RebelCapitalist: Financial Information for the Rest of Us

What Banks Know About Us

In the process of moving my banking business away from the megabanks and into local institutions, I went into one of the latter to open a small CD, and was told how I just opened another CD somewhere else; I was given the amount, the date, and the name of the other bank, much to my astonishment. How long has it been true that banks can access info about our business with their competitors, and why should this be the case? It gives me an uneasy feeling.

Your Answer

Strange

Posted by: Mr_Blue on 2010 03 10

I know the Patriot Act required financial institutions to verify certain personal information when opening up new accounts. I am not sure if this verified info was entered into a database but it wouldn’t surprise me.

If you say who you are and nothing suspicious is happening, certainly purchasing separate CDs at separate banks is NOT suspicious actually very prudent, Why the hell should a bank care that you purchased another CD elsewhere?

I would ask the bank rep. how they knew you did that.

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