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What is Bank of America up to?
Old 04-24-2018, 11:04 AM   #1
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What is Bank of America up to?

I have been a customer Bank of America ( or a predecessor banks) for over 30 years. I used to have alot of accounts with them (checking, CDs, business account, mortgage) but over the years I have moved most of my business to the local credit union. The only thing DH and I have at BofA now is a cash back Visa card. Anyway, yesterday I get a letter from BofA that says they need alot of info from me--date of birth, physical address (I get my mail at a PO box), phone number, SS#, citizenship info and that I have to bring my government photo id to a local branch office. (DH is a joint owner of the credit card but none of this info is requested of him.) The letter says I have to give all this information to a BofA location by 5/14/18 or the will cancel my "account"-- they don't identify what account.

I am concerned about identity theft so I immediately go to the BofA office. The person there says there is no identity theft that this all has to do with my BofA Visa card and has to do with the Patriot Act. I tell them i know they already have all this information from a few years ago when I got an increase in my line of credit and they say they need it anyway. I ask them if they need it for my DH and they say no they already have it for him.

Since I currently use this card I decide to give them the info but I wonder what is going on? I could cancel this card and get one at the Credit Union or elsewhere but I like the cash back feature of this card.

Anyone run into this at BofA or any other bank? I wonder what is going on?
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Old 04-24-2018, 11:12 AM   #2
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For the last few months, when I've been signing into my BofA account online, I get a pop-up asking me to tell them whether I am a dual citizen. I haven't answered it and so far, have not heard anything else from them. I just keep ignoring the question every time I log on.

I am a dual citizen, but will keep refusing to answer the question. If they were to close my account over this, I could actually use an excuse to go with a local CU instead anyway.
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Old 04-24-2018, 11:38 AM   #3
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Maybe BofA is learning from WF?

I moved everything from WF to local CU after WF dirty laundry was aired. They have our modest mortgage only because the CU can not match the interest rate that I secured in 2011.

I go back to a bank (?) that First Union acquired. As I got gobbled up, I learned I didn't like the practices of the larger banks. Recently, I learned that I despise big banks.

WF? FU.
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Old 04-24-2018, 11:43 AM   #4
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IMO the Patriot Act excuse is lame since that Act has been around many years.
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Old 04-24-2018, 12:18 PM   #5
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I tell them i know they already have all this information from a few years ago when I got an increase in my line of credit and they say they need it anyway.
Reminds me of a popular sign I saw on many bureaucrats' desks when I was w*rking:

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There's no reason for it.
It's just our policy.
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Old 04-24-2018, 12:34 PM   #6
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I have been a customer Bank of America ( or a predecessor banks) for over 30 years. I used to have alot of accounts with them (checking, CDs, business account, mortgage) but over the years I have moved most of my business to the local credit union. The only thing DH and I have at BofA now is a cash back Visa card. Anyway, yesterday I get a letter from BofA that says they need alot of info from me--date of birth, physical address (I get my mail at a PO box), phone number, SS#, citizenship info and that I have to bring my government photo id to a local branch office. (DH is a joint owner of the credit card but none of this info is requested of him.) The letter says I have to give all this information to a BofA location by 5/14/18 or the will cancel my "account"-- they don't identify what account.

I am concerned about identity theft so I immediately go to the BofA office. The person there says there is no identity theft that this all has to do with my BofA Visa card and has to do with the Patriot Act. I tell them i know they already have all this information from a few years ago when I got an increase in my line of credit and they say they need it anyway. I ask them if they need it for my DH and they say no they already have it for him.

Since I currently use this card I decide to give them the info but I wonder what is going on? I could cancel this card and get one at the Credit Union or elsewhere but I like the cash back feature of this card.

Anyone run into this at BofA or any other bank? I wonder what is going on?
I use 4 credit cards at BOA plus a checking account and have never had this request. Very odd.
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Old 04-24-2018, 12:37 PM   #7
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probably more of a bureaucratic incompetence issue... the bank/credit card/line of credit systems probably do not talk to each other and they all need that info. Currently all banks need a SSN or ITIN for all accounts. The Patriot Act has been around for years, but the bank is probably just cleaning up accounts.
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Old 04-24-2018, 12:51 PM   #8
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Originally Posted by harllee View Post
Anyway, yesterday I get a letter from BofA that says they need alot of info from me--date of birth, physical address (I get my mail at a PO box), phone number, SS#, citizenship info and that I have to bring my government photo id to a local branch office. (DH is a joint owner of the credit card but none of this info is requested of him.) The letter says I have to give all this information to a BofA location by 5/14/18 or the will cancel my "account"-- they don't identify what account.

