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Is There A Reason As To Why A Bank Should Ask This Question? - Career (5) - Nairaland

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Re: Is There A Reason As To Why A Bank Should Ask This Question? by Comedian2019: 5:37am On Nov 04, 2021
Mayour11:
Have you heard of Know Your Customer (KYC) before?

In fact, they are supposed to follow your friend home and verify because that's what they will write in the documents. The documents will indicate that they went there and also talked to a neighbour at least.
So it is not out of place for them to ask for all that.
So after knowing my house and how much I have in my account, I will quietly move to another house far away to avoid kidnappers coming later at night.
Nigeria don cast already. I can't afford to take chances.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by fydence: 5:41am On Nov 04, 2021
Nothingserious:


Normal.
KYC and KYCB-know your customer and know your customer’s business.

The person asking the questions is actually helping your friend at his or her own expense.
They are supposed to block the account and take out time to assign a paid agent to visit that address ( address verification) , confirm it before allowing your friend to operate the account.

If the address doesn’t tally with what he filled and the utility bill he submitted, he won’t operate the account. If they visit the address, they will even ask your neighbors discreetly about you. If anyone says they don’t know you( maybe you just got there or you are using squatting or you are not well known, na problem be that ooo. Account is blocked.

However in a bid to assist your friend sharp sharp, they asked those questions.

Implications: they could get into trouble if they didn’t visit but just asked questions and got wrong descriptions.

They could also actually check out the address and confirm it later.

If your friend is wanted for any financial infractions tomorrow ( e.g EFCC etc), they would need that report.

So be happy that they simply asked those questions and allowed your friend to operate the account.

Best Answer.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by BluntCrazeMan: 5:46am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
After you finish filling the form, the bank would then send someone else from another branch to come for visitation.
And the aim of the visitation is just to verify and confirm that what you gave them at first was the correct address, and that you live there for real.
Then, the visiting staff may add more information to the report he would submit.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by bibiking7(m): 5:54am On Nov 04, 2021



When I was trying to open an account recently. They said that the question about my address replaces utility bills. So rather ask me to provide a utility bill. They ask where my house is and visit.




1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by caesymore(m): 5:56am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?

depending on the account you are to open, Banks comes to your house most times checking the details you've given.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Mikey4: 5:59am On Nov 04, 2021
SILVERLINES:
wink
In those when some of una Papa and Mama were still kids before we open account with first bank dem go send dem staffs to come check our house and compound before we open account for thier bank, then was just on paper not this computer era
Re: Is There A Reason As To Why A Bank Should Ask This Question? by jattopeter(m): 6:31am On Nov 04, 2021
ramaju:
It is part of Know Your Customer (KYC). This verification is done on every new account to establish the intention and location of the owner of the account in case there need for visitation. Again the banker is gonna write visitation report of the customer. The color of the building, the gate and all those details are for visitation report because the banker is so lazy to go and see things by himself.
You must be a fellow banker , to might have understand.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Abdul4trust1(m): 6:32am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
It is called kyc, know your customer. Customer screening was being carrying out by the bank official.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Simpubozz(m): 6:33am On Nov 04, 2021
DoggoneDogg:





Except he is applying for a loan, a bank has no business knowing the colour of your gate or doing house verification.

Your hard-earned money is with them so if anything, it is the customer that should be asking for their MD's exact house address incase they run away with his money.

Nonsense.
Blunt and direct grin
Re: Is There A Reason As To Why A Bank Should Ask This Question? by freeman67: 6:48am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?

It is part of KYC. Some banks have agents they send to verify your address. Others will rely on just your description if okay with the address. In fact my the Stanbic IBTC staff that opened my account back then followed me home to verify my address.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 6:50am On Nov 04, 2021
ramaju:
It is part of Know Your Customer (KYC). This verification is done on every new account to establish the intention and location of the owner of the account in case there need for visitation. Again the banker is gonna write visitation report of the customer. The color of the building, the gate and all those details are for visitation report because the banker is so lazy to go and see things by himself.
lol bankers are too lazy? Anyways, the description you give is so that the contractor tasked with Identifying your house is able to locate it, and is also able to verify that you stay there. It is a regulatory requirement and banks don't joke with regulators
Re: Is There A Reason As To Why A Bank Should Ask This Question? by dazzlingd(m): 6:50am On Nov 04, 2021
DoggoneDogg:
[s][/s]

Answer that question.
Was house visitation conducted on your bank account?

