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I've had to go to a branch for two reasons and only two reasons in the last decade: (1) To buy a house in cash, I need "proof of funds" so the seller of the ho

I've had to go to a branch for two reasons and only two reasons in the last decade: (1) To buy a house in cash, I need "proof of funds" so the seller of the house I'm making an offer on can be assured I can follow through with that offer. The "proof of funds" every realtor has told me to get is a letter from a bank branch, on bank letterhead, showing my current balance at that bank. Not just a printed out online statement. (2) A big nasty red banner appeared on my online banking telling me that I needed to complete a "KYC Refresh" or my account might be closed! And that I had to do it in person, so call and make an appointment. Apparently it had been so long since I'd been in a branch or used my debit card, that they wanted to verify my identity and business registration in person. Unfortunately, this happened in 2020 when we had no idea how COVID spread nor any N95 masks to wear, so it was either risk my health or risk my business bank accounts. I went in.

vlovich123 4y ago
That's strange. It's been a while so my memory may be faulty, but I don't recall having to go into a physical branch to do the proof of funds.
- bombcar 4y ago
  The one I know of that has to be done in person was a “medallion” thingy - basically the branch put their millions on the line to confirm I was who is said I was to Vanguard.
  - astrange 4y ago
    That's a medallion signature guarantee; it's like a notary public but done by a banker. You also have to get them for things like IRA transfers. It doesn't actually have to be your own bank or anything; I've gotten one from a Chase branch because I had one of their credit cards. All that matters is it comes from a banker.
    - ghaff 4y ago
      And my local bank couldn't actually do a medallion thing locally (no special signature person any longer)--and their central location couldn't either for some reason in spite of being verified locally. Ended up going to a not super-convenient brokerage office and the whole thing took 5 minutes.
    - bombcar 4y ago
      Heh the one I got was at Chase for the same reason. My actual banks had no offices in the same timezone, let alone state.

vlovich123 4y ago

That's strange. It's been a while so my memory may be faulty, but I don't recall having to go into a physical branch to do the proof of funds.

bombcar 4y ago
The one I know of that has to be done in person was a “medallion” thingy - basically the branch put their millions on the line to confirm I was who is said I was to Vanguard.
- astrange 4y ago
  That's a medallion signature guarantee; it's like a notary public but done by a banker. You also have to get them for things like IRA transfers. It doesn't actually have to be your own bank or anything; I've gotten one from a Chase branch because I had one of their credit cards. All that matters is it comes from a banker.
  - ghaff 4y ago
    And my local bank couldn't actually do a medallion thing locally (no special signature person any longer)--and their central location couldn't either for some reason in spite of being verified locally. Ended up going to a not super-convenient brokerage office and the whole thing took 5 minutes.
  - bombcar 4y ago
    Heh the one I got was at Chase for the same reason. My actual banks had no offices in the same timezone, let alone state.