Building a Successful Relationship with a Great Bank: Part IV

Questions to Ask a Potential Banker: Privacy and IT Questions and Potentially Sensitive Questions that May Expose the Bank to Risk

Privacy and IT Questions

Who will have access to my data?
Can someone who has my social security number access my account remotely? What safety measures are in place to avoid identity theft? What liability do I have for fraudulent transactions?
Do you participate with commercial partners in programs involving disclosure of customer banking information for marketing or other purposes not directly related to the services for which I would sign up? Can I opt out of such disclosure? How?
What Internet and cloud service providers do you use (e.g., AWS)?
What browsers can be used to access my account online?
What privacy protection is in force to protect your customers’ data?
Can I deposit checks to my account remotely? If so, how would I do that, and how do I protect myself from fraud and identity theft?
What liability do I have for fraudulent transactions in my account and using my bank card?

Potentially Sensitive Questions that May Expose the Bank to Risk

Can I talk to or meet with a local representative at my branch regarding problems, services, and issues?
Who at the bank can fix a problem I have with an account or loan or adjust the charges – e.g., in cases of erroneous overdraft charges, desired changes to my credit limit, fraudulent transactions — only the manager of my branch? Someone outside my branch?
What is the typical tenure of your bank representatives, and do you circulate trainees and managers through your branches? In other words, might I expect to transact my bank business with a different representative frequently?
Under what circumstances might my credit or debit card transactions be blocked? Will you be available at my branch to help me if and when this happens? Do I need to report to the bank when I make a large card purchase or use my card while traveling? How would I do that?
We have heard of bank customers being questioned regarding the purpose of and limits on cash withdrawals. We support financial transaction freedom and, therefore, the availability of cash transactions. Do you have any limits on cash withdrawals? Do you require disclosure of the purpose for large cash withdrawals?
When might you report my banking transactions to a regulatory or government agency?
Have you experienced significant audit and/or regulatory issues in the past 10 years?
In light of recent reports from the U.K. and U.S. regarding closure of bank accounts of politically sensitive customers, is there any circumstance under which you would freeze or close my account for political reasons? Do you have a policy in this regard or a history of closing accounts for reasons other than suspected fraudulent activity and/or money-laundering?
Would I be notified significantly in advance of any plan by the bank to close my accounts (other than at my request) or of any other denial of service?
Pandemic Watch: Did you/are you likely in the future to mandate health care policies for employees and/or customers? How do you handle services during a government-ordered shutdown?

Related Resources:

Building A Successful Relationship With A Great Bank: Part I

Building A Successful Relationship With A Great Bank: Part II

Building A Successful Relationship With A Great Bank: Part III

UN Sanctions Letter

List of Documents Annexed to the G20 New Delhi Leaders’ Declaration, 2023

James Roguski — Broken Silence | 11 Countries Have Formerly Objected to Political Declarations

Reach Out to Your Reps — House Bill 79 | Exit The WHO Legislation

Financial Intermediary Funds

Door to Freedom

I Want to Stop CBDCs – What Can I Do?

G20 New Delhi Leaders’ Declaration