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If you had the private info to apply for a loan in someone’s name, you also have the information to create a bank account in someone name. You don’t need to p
by adrr 4y ago
If you had the private info to apply for a loan in someone’s name, you also have the information to create a bank account in someone name.
You don’t need to prove that you didn’t create the loan. It’s up to the company to prove that it was you. Having private information isn’t enough. At most you need to file a police report to expunge it off your credit report.
$250k is also the amount that involves the Feds. Most scammers won’t hit that amount since they know the state/loc police don’t have the capability/resources to investigate electronic funds transfer type scams.
- justinclift 4y ago> If you had the private info to apply for a loan in someone’s name, you also have the information to create a bank account in someone name. Creating a bank account (fully, not just the application to do so) generally requires going into a bank branch. At least in Australia and UK anyway. Going into a bank branch would mean real potential risk for a scammer, as they'd then be caught on camera. And if the bank figures out they're a scammer before hand... potential police waiting. My point being that the post you're replying to makes a good point. A scammer could do a bunch of things that aren't all that risky, compared to creating an account in person... which seems like it would introduce a _lot_ more risk.
- adrr 4y agoAssuming this is the US. There are lots of online only banks. Also I think Paypal offers banking services. Most discount brokers offer banking services like Etrade, Ameritrade and they allow people to signup online.
- staringback 4y ago> requires going into a bank branch. At least in Australia Not true, wheres the bank branch for ING? https://www.ing.com.au/ https://www.ing.com.au/
- justinclift 4y agoGood point, I'd forgotten about them. I did say generally requires going into the bank in person though. ;)
- gonehome 4y agoYou don’t need to go in to make an account on fidelity. There are other online only banks as well.
- yakak 4y agoThat account will let you start investing right away. Try to pass 250k through it and I think you'll find fraud and KYC flags are in effect until you've done something that verifies your access to your address, etc, go change your address to a forwarder and that will affect your credit report, and so on.. Regular banking is pretty indifferent to the future profits of a new account that can pay out cash as it examines risk, while a loan salesman's interest in believing he has a sale..
- adrr 4y agoKYC requirements are wrapped up in the AML rules. It's the same. Any one handling money needs to know their customer. Banks will run "credit" checks on new accounts usually through Chex Systems. It checks if you had a bank account closed due to negative balance. Also pushing $250k to a bank/sweep account won't set anything off because the risk to FI handling the money is minimal. There's minimal risk it can be clawed back and the risk is on the FI that pushed the money. If you pull the money, thats a different story due to rules around ACH clawbacks. I assume fidelity lets you fund your account with no max though a push either ACH or Wire but to pull, you're limited to $50k or a lower amount per day. If you try to transfer that money out from a pull, it will get locked down till the ACH clawback period expires.
- deleted 4y ago[deleted]