Talk of The Villages Florida - Bank to open Checking Account

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- - Bank to open Checking Account (https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/bank-open-checking-account-317527/)

Quote:

Originally Posted by Nucky (Post 1916637)

We use Fudpucker Savings and Loan. Freddie is the only employee in the branch.

Seriously we like Chase and don't like Bank Of America after the stunt they pulled at the beginning of Covid. It's not that they closed their branches it's that they didn't communicate anything, Zero.

Citizens were doing just fine until we had an issue on the weekend. Outta luck till Monday. Back to Chase. There is always someone to speak to at Chase. It may not be English on the first attempt but your not alone if something comes up.

our BOA acct here is useless. the nearest atm is MILES away, & i agree with the poor service policy during covid. all we needed to do was set up an executor acct., & since my bro-in-law has worked there aprox 20yrs, i figured it would be easy. they even gave him a hard time, & we just ended up going with Fidelity. i'm using them & citizen's bank & can't beat them for convenience-they're just about everywhere here

Quote:

Originally Posted by Fuzzyjourneyfan (Post 1916579)

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.

Community banks or credit unions.

Quote:

Originally Posted by Stu from NYC (Post 1917029)

Why in the world would she even ask for an explanation if you are known to the bank as a customer?

Banks generally have policies and procedures to protect seniors against Elder Abuse. If a known, senior customer makes a withdrawal that is out of their normal pattern, the teller may ask questions to screen for potential abuse (ie to determine if the customer is being scammed into giving money to someone).

So many regulations and policies may make a bank look like they are being too nosy but basically they are required to 1) Know their Customers (KYC) - are they who they say they are, not on a banned foreign nationals or politically exposed persons list etc , 2) know the sources and uses of funds to prevent money laundering, financing criminal activity etc. particularly with mortgages etc, the loan underwriting will inquire about the sources of all funds used for the down payment even if under $10k. as that is a potential venue for money laundering and 3) protect vulnerable customers from fraudulent scams.

Politically exposed Person

Quote:

Originally Posted by kathyspear (Post 1917107)

What is a "politically exposed person" and how would being one affect a bank's willingness to allow you to open a new account?

kathy

From Google: a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.

Omg, I just hung up with Bank of America, which was the bank we chose to open a checking account at here in The Villages. We have a BofA we can also use up north. We opened the account 02/17 and still haven’t received our checks, although we made clear that was our only reason for opening the account here. I emailed her on 2/19 to verify they were ordering the checks with the Florida address. No response. I emailed again this week and she finally responded. They told me 2 days ago they would put a rush on the check order and she JUST NOW called to verify our address. I received my ATM card here the week after we opened the account. This was the branch up by 466.