Is There A Reason As To Why A Bank Should Ask This Question? - Career (4)

Is There A Reason As To Why A Bank Should Ask This Question? - Career (4) - Nairaland

Nairaland Forum › Nairaland General › Career › Is There A Reason As To Why A Bank Should Ask This Question? (37915 Views)

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Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nobody: 12:29am On Nov 04, 2021

Nonsense comments everywhere! Which nonsense KYC? Op use Kuda or GTBANK. I guess it's first Bank you're using. Bank has never asked or called me to verify my address am not owing them, infact am doing them a favour leaving a huge amount in those accounts. If Naira fall again am converting everything to USDT. Make them worry me with nonsense verification 1 naira I won't leave in that account again.

Re: Is There A Reason As To Why A Bank Should Ask This Question? by zebrayung: 12:54am 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?

Re: Is There A Reason As To Why A Bank Should Ask This Question? by feelalrite: 12:58am 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.

Not just loan in case of fraud, they need to know customer's house and so the person can be traced

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Snappy0132: 1:09am On Nov 04, 2021

It is called KYC

Some banks will come to your house to deliver your ATM just to know your house. But if they can't come they need you tell them how to locate you .

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?

Re: Is There A Reason As To Why A Bank Should Ask This Question? by bitbillionaire: 1:12am On Nov 04, 2021

This boy, you seems not to know that the bank is not just interested in keeping your money, they also need to make sure the money is clean money.

So don't get too carried away by the fact that you deposited your money in the bank, just make sure you made the money legally. So the bank need to know as much about you as possible.

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

3 Likes

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Fxwarrior: 1:12am 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's normal question. They call it KYC- Know your customer. If your hands are clean, it shouldn't bother you.

3 Likes 1 Share

Re: Is There A Reason As To Why A Bank Should Ask This Question? by DoggoneDogg: 1:14am On Nov 04, 2021

[s]

bitbillionaire:
This boy, you seems not to know that the bank is not just interested in keeping your money, they also need to make sure the money is clean money.

So don't get too carried away by the fact that you deposited your money in the bank, just make sure you made the money legally. So the bank need to know as much about you as possible.

[/s]

Yet they harboured Hushpuppi & Invictus' money abi?
Dumbo.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Yankee101: 1:41am On Nov 04, 2021

That's normal in naija banks. It's either they do that or they'll have to visit, see and verify it.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Tinyemeka(m): 1:43am On Nov 04, 2021

The way some posters here are quick to type the term "Lazy bankers"...

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by KHRIZ565(m): 1:46am 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.

LOL � �
Very important.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by slydog(m): 1:50am 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.

The banker is so lazy himself.
Come and kill banker na.
How many houses will he visit and carry out his other responsibilities?

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Johel(m): 2:50am 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?

There's too much fraud and corruption in the land bro.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by ikorodureporta: 3:21am On Nov 04, 2021

What if they ask you how much you dey earn & where you dey work?

When I just completed nysc, I went to UBA for a new account, but after hearing that I was a fresher, they almost refused to open the account taking me as a yahoo guy...
The lady reluctantly opened a subgrade account for me. It was when I wanted to use it for western union I discovered as I was told the account needed to be upgraded.. I come dey wonder say so who no get work no qualify for bank account??! I was so angry

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Larrykaysail(m): 3:27am 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?

Back in the days when i open standard Trust Bank Account , which is part of UBA now, they visited my House ask people around if they know me ,
is KYC,
most bankers are lazy now, unless u have millions to deposit

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nobody: 3:56am On Nov 04, 2021

In case EFCC needs to invite you for a chat. cheesy

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nothingserious: 3:58am 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?

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.

Re: Is There A Reason As To Why A Bank Should Ask This Question? by damosade(m): 3:58am On Nov 04, 2021

It is actually called AVR. address verification report.. Expecially when you are not with your Utility bill. If you are with your utility bill, A vendor does the work.

2 Likes

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nothingserious: 4:03am 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

Lol!

If you bring in “bad” money into the system and are caught, it’s a big problem.

If you don’t bring enough, it’s a problem.

So you just keep praying that you don’t get into trouble on a daily basis. And you constantly need to understand what your customers are doing most of the time. If CBN sanctions your office because of an infraction caused by you, Na big wahala ooo.

If the law enforcement agencies come for any account, one of the first things checked after ID card is that address verification. They will just say” take us to the address and produce the guy”.

This is aside from loan defaults etc.

