[shut the front door]

Originally Posted by jimhoward

So why not just give a physical address? Its not a secret. Your address as well as your past addresses, are easily available in an on line search to anyone who cares to know. All that is needed is your name, state and estimated age. Your address tells nothing about your net worth.

To open an account, you have to give them your social security as well. That is the more critical item for privacy. If I trust somebody enough to give them my SSN, I wouldn't worry too much about physical address. But that is just me.

Also, you deposited a "3-figure amount"? Do they even sell CD's that small? That must be a typo.

But I'm glad you finally got your money back. Now just go onto your fidelity or vanguard account and buy a CD painlessly at a rate that will no doubt exceed pnc. You wont need a cashiers check, just transfer the money electronically.

Right? OP complains about wasting 6 hours when it would have taken 6 seconds to just give them his address!
It would have been kind of funny if the bank employee had just looked online and used his easily accessible address.

[BrianL99]

Originally Posted by Denbal82

Bashing a bank? Did you actually read my post?

Yes and you're 100% wrong and the bank was only following regulations and protocol. Your refusal to provide them with reasonable and customary information, caused the problems.

I've never used PNC bank, but in this case, the problem was the customer, not the bank.

[Bill14564]

Originally Posted by Denbal82

Bashing a bank? Did you actually read my post?

This part....

Now we all know why they didn't accept me as a customer is because they couldn't find my net worth and SELL my information and worth to other establishments because of their address demand. That's what this is all about.

or this part...

Talking to the bank manager, Angie Kalas was useless. I had to go above her to the area and regional manager.

or this part...

PNC is all about themselves and not their customers. I will NEVER bank with them again.

[Aces4]

Originally Posted by retiredguy123

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.

Credit Unions are our favorites, this is a current CD offered at Hughes Federal Credit Union:
4.50% APY* 17 Mo. Certificate • $99,000 Min. Balance and it's insured with no extra fees.

[justjim]

My Financial Advisor finds me a best short term CD or money market when I want to go to cash. No charge. But to each their own.

[bagboy]

To the OP, did Fifth Third accept your P.O. Box as an address for your account?

[Topspinmo]

Originally Posted by Bill14564

No, we don't all know that.

We *do* know that different businesses have different policies and that three are anti-fraud and anti money-laundering rules that banks are required to follow.

What is a bit odd is that "(t)he account opening went smooth" if the bank needed more information. Perhaps the bank does not provide the CD but gathers funds to buy a product from another source which requires the full address. Just a guess. Still, you should have been informed when the account was opened not several days later.

Then, if they knew their own policy they shouldn’t have took his money cause of the address problem. But no they took his money and then held him hostage.

[Topspinmo]

Originally Posted by BrianL99

Yes and you're 100% wrong and the bank was only following regulations and protocol. Your refusal to provide them with reasonable and customary information, caused the problems.

I've never used PNC bank, but in this case, the problem was the customer, not the bank.

No, the took his money then there was problem. They should have known that at beginning.

[BrianL99]

Originally Posted by Topspinmo

Then, if they knew their own policy they shouldn’t have took his money cause of the address problem. But no they took his money and then held him hostage.

Originally Posted by ElDiabloJoe

I've had issues with institutions not accepting my PO Box as well. Here's the simple solution: Use the physical street address of the post office, and then your box number like it's an apartment number. Done.

I'd be curious to see the "Application" that was filled out, to open the account.

I'll bet $5 it asked for a "Primary Address" or "Residential Address" ... to which, the Poster refused to answer properly. It's entirely possible that someone didn't immediately notice the deception and a compliance officer or other management, picked it up.

Trying to be deceptive when opening a bank account or dealing with a bank in any way, is a recipe for trouble.

[Topspinmo]

Originally Posted by justjim

My Financial Advisor finds me a best short term CD or money market when I want to go to cash. No charge. But to each their own.

You’re financial advisor making money no matter what you want to do your money. More transaction more charges.

[BrianL99]

Originally Posted by justjim

My Financial Advisor finds me a best short term CD or money market when I want to go to cash. No charge. But to each their own.

Originally Posted by Topspinmo

You’re financial advisor making money no matter what you want to do your money. More transaction more charges.

A wife probably doesn't charge for her investment advice.

[CarlR33]

Originally Posted by gatorbill1

Better rates online anyway

Yep, and I would agree with the bank wanting a physical address and not a PO Box. You want the rate but you don’t want to dance to their tune….my 2 cents.

[Aces4]

Originally Posted by BrianL99

I'd be curious to see the "Application" that was filled out, to open the account.

I'll bet $5 it asked for a "Primary Address" or "Residential Address" ... to which, the Poster refused to answer properly. It's entirely possible that someone didn't immediately notice the deception and a compliance officer or other management, picked it up.

Trying to be deceptive when opening a bank account or dealing with a bank in any way, is a recipe for trouble.

Deceptive? He didn't feel it was necessary and it's the bankers obligation to make sure the form is completed as they feel is required. Talk about twisting things around...

[BrianL99]

Originally Posted by Aces4

Deceptive? He didn't feel it was necessary and it's the bankers obligation to make sure the form is completed as they feel is required. Talk about twisting things around...

He didn't feel it was necessary to give the bank the information they requested?

The bank reviewed the application and determined it wasn't completed as required.

He's mad because the bank wouldn't give him a CD, after he refused to give them his residential address.

There's something twisted around here, that's for sure. I think some posters are confused as to what it is.

[Aces4]

Originally Posted by BrianL99

He didn't feel it was necessary to give the bank the information they requested?

The bank reviewed the application and determined it wasn't completed as required.

He's mad because the bank wouldn't give him a CD, after he refused to give them his residential address.

There's something twisted around here, that's for sure. I think some posters are confused as to what it is.

When I worked in a bank and had someone complete an application, it was on me to be sure it was correct at the time. He didn't care about their CD anymore, PNC dragged their feet, apparently, when reimbursing him the over $100,000. amount they had cashed. I hope that clears up your confusion.