People like you ehn, are ready to die to win an argument but zero knowledge.
Oga, it is a regulatory requirement for banks to know where u stay before opening an account for you. Stop baseless argument

1 Like 1 Share

Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 6:52am On Nov 04, 2021
DoggoneDogg:





Except he is applying for a loan, a bank has no business knowing the colour of your gate or doing house verification.

Your hard-earned money is with them so if anything, it is the customer that should be asking for their MD's exact house address incase they run away with his money.

Nonsense.
wrong. If a bank account is flagged for fraudulent activities, regulatory bodies will demand all these info and if the banks can't produce them, they will be culpable
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Christmasdon(m): 6:53am On Nov 04, 2021
IT IS NORMAL.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by dazzlingd(m): 6:54am On Nov 04, 2021
DoggoneDogg:


This is the only sensible quote I've gotten so far.
I give you my own money, you are coming to monitor me. For what exactly? Who should be monitoring who??

Hmm

You did not dash them your money, they are providing you a financial service and that's a contract involved. So they have every right to know who they re engaging in business with.

When a random peron come to you to help them keep a valuable item, would u just collect without knowing who the person is?

It is people like you that will say nigeria does not have a proper record and data base to trace criminals and terrorism financiers yet u talking trash like a road side illiterate.
Dont be an olodo...this is common sense, upgrade your education

3 Likes 1 Share

Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 6:59am On Nov 04, 2021
DoggoneDogg:
[s][/s]

Does the branch manager or MD provide a detailed description of his own address??
yes they do?
Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 7:02am On Nov 04, 2021
FuckAllTheMODs:


Bro, they don't go out for that anymore.

Those guys(bankers) are fvcking lazy, except when they looking for customers or visiting a major customers.
it is outsourced by banks. However, the Nigerian in us has made it such that even the job the vendors get paid for, they don't do them anymore. Some will just call and ask you to confirm address and call it verified
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Powersurge: 7:09am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?


Normally, they ought to go to the address and verify that you stay their. But this 8s Nigeria.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 7:16am On Nov 04, 2021
FuckAllTheMODs:


Oga calm down, I upgraded my account one time like that and they never asked me such question. It depends, some bankers may not ask and they will use previous details to do the upgrading or use a random description for that as long as you present a nepa bill.
Though I was a Corp member then.

I think they now use utility(nepa) bills in place of that.

So stop money-shaming him.
Asking for description is context based. If the utility bill and name you provided is given to a vendor to verify and they go to the address, but the house is hard to locate or nobody can identify you the banks calls you to provide better description.

To avoid cases were the bank keeps having to call back customers (which is a frustration for both the bankers and customers) they will collect all necessary information to avoid delays. Because until a positive address verification is obtained, no bank will let you operate an account. It is system based.

These sort of questions are common in new settlements were locating places are usually hard. For ordered areas where say a house 10 is a house 10, an utility bill will suffice
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Emmbanny(m): 7:19am On Nov 04, 2021
Na first bank dey ask that yeye question
Re: Is There A Reason As To Why A Bank Should Ask This Question? by linconby: 7:20am On Nov 04, 2021
Yes, since you don't have any interior motive. I was ask the same thing when I want to upgrage my account. Besides, it is for your security.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 7:20am On Nov 04, 2021
dapolaw:
Normally the account officer was supposed to visit the address to ascertain if it actually exist, so by just asking about the description of the building he or she is just cutting corners and it will appear in the form that they had visited the address and saw the building. If that account officer opens the account and a fraudulent activity is carried out using the account, once the account officer is called out to provide the address and he/she can't, then it is an accomplice situation.

It is only a dumb account officer that will append a signature on an address that wasn't verified.

