Banking question - collecting financial info

[robinsmommy]

We recently went into MIL's bank to get my husband added as a signer to her account, as she is not driving anymore. The (big) bank in question asked for ALL of our financial information to do so. Mortgage info, retirement accounts, *everything*. It's supposed to be a requirement of their interpretation of money laundering laws. Has anybody ever heard of anything like this? MIL doesn't want to move her account, and I am really reluctant to deal with the hassle of doing it, but there is NO WAY I am giving all that info out to a big box bank. It sounds like a way to get lots of info for marketing. They said that everyone who had accounts there would eventually be required to give that information.

We are probably going to yank all her money out and move it to our credit union. The credit union said that much info was above and beyond what should be needed - occupation, social security number, all that, sure, but not financial info for us.

Has anybody else run into this? It sounds nuts to me.

[gymnbomb]

Sounds nuts to me too. When my mom added me to her accounts I think all they wanted was name, address, and social security number.


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[hillview]

Try want to sell you stuff. You don't have to tell them that.

[abh5e8]

I agree! I would not give out that info. They want to market directly and possibly sell data to other businesses. We have been very happy with accounts at a local credit union and a smaller bank with excellent online service but no local branches.

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[specialp]

I was added to a relative's account at a large bank last month and wasn't required to give any of that.

[robinsmommy]

They were really, really firm that he would not get on as a signer without giving that info. It feels slimy - we will be taking her money out. I hate the hassle of dealing with bills and social security that deal directly with her checking account, but it is what it is.

And here is the kicker - he had been added on in some capacity decades ago, but that changed/was lost when the bank was bought out. How very convenient.

I am not sure who I would complain to about this (outside of upper bank management, who I expect won't give a hoot as it was probably their brilliant idea). Mayhap some regulatory agency - the FDIC? This seems invasive at best, potentially predatory at worst. It really offends me that they are taking advantage of a senior who just wants her son to be able to do her banking for her.

[robinsmommy]

ETA- I will get more information and look into filing a complaint with the federal reserve. It does seem like they are using their control over her deposits to force us to relinquish financial information. No info, no access. Something is just not right.

[rlu]

Several of our local tv stations have investigative units that look into consumer issues. I think this counts. If there is similar near your mom, I don't see how contacting them could hurt and might be faster/work in conjunction with the Fed Reserve.

eta: This is interesting and maybe the mods can add to the elder forum too as I know my dad is going to/already has(?) added my sister to his bank accounts. Years ago we ran into an issue when FIL passed away and the bank froze his business bank account as MIL wasn't on that one. With my mom's passing, dad is taking stock and ensuring a smooth transition when it's time.

[robinsmommy]

Several of our local tv stations have investigative units that look into consumer issues. I think this counts. If there is similar near your mom, I don't see how contacting them could hurt and might be faster/work in conjunction with the Fed Reserve.

eta: This is interesting and maybe the mods can add to the elder forum too as I know my dad is going to/already has(?) added my sister to his bank accounts. Years ago we ran into an issue when FIL passed away and the bank froze his business bank account as MIL wasn't on that one. With my mom's passing, dad is taking stock and ensuring a smooth transition when it's time.

Yep. DH had been added YEARS ago for that same reason. But even though they show a record of it, there is some question on whether they would honor that or not, depending on who made the call - which I also find problematic - perhaps even another good reason to move the money. Policy should be consistent.

I may hold the media in reserve. Not sure if I want to go down that road just yet, or even at all. I think my first step is emailing the person in question and getting documentation on what they are asking for. No "he said, she said" that way. I'd love to know what law they are twisting to gather this information.