The Federal Government has changed their regulations of banks within the past few years and they are still changing them. They call it "know your customer" regulations. The rules are not yet cast in stone and they are always being revised. But basically, banks are required to know as much as they can about who they are doing business with. For example, you cannot even make a cash deposit into someone else's account because the bank doesn't know where the money came from. Also, you can no longer make an online purchase using a debit card unless the card was opened with proper identification. I used to buy non-reloadable debit cards from Walgreens, with no identification, to make online purchases, but these are no longer accepted.
All that being said, I never invest any money with a bank. Investment companies, like Fidelity and Vanguard, are much better for investing and they offer better rates and you can buy CDs. I use banks for a checking account only. They may also be a good place to get a loan, if you need one.
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