Thursday, May 13, 2004
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SON OF PATRIOT ACT
Amanda asked me to elaborate about changes to banking as a result of the Big Brother Act. For any real bankers among you, I'm not an expert, having been working at a bank for only a short time, but I listen.
As a teller, the rules are stricter regarding identification, and this might not be a direct result of the Patriot Act, but came along at the same time, according to my sources. Most of it is probably reasonable in terms of general bank security procedures, but there is one thing that seems pretty silly to me. They are very specific about the type of ID accepted, and it cannot be expired. Fine, but it is also not supposed to be less than 60 days old. So if someone's ID has expired and they go get it renewed, they can't cash a check for two months? My solution is to fudge on the issue date of the ID when I write it down. There. Now I'll be fired.
The biggest changes seem to affect the new accounts and loan departments. Not only is identification a big deal for them, but they have to have independent verifications of physical address and employment before they can open accounts or give loans. This applies even to existing customers that they've served for years. It must be frustrating.
Amanda asked me to elaborate about changes to banking as a result of the Big Brother Act. For any real bankers among you, I'm not an expert, having been working at a bank for only a short time, but I listen.
As a teller, the rules are stricter regarding identification, and this might not be a direct result of the Patriot Act, but came along at the same time, according to my sources. Most of it is probably reasonable in terms of general bank security procedures, but there is one thing that seems pretty silly to me. They are very specific about the type of ID accepted, and it cannot be expired. Fine, but it is also not supposed to be less than 60 days old. So if someone's ID has expired and they go get it renewed, they can't cash a check for two months? My solution is to fudge on the issue date of the ID when I write it down. There. Now I'll be fired.
The biggest changes seem to affect the new accounts and loan departments. Not only is identification a big deal for them, but they have to have independent verifications of physical address and employment before they can open accounts or give loans. This applies even to existing customers that they've served for years. It must be frustrating.
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