![]() ![]() They require this for a new account even if you already have other accounts with the institution. You’ll hear this called “KYC” (know your customer” or “CIP” (Customer Identify Program) in the industry. But this was purely voluntary.įinancial institutions have a regulatory requirement to ensure they verify identity for any new account. I'm not sure they still do it, but for a while you could go to several of the larger BofA branches and they'd take your picture and put it on your debit card. Especially a low quality copy of the picture. Yikes! I hope no one would recognize me from my driver's license photo. If it meant as a fraud protection device, I'm not sure it would be justified/effective unless they plan to put your ID picture on the card. Money laundering shouldn't be an issue with credit cards. KYC is related to anti-money-laundering regulations. ![]() There is a big difference between setting up checking/savings accounts where the know your customer (KYC) regulations apply and credit cards. I suspect their asking for an ID is part of this. I'm not sure what banking laws they were referring to but they require much more identification for setting up accounts and have more restrictive rules in place on how one can use those accounts. I suspect that when you change your address, you're supposed to tell the state motor vehicle people and get a new drivers license issued.įrom recent experience of setting up a simple business checking account for a non-profit organization, "recent" banking law changes have made things much more difficult that I can ever remember. Too bad it has little information about me besides my name, birthday, place of birth, nationality, photo, and passport number. Sometimes they get huffy about it, but it is a valid government ID. I just show my passport nowadays instead. asking to see my license or a copy, then try to set my address to an old one. My driving license has the address I lived at years ago when I obtained the license, not the address that I live at now. It's not the photo, it's the driver's license information. I'd move on.ĭo they have a picture to compare it with when they activate the card? If not, how could that be the intent? Given the number of problems with cards traced back to internal fraud, giving my ID to them doesn't seem like a good idea. They just want additional verification that it's not identity fraud when the card is activated. Or do they intend to require all the machines at the check-out counter to eventually have security cameras? Since credit card rules generally prohibit asking for an ID when making a purchase the only reason I can currently see for this is dispute resolution in cases where there is some sort of security camera available. So they wanted to prove I was me but it still wasn't enough proof that I was me.ĭon't waste my time. Then came the zinger about mailing proof of ID and apparently they wanted it to be done at any bank so they wanted a signature guarantee. The infuriating thing about the whole experience was that the CSR asked for all sorts of info from me so I thought that was it. I don't churn credit cards, but I thought spending $500 to get $150 bonus seemed a like a good deal. Wow! Your experience tops mine in a not so good way. Is this something new for all credit card companies?īarclay's wanted me to send in my SS card. I was told by CapitalOne this is their new policy. I regularly use their Quicksilver credit card. ![]() The credit card was mailed to my address which I have had for 7.5 years. With CapitalOne, they wanted me to either mail or email a photo of my driver's license. With BoA, I was able to activate the new card online. I have a credit card with both companies. This year I applied for two new credit cards - one with Bank of America and one with Capital One. ![]()
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