Questions for Bankers - Patriot Act Issues

[Tidybuoy]

I have an elderly friend (mid eighties) and she received a phone call from Wells Fargo Bank (her bank). The person told her that Wells had just acquired Wachovia and they needed to update her profile.

My friend got flustered and asked me to call the bank and give them the information they needed. I called today and the person at the bank is requesting her income, tax bracket, net worth, and liquid net worth.

I asked why they needed this info and I was told that it was related to the Patriot Act.

I say BS and this sounds like they are profiling their customers for future solicitations. I confirmed that I was indeed talking to the bank and this person does work there.

Just wondering what you guys think. I think it's none of anybodys business and I fully intend to either provide nothing or very deflated figures. This really pisses me off - needing her net worth??

[fingpilot]

I told them (same bank, but Nevada branch) that I was in my second Bankruptcy, and any info they needed could be found there in the public record.

All the solicitations have stopped.

[widgeon13]

I had accounts at Wachovia and when it went to Wells Fargo I closed the accounts. WF made it very difficult to do business and so I never got to the point your friend was at but I would tell them to eat dirt. There is no need for them to know that information.

If it does relate to the Patriot Act I'd say send it to me in writing. Sounds nefarious to me.

[KFC911]

Just business as usual in the disgusting, despicable world of mega-banking imo. This sounds like an attempt by the "Wealth Management" division (or whatever it's called now) by the old Wachovia attempting to recruit business. The Patriot Act aspect is pure bs...best thing you can do for your friend is find a new smaller, local bank (or other) to look after her best interests imo. I was an AVP (but not a banker) for the old "great" Wachovia many years ago, and truly despise mega-banks with a passion, so my perspective is certainly biased. Good luck Tidybouy...

ps: Wachovia hasn't exited for years...First Union, with a lousy, well deserved reputation bought them many years ago and changed it's name. After FU (Wachovia) was going under a couple if years ago, WF "acquired" them as part of the financial system restructuring. Traditionally, WF has been a great organization (but now approx. half of it is a big stinking pile of poo...). Don't be distracted by a name Wells Fargo, that many of you out west have probably used and trusted for decades...it isn't the same.

pps: Mega-banks are a bunch of freakin' sharks preying upon us all...speaking of sharks, I think Speeder had it right about this forum a while back. Don't know what has happened, but this forum is like Fonzy in a leather jacket on a ski jump these days...see you guys around.

[Porsche-O-Phile]

I'd tell them to go pound sand.

[lukeh]

My guess is you guys might be way off base on this one.

Because you are referring to Wachovia, my guess is this might have to do with a brokerage account. Wells Fargo is a bank but they do have and investment arm that did take over Wachovia.

It is REQUIRED that investment accounts are kept up to date. If you are going to be investing a persons money you need to know their age, income, net worth, tax bracket, investment experience.... before you can can make suitable recommendations. And because peoples life situations change, the law requires this information be updated at least every 3 years. The number one rule is know your customer. Without that you have know idea if your clients are in suitable investments.

If this has nothing to do with an investment account or annuity then it wouldn't be proper for a bank to request this info. I work in bank and have never seen a bank ask these questions unless a brokerage account was involved.

Based on what I've seen the bank wouldn't need the info anyway. Most people would be shocked by the information that is available about them. There is a data base out their where any company can type in a zip code +4 and get the average income, net worth and a bunch of other stuff on everyone in that area. I gave the presenter my address and he pretty much nailed all my financial info.

[ronster]

Originally Posted by Porsche-O-Phile

I'd tell them to go pound sand.

This is the first time I've ever agreed with you. +1

[sammyg2]

Originally Posted by KC911

...speaking of sharks, I think Speeder had it right about this forum a while back. Don't know what has happened, but this forum is like Fonzy in a leather jacket on a ski jump these days...see you guys around.

[emcon5]

Know your customer - Wikipedia, the free encyclopedia

[widgeon13]

Just got this message supposedly from Wells Fargo, I closed my accounts at WF 2 months ago.

Dear Wells Fargo valued customer,

We have detected unusual activity in your account. This may be the cause of logging into Online Banking from several IP addresses. To reduce the risk of unauthorized access, we have decided to limit your account until you complete the steps to have full access.

To access the online profile validation form click on the following link:

Click here to access your online account

Please note that this security method is intended to protect our members accounts. We are sorry for any inconvenience.

James M. Travis,
Security Assistant Manager,
Wells Fargo Online.

[emcon5]

It most likely a Phishing attempt, and has nothing at all to do with Wells Fargo.

I get emails about my Citibank, and even my World of Warcraft accounts from time to time, and I have never had either.

[widgeon13]

Originally Posted by emcon5

It most likely a Phishing attempt, and has nothing at all to do with Wells Fargo.

I get emails about my Citibank, and even my World of Warcraft accounts from time to time, and I have never had either.

I figured as much but how do they get the info that one has a WF account unless WF has had a breach of security?

[MattKellett]

Originally Posted by widgeon13

I figured as much but how do they get the info that one has a WF account unless WF has had a breach of security?

They don't know you have a Wells Fargo account, they just know that sending out thousands of these emails, eventually someone will have a Wells Fargo account and will enter their details.

I receive these emails asking for banking info with banks I don't even have an account with.

Sadly, it is probably some old lady who'll get duped into this type of scam, thinking it's a legit email.

[lukeh]

Yup, working in a bank we get this all the time. The customer comes in screaming wanting to know why we're telling people they have accounts with us. We tell them it's a phishing scam and they just blanket an area with these calls or emails knowing some of the people will have accounts with us.

[GWN7]

I was getting the Citibank requests and I don't think they even have a branch in this country.

Tell the bank to put their requests in writing and explain how their requests are related to the Patriot Act.

[pwd72s]

Originally Posted by widgeon13

Just got this message supposedly from Wells Fargo, I closed my accounts at WF 2 months ago.

Dear Wells Fargo valued customer,

We have detected unusual activity in your account. This may be the cause of logging into Online Banking from several IP addresses. To reduce the risk of unauthorized access, we have decided to limit your account until you complete the steps to have full access.

To access the online profile validation form click on the following link:

Click here to access your online account

Please note that this security method is intended to protect our members accounts. We are sorry for any inconvenience.

James M. Travis,
Security Assistant Manager,
Wells Fargo Online.

translation: "Click here so WE can access your account". Scam.