« previous next »
Pages: [1]   Go Down

Author Topic: Why do the banks ask about dual citizenship now?  (Read 6463 times)

Offline sky121

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2011
  • Posts: 11724
  • Total likes: 168
  • DansDeals.com Hat Tips 12
    • View Profile
Why do the banks ask about dual citizenship now?
« on: February 01, 2018, 05:26:02 PM »
Lately I see more and more banks asking me if I hold dual citizenship.    Just curious why they started asking this.

Logged
"Not all who wander are lost"

Offline htg123

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2012
  • Posts: 324
  • Total likes: 8
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: Why do the banks ask about dual citizenship now?
« Reply #1 on: February 01, 2018, 05:38:55 PM »
haven't heard of this before, but just know that any foreign bank that has any kind of operation in the US has to ask every applicant in that foreign country if they're a US taxpayer, in order to comply with US laws.
Logged

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7250
  • Total likes: 979
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Why do the banks ask about dual citizenship now?
« Reply #2 on: February 01, 2018, 06:41:36 PM »
Quote from: sky121 on February 01, 2018, 05:26:02 PM
Lately I see more and more banks asking me if I hold dual citizenship.    Just curious why they started asking this.
I just got asked this for the first time.
Logged
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline sky121

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2011
  • Posts: 11724
  • Total likes: 168
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #3 on: February 01, 2018, 06:46:50 PM »
It's the US banks asking for this.
Logged
"Not all who wander are lost"

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7118
  • Total likes: 140
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Why do the banks ask about dual citizenship now?
« Reply #4 on: February 01, 2018, 07:31:27 PM »
Terrorism and money laundering concerns is my guess
Logged
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 8394
  • Total likes: 1110
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #5 on: February 01, 2018, 07:45:38 PM »
Quote from: noturbizniss on February 01, 2018, 07:31:27 PM
Terrorism and money laundering concerns is my guess
As if.
Logged
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7118
  • Total likes: 140
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Why do the banks ask about dual citizenship now?
« Reply #6 on: February 01, 2018, 07:48:28 PM »
Quote from: mmgfarb on February 01, 2018, 07:45:38 PM
As if.
The whole 10k depositing is all about money laundering. Why else would they give 2
Logged
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7250
  • Total likes: 979
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Why do the banks ask about dual citizenship now?
« Reply #7 on: February 01, 2018, 08:34:30 PM »
Quote from: davidrotts63 on February 01, 2018, 06:41:36 PM
I just got asked this for the first time.
It was one of those banks that ask a million questions.....
Logged
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 8394
  • Total likes: 1110
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #8 on: February 01, 2018, 09:03:58 PM »
Quote from: noturbizniss on February 01, 2018, 07:48:28 PM
The whole 10k depositing is all about money laundering. Why else would they give 2
Money laundering perhaps but terrorism?
Logged
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline CodeAdam10

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2015
  • Posts: 239
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #9 on: February 02, 2018, 01:14:23 AM »
Perhaps it’s some sort internal risk management analysis. Maybe they have determined that those with permanent ties to another country are more likely to default or choose to forego repaying their debts.
Logged

Offline yitrap

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2014
  • Posts: 3315
  • Total likes: 56
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #10 on: February 02, 2018, 05:22:42 AM »
Quote from: mmgfarb on February 01, 2018, 09:03:58 PM
Money laundering perhaps but terrorism?
Who's doing the money laundering?
Logged

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 7232
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #11 on: February 02, 2018, 09:57:56 AM »
Is this in person or online?
Logged
I just found a new supply of forks!

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7250
  • Total likes: 979
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Why do the banks ask about dual citizenship now?
« Reply #12 on: February 02, 2018, 09:59:04 AM »
Quote from: ChaimMoskowitz on February 02, 2018, 09:57:56 AM
Is this in person or online?
Over the phone for an online app, they called and asked random questions for around 10 minutes, this included.
(post 1k!)
Logged
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline pimmybkk

  • DansDeals Copper Elite
  • *
  • Join Date: Feb 2018
  • Posts: 2
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Female
    • View Profile
    • Travel with local expert
  • Location: Bangkok
Re: Why do the banks ask about dual citizenship now?
« Reply #13 on: February 03, 2018, 01:05:47 AM »
Is it related to tax issue?
Logged

Offline PillanSmye

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2015
  • Posts: 1028
  • Total likes: 68
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Why do the banks ask about dual citizenship now?
« Reply #14 on: February 03, 2018, 02:54:14 PM »
Quote from: sky121 on February 01, 2018, 05:26:02 PM
Lately I see more and more banks asking me if I hold dual citizenship.    Just curious why they started asking this.

Patriot Act, OFAC,  OTFI,  FinCEN,  Trading With The Enemy Act,  FACTA
Logged

Offline ludmila

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 5155
  • Total likes: 271
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: IND
  • Programs: Hilton Diamond,Marriott Platinum,SPG Platinum.
Re: Why do the banks ask about dual citizenship now?
« Reply #15 on: February 03, 2018, 06:19:03 PM »
Quote from: sky121 on February 01, 2018, 06:46:50 PM
It's the US banks asking for this.
+1 I had this from 2 US banks recently.
Logged
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7250
  • Total likes: 979
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Why do the banks ask about dual citizenship now?
« Reply #16 on: February 03, 2018, 06:47:15 PM »
Quote from: pimmybkk on February 03, 2018, 01:05:47 AM
Is it related to tax issue?
Why would that make a difference, unless if you are earning interest, then maybe
Logged
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline David R

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1894
  • Total likes: 49
  • DansDeals.com Hat Tips 5
    • View Profile
  • Location: Brooklyn, NY
Re: Why do the banks ask about dual citizenship now?
« Reply #17 on: February 04, 2018, 01:33:51 AM »
Quote from: CodeAdam10 on February 02, 2018, 01:14:23 AM
Perhaps it’s some sort internal risk management analysis. Maybe they have determined that those with permanent ties to another country are more likely to default or choose to forego repaying their debts.
If that were the case, they would ask these questions during credit applications, not when you're trying to give them money.
Logged
Pages: [1]   Go Up
« previous next »