Some new security requirement?


Old 07-01-19, 02:06 PM
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Some new security requirement?

Got this today from my bank concerning 2 business checking accounts I have with them:

"We are updating our files, and we only have a PO box in our records for your accounts. It is required that we have a physical address on file as well.

Please contact any of our offices listed below to add a physical address to your account."

Just curious before I call them tomorrow, do any of you banking experts know if there's been a recent change on this as far as federal rules, etc. Just curious, since I've had those accounts for 20 years without any questions.

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Old 07-01-19, 02:48 PM
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Ask them what happens if you don't have permanent address. Or what happens if you refuse to give that to them. What are the consequences? No more mailings of frivolous stuff?
Old 07-01-19, 02:59 PM
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You could give them the physical address of the Post Office, doubt they would ever notice.
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Old 07-01-19, 04:04 PM
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I'd wait for a letter in the mail. If its a real requirement they will contact you in writing before doing anything drastic to your account.
Old 07-01-19, 07:00 PM
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It's under Section 326 of the post-9/11 "Patriot Act," as an effort to combat money laundering, and disrupt the flow of financing to terrorist organizations.

For some light reading, in case you can't sleep:

Page 9: "To satisfy the requirement that a bank obtain the address of a customer, Treasury expects a bank to obtain both the address of an individual's residence and, if different, the individual's mailing address. For customers who are not individuals, the bank should obtain an address showing the customer's principal place of business and, if different, the customer's mailing address."
Old 07-03-19, 04:35 AM
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Thanks, Squirrel, I figured it was buried in that act somewhere. It's not a big deal. I checked into the Patriot" act and it's been in law for nearly 20 years and NOW they figure they need the address? We also have several personal accounts with them, so they certainly know where I live. At any rate I'll stop in and see them. It's a local "State" bank and are very user-friendly.

In line with Norm's comment, I had already decided that along with the address they'll get a stern warning that if the junk finance-related mail I receive at home suddenly takes an up tick, I'll know exactly why.

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