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I started opening an account with HSBC in the states last month and they were noticeably wary until they saw a web page for my company - the Patriot act was spe
by rubyrescue 17y ago
I started opening an account with HSBC in the states last month and they were noticeably wary until they saw a web page for my company - the Patriot act was specifically mentioned - it seems that the due diligence requirements for new accounts is very high.
- theBobMcCormick 17y agoThat's an odd thing for them to look for. Almost any dufus with FrontPage,etc. could put up a reasonably businessy looking website. I don't expect bankers to be internet experts, but I would think they'd realize that the presence of a website isn't much of a proof of legitimacy. As an interesting counter-anecdote, I recently opened a business account with TCF bank. We definitely didn't have our website up (not sure we'd even registered a domain name at that point). TCF didn't seem to have any interest in our web site, they just wanted our federally issued EIN and a copy of our business registration with the state (in our case, Articles of Organization for an LLC.). IMHO, those seem like sensible documents for them to request. A website? Not so much.
- rubyrescue 17y agoAgreed, but most bankers aren't paid to think anymore. I had those other documents in hand as well... but, show the website... whatever works. Perhaps there is a secret thrill in being a banker who may one day catch a Patriot Act violator, or even a $200 bonus?