why does your bank care what you do?

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firstnamelastname

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went to my bank trying to open a new account for a new business idea that I had.
the guy asked me about the business, I described it to him. he called his corporate office and described it and got off the phone.
then he tells me "unfortunately, we can't work with such businesses"
when I asked why? he repeated the same thing.

next day I went in and opened the account under "consulting"
when he asked for a description, I said "I consult with new business owners to help them get up and running"

1) why does your bank care what you do? what difference does it make?
2) if they find out I lied, is that a crime? how would they find out I am not consulting?
3) what's your favorite vague term when someone asks you what you do? my favorite vague term is "consulting" - it always confuses people because they dont know what the hell it means (neither do I)
 
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I purchased few domains each has separate charge. Banks credit department called up and asked why so many transactions with small amounts. I told i bought domain. She asked what is a domain? I got fearful. She might cancel my card because she dont know what domain is.
 
maybe
Magmaspace said:
I purchased few domains each has separate charge. Banks credit department called up and asked why so many transactions with small amounts. I told i bought domain. She asked what is a domain? I got fearful. She might cancel my card because she dont know what domain is.
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You should have told her to google it unless she does not know what google is.
 
And this is why some banks go bankrupt. Stupid employees. It applies to all businesses.
 
Forget about this part,when you earn a lot suddenly in a legal way then also you get calls from your banks that where is the money coming from lol.
 
I got called over by my bank because they refused to accept a ~$1k international payment when I was 17. Had to come in and explain, and show proof of what the money was from lol
 
I believe the primary reasons they care about anything are liability risks and/or money-laundering.
 
I got an interesting call a couple of years ago from my bank, and they told me that I have to go to their office asap cuz there are some suspicious transactions on my account. Turns out the dumb bitch didn't know what PayPal was, she had to call the head office to clarify it, I have a feeling that she sucked her way to the managerial position
 
Magmaspace said:
I purchased few domains each has separate charge. Banks credit department called up and asked why so many transactions with small amounts. I told i bought domain. She asked what is a domain? I got fearful. She might cancel my card because she dont know what domain is.
Click to expand...
I purchased "Call of duty" skins from one of my credit cards. A lady from the bank called me and asked if my kids were using my card behind my back. :anyway:
 
two major reasons 1. fraud control - every time you do something outside their "normal" flow of commercial transactions, they get suspicious. Don't want charge backs or reversed transactions 2. IRS and other international taxing authorities are all over them trying to stem money laundering under the guise of know your customer. Real purpose is to know all your activities. Watch what happens if the "banking for All" bill goes into law - everything will be digital and apparent. Will be back to crypto and barter to keep privacy.
 
mattvei said:
two major reasons 1. fraud control - every time you do something outside their "normal" flow of commercial transactions, they get suspicious. Don't want charge backs or reversed transactions 2. IRS and other international taxing authorities are all over them trying to stem money laundering under the guise of know your customer. Real purpose is to know all your activities. Watch what happens if the "banking for All" bill goes into law - everything will be digital and apparent. Will be back to crypto and barter to keep privacy.
Click to expand...

ok but this is a dumb way of doing it
so if I say "consulting" and successfully open an account, how the hell would they know I am not consulting?
 
firstnamelastname said:
ok but this is a dumb way of doing it
so if I say "consulting" and successfully open an account, how the hell would they know I am not consulting?
Click to expand...

They really don't care what your current profession is, they have too many customers to actually check.
 
Banks hate crypto. Would be easier setting up a bank account for company that builds dirty nuclear bombs from black market plutonium than a site that has anything to do with investing in crypto. They'll all be gone soon anyway, we'll see bank workers in macdonalds drive-thrus in 5 years.
 
Magmaspace said:
I purchased few domains each has separate charge. Banks credit department called up and asked why so many transactions with small amounts. I told i bought domain. She asked what is a domain? I got fearful. She might cancel my card because she dont know what domain is.
Click to expand...
Do you live in a 3rd world country man?
 
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