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nothingserious: 4:06am On Nov 04, 2021

Larrykaysail:
Back in the days when i open standard Trust Bank Account , which is part of UBA now, they visited my House ask people around if they know me ,
is KYC,
most bankers are lazy now, unless u have millions to deposit

Arm-chair banking at their own expense actually.

If anything goes wrong, it backfires.
Most just pray nothing goes wrong since they didn’t visit to confirm the address.

But some go after a while to actually check the place out.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nothingserious: 4:07am On Nov 04, 2021

raymondhillmimi:
Nonsense comments everywhere! Which nonsense KYC? Op use Kuda or GTBANK. I guess it's first Bank you're using. Bank has never asked or called me to verify my address am not owing them, infact am doing them a favour leaving a huge amount in those accounts. If Naira fall again am converting everything to USDT. Make them worry me with nonsense verification 1 naira I won't leave in that account again.

All commercial banks do it.
It’s mandatory and statutory.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by bolarinwabright(m): 4:30am 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?

Re: Is There A Reason As To Why A Bank Should Ask This Question? by ajani1978(m): 4:35am On Nov 04, 2021

Yes. They'll come when you don't know if you lie they'll tell you, it's happened to me.

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by femi4: 4:51am 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 normal routine, some scammers do open a bank account with fake addresses. Sometimes when you get to the location, the building don't exist. It's part of due diligence to checkmate scammers opening a fresh bank account

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Midas01: 4:51am On Nov 04, 2021

Oga shut up up your mouth, you've been spilling nonsense here.

I remember when I was a kid, bankers always came to visit my dad. Sometimes they would even be about three or four people.

They came severally, on one occasion I was sweeping the compound when they came. They even asked me my name, school, how my WAEC result was, my NECO etc. They then gave me a gift to keep for my dad since my dad wasn't at home presently. There was also a day they came and we're conversing with my mom and I remember them being surprised at how young looking she was.

But sha , my dad used was quite wealthy then so I guess that was the reason for their regular visits. And I heard he used to be one of their best curtomers at that particular branch too.

Now fast forward to Tuesday this week, I was at a bank where a guy came to open an account. He was told to go home and that some people would be sent to verify his address. The guy insisted on waiting. They just plainly told him he was wasting his time that that account will not be opened if they didn't verify his physical address by sending their agents over.

DoggoneDogg:
[s][/s]

House visitation was conducted on your account?

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by MzBertty(f): 4:54am On Nov 04, 2021

It's known as KYC(Know Your Customer) and it's used for address verification

Re: Is There A Reason As To Why A Bank Should Ask This Question? by helpee(m): 4:56am On Nov 04, 2021

DoggoneDogg:
[s][/s]

House visitation was conducted on your account?

Yes. It should be done on any new account. it has nothing to do with loan. If you open the account today and kidnappers started using the account to collect ransom, won't they look for you? That is the purpose of KYC.....not for today but anything can happen tommorrow

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by dingbang(m): 5:23am On Nov 04, 2021

jrobbins:
The account officer isn't supposed to ask, he's expected to go for visitation and fill the form from observation. Anyways,, him asking is because he did not want to go out.

so how will he visit the house without proper description and address?

Re: Is There A Reason As To Why A Bank Should Ask This Question? by dingbang(m): 5:24am On Nov 04, 2021

Ogbeni if you dont want to supply kyc information, better carry your money and bury in the ground.

1 Like 1 Share

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Bluntemperor: 5:25am On Nov 04, 2021

AntiWailer:
I guess u operate a wallet account with max transaction of 50K.

For Tier 2 and above kind of account, it is regulatory that they know where you stay.

You are on point!
Don't mind those who don't know how banks works and they don't care to know!
It is part of CBN Regulatory requirements for all banks to know their Customers and their addresses well.
It's not just money that are kept in the banks but other valuables like gold etc,so if you don't know the Customers and their addresses,how do you deliver vital information if fake people comes to dubiously claim the items.
It is also mandatory for Customers to inform the banks the moment they change their address.

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Marliz: 5:30am 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.

Please don't say what you don't know. KYC means know your customer and verify the address he/she provided for account opening.

This is a standard practice in financial industry be it you are requesting for a loan or not. Detail description of the address of the house is asked from the customer for easy address verification by an independent person.

If the customer provided a wrong house description and the house cannot be located during visitation. A restriction is placed on the customer account until the needful is done

1 Like

Re: Is There A Reason As To Why A Bank Should Ask This Question? by david22uu(m): 5:32am 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?

They actually do verify... Even the picture of the house are in your file

Re: Is There A Reason As To Why A Bank Should Ask This Question? by fydence: 5:35am 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.

Stop displaying your ignorance

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