Anyone run into this at BofA or any other bank? I wonder what is going on?
Banks are required to verify this info. It is possible you opened your account prior to this regulation, or they just misplaced it, they are auditing their files, and discovered this discrepancy. The info they are requesting is part of your record, so you should not have any concern about giving it to them.
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probably more of a bureaucratic incompetence issue... the bank/credit card/line of credit systems probably do not talk to each other and they all need that info. Currently all banks need a SSN or ITIN for all accounts. The Patriot Act has been around for years, but the bank is probably just cleaning up accounts.
+1
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Old 04-24-2018, 01:11 PM   #9
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I use 4 credit cards at BOA plus a checking account and have never had this request. Very odd.
We have three credit cards, a checking account, three savings accounts, 4 brokerage accounts with Merrill Lynch, are considered premium reward customers and are treated very well by BOA.
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Old 04-24-2018, 01:13 PM   #10
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OP here. We also have a Chase Master Card. Today I get an email from Chase (or someone claiming to be Chase but it looked legitimate) asking me to update my income information to get an increased line of credit. I have no desire for an increased line of credit so I just deleted the email. Probably just a coincidence that I heard from both of my credit card banks within 24 hours (I only have the 2 credit cards) but it does seem strange. I wonder what's going on?
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Old 04-24-2018, 01:33 PM   #11
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Sounds like great opportunity to ignore them and see if they carry through with their threat to close the account... if they do then you win... once less credit card account to have to worry about.
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Old 04-24-2018, 01:50 PM   #12
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OP here. We also have a Chase Master Card. Today I get an email from Chase (or someone claiming to be Chase but it looked legitimate) asking me to update my income information to get an increased line of credit. I have no desire for an increased line of credit so I just deleted the email. Probably just a coincidence that I heard from both of my credit card banks within 24 hours (I only have the 2 credit cards) but it does seem strange. I wonder what's going on?
Mine arrived (request updated income) a short while ago for my Chase-Marriott Visa card.

I'll pass....
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Old 04-24-2018, 01:56 PM   #13
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OP here. We also have a Chase Master Card. Today I get an email from Chase (or someone claiming to be Chase but it looked legitimate) asking me to update my income information to get an increased line of credit. I have no desire for an increased line of credit so I just deleted the email. Probably just a coincidence that I heard from both of my credit card banks within 24 hours (I only have the 2 credit cards) but it does seem strange. I wonder what's going on?
I get those requests from Chase all the time. I just ignore them.
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Old 04-24-2018, 02:11 PM   #14
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Banks are required to verify this info. It is possible you opened your account prior to this regulation, or they just misplaced it, they are auditing their files, and discovered this discrepancy. The info they are requesting is part of your record, so you should not have any concern about giving it to them.


+1

+1 on this... you did say you were in a different bank that I assume was acquired by BofA.... they might have lost that info and need it...

OR, you opened it up so long ago that you might had shown them but they never put it in their system...

Either way, the bank is now under many laws and regulations to 'know your customer' and if you refuse to give them the info they will close the account... which they should....
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Old 04-24-2018, 02:11 PM   #15
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I get stuff like that from my car insurance company too, they want to know the mileage on the cars...I keep ignoring it. It's been 2+yrs and they haven't taken any action yet. Or my Chase bank wanting me to 'update your salary info' - umm no, I'm good.
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Old 04-24-2018, 02:14 PM   #16
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Either way, the bank is now under many laws and regulations to 'know your customer' and if you refuse to give them the info they will close the account... which they should....in my opinion
I fixed that for you...because not everyone sees things the same way.
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Old 04-24-2018, 03:11 PM   #17
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But most of my credit/bank stuff predates KYC/AML/Patriot regulations, and is all older than 2001, so I'm pretty sure I'd remember being asked to make updates on some of them (I don't).

As a dual citizen myself I'd be a bit "what do they need THAT for" about it, but I worked in the finance industry and remember that KYC Compliance was a big deal. Perhaps BofA failed some audit and they are now being extra diligent?

It would seem to be within the scope of reasonable given the regulatory environment, but I'd probably call and not be entering anything in a pop up...
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Old 04-24-2018, 03:23 PM   #18
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Originally Posted by Major Tom View Post
For the last few months, when I've been signing into my BofA account online, I get a pop-up asking me to tell them whether I am a dual citizen. I haven't answered it and so far, have not heard anything else from them. I just keep ignoring the question every time I log on.

I am a dual citizen, but will keep refusing to answer the question. If they were to close my account over this, I could actually use an excuse to go with a local CU instead anyway.
I got that a couple of months ago. I am not a dual citizen and I answered.
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Old 04-24-2018, 04:07 PM   #19
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I had an gasoline credit card that was started in 1976 ,but could not get the online registration to work because it appears that back then they did not collect ss numbers, or else it got lost in the multiple shuffles since. Called they added the info and the registration did work.
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Old 04-24-2018, 05:21 PM   #20
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Anyway, yesterday I get a letter from BofA that says they need alot of info from me--date of birth, physical address (I get my mail at a PO box), phone number, SS#, citizenship info and that I have to bring my government photo id to a local branch office...

I am concerned about identity theft so I immediately go to the BofA office. The person there says there is no identity theft that this all has to do with my BofA Visa card and has to do with the Patriot Act. Since I currently use this card I decide to give them the info but I wonder what is going on?
Anyone run into this at BofA or any other bank? I wonder what is going on?
What do you think is going on? Don't you believe that this has something to do with the Patriot Act?
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