lesson,eh?

[Zorro]

4. Did you miss this part of the article?

"But according to the California Bankers Association, the largest state affiliate of the national association, questions of citizenship are not federally required. “Not to our knowledge,” said the spokeswoman, Beth Mills.

She said federal law requires banks must obtain and verify only four things about account holders: name, date of birth, residential address and Social Security number."

[Generic Brad]

10. I did not miss it

I have worked for a large bank. I currently work for a credit union. I am very familiar with Know Your Customer regulations. The CFPB is making banks and credit unions verify citizenship. I recently had to do it with a bank my wife and I have been doing business with for 20 years (and which I worked at for almost as long). The banker knew me very well, but my wife and I still had to provide proof of citizenship.

Everyone around here likes to beat up on banks and touts the CFPB as the protector of the proletariat, but it is the CFPB that is pushing banks and credit unions to request this.

[Pathwalker]

12. How do you prove citizenship if you don't have a

birth certificate?

[treestar]

13. Of any country I take it ?

Lawful residents are still citizens of their original countries

[kcr]

15. Why would the CFPB be pushing for that?

What makes you think it was the CFPB? Because the banker told you? I'm sorry, but that makes no sense. I don't believe it.

[Progressive Law]

16. There is no law that requires banks to specifically verify citizenship of its' customers.

The law requires banks to gather:

1. Name

2. DOB

3. Address

4. ID number


With number #4 however, banks can get an "idea" of your citizenship...for instance, if you use a foreign passport as the ID, or a resident alien card as the ID.

If a bank insist on verifying citizenship, then that is a policy they have voluntarily chosen to participate in.

Perhaps the bank that required citizenship info from you, decided they wanted a stricter identification policy than what is legally required.

[2naSalit]

2. Credit Unions...

I only go to banks to buy quarters or use their ATM... my CU reimburses the charges for ATM fees. They treat you like a person since you are co-owner of the place.

[Snotcicles]

5. +1. nt

[dalton99a]

6. +1. Credit unions are great. Banks suck.

[2naSalit]

7. Yup.

My financial situation would be even worse if it weren't for CUs.

[world wide wally]

8. This

[Squinch]

9. I have no regrets about changing to a credit union.

[Yo_Mama_Been_Loggin]

11. Sounds like they don't want to stay in business

[appalachiablue]

14. They're 'Too Big To Fail' you know..