That being said banks have outsourced this activity. Account officer's only step in when vendors keep returning failed address verification for some accounts







Re: Is There A Reason As To Why A Bank Should Ask This Question? by portplus: 7:21am On Nov 04, 2021
EjaikreTheViper:
See, those things na pure rubbish. You can be living in a zinc house but you fit still tell dem say na one new duplex wey get cockroach brown colour you dey stay. Who dey go verify?

First Bank verifies o
Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 7:21am On Nov 04, 2021
dapolaw:
Normally the account officer was supposed to visit the address to ascertain if it actually exist, so by just asking about the description of the building he or she is just cutting corners and it will appear in the form that they had visited the address and saw the building.
If that account officer opens the account and a fraudulent activity is carried out using the account, once the account officer is called out to provide the address and he/she can't, then it is an accomplice situation.

It is only a dumb account officer that will append a signature on an address that wasn't verified.

That being said banks have outsourced this activity. Account officer's only step in when vendors keep returning failed address verification for some accounts
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Mayour11(m): 7:23am On Nov 04, 2021
Comedian2019:

So after knowing my house and how much I have in my account, I will quietly move to another house far away to avoid kidnappers coming later at night.
Nigeria don cast already. I can't afford to take chances.

Na you know o smiley
Re: Is There A Reason As To Why A Bank Should Ask This Question? by yahmohy27: 7:24am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
If your friend is not a yahoo yahoo why worrying himself
Re: Is There A Reason As To Why A Bank Should Ask This Question? by nams77: 7:25am On Nov 04, 2021
ramaju:
It is part of Know Your Customer (KYC). This verification is done on every new account to establish the intention and location of the owner of the account in case there need for visitation. Again the banker is gonna write visitation report of the customer. The color of the building, the gate and all those details are for visitation report because the banker is so lazy to go and see things by himself.
Exactly.
In addition, KYC is a mandate from CBN all customers.
A particular bank outsourced the inspection duty to a firm that actually goes out for physical verification of these addresses.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by unmask: 7:26am On Nov 04, 2021
FuckAllTheMODs:


That is the same thing the guy is saying, he said they don't have any right to ask which is true.
Nigeria is a country where anything goes.

Asking a customer such questions is improper, they should be the one to find out themselves since they have a lead(nepa bill) on that already.
looking at it logically, you have provided the address on your utility bill. So what is it about the description that is weird for the banks to ask for? There are places were using utility bills alone, you won't be able to locate those addresses. Probably if Nigeria worked, a simple post code will be able to identify your exact house and a database will be available for confirmation like it is done in other countries
Re: Is There A Reason As To Why A Bank Should Ask This Question? by franugo(m): 7:28am On Nov 04, 2021
DoggoneDogg:





Except he is applying for a loan, a bank has no business knowing the colour of your gate or doing house verification.

Your hard-earned money is with them so if anything, it is the customer that should be asking for their MD's exact house address incase they run away with his money.

Nonsense.

You're the ignorant one yet you have effrontery to be crossing reasonable comments
FYI, banks are charged by government agencies if they cannot provide verified details of their customers when needed so its a necessary procedure. If not that someone has fraudulent tendencies, why would you have issues with giving your details to the bank staff?

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Ngene44: 7:31am On Nov 04, 2021
EjaikreTheViper:
See, those things na pure rubbish. You can be living in a zinc house but you fit still tell dem say na one new duplex wey get cockroach brown colour you dey stay. Who dey go verify?
apply for loan and see if they will not come, even microfinance will come if you apply for loans. The reason why bank have not come to your house is because you are not a high net worth customer, because of your 2,500 you want bank to waste stakeholders resources to visit you?

3 Likes

Re: Is There A Reason As To Why A Bank Should Ask This Question? by ThatFairGuy: 7:36am On Nov 04, 2021
But they do these days. Infact they'll ask wether your house is fenced or not.

DoggoneDogg:





Except he is applying for a loan, a bank has no business knowing the colour of your gate or doing house verification.

Your hard-earned money is with them so if anything, it is the customer that should be asking for their MD's exact house address incase they run away with his money.

Nonsense.

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