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Is There A Reason As To Why A Bank Should Ask This Question? - Career (6) - Nairaland

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Re: Is There A Reason As To Why A Bank Should Ask This Question? by franugo(m): 7:36am On Nov 04, 2021
DoggoneDogg:


Why the bolded if you're holding my money? Why will my neighbours need to identify me when you are with my money? A vendor of what exactly? What am I buying from the bank??
Una get sense at all?

I guess you actually don't have a higher tier account or you're not up to the required age to operate a fully functional account... Your ignorance is understandable, be like na kids account you still dey use. But try to ask around, ask your peeps who have higher tier accounts how they went about it.

2 Likes

Re: Is There A Reason As To Why A Bank Should Ask This Question? by franugo(m): 7:38am On Nov 04, 2021
GerraMeh74:
I also thought as much, the bank has absolutely no right in knowing the exact description of your house, what are they coming to visit you for? Except you are taking a loan from them, that is absolute violation of privacy. Just provide a valid residential address, if you are staying there or not it's non of their business.

So if you commit fraud tomorrow and efcc asks the bank to produce your verified address information nko? Or you don't know that banks are charged millions for not doing proper KYC?

2 Likes

Re: Is There A Reason As To Why A Bank Should Ask This Question? by uzomakanaki(m): 7:46am On Nov 04, 2021
ramaju:
It is part of Know Your Customer (KYC). This verification is done on every new account to establish the intention and location of the owner of the account in case there need for visitation. Again the banker is gonna write visitation report of the customer. The color of the building, the gate and all those details are for visitation report because the banker is so lazy to go and see things by himself.
With numbers of customers the bank have, how many house will they be visiting? You say bankers are lazy.

2 Likes

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Comedian2019: 7:48am On Nov 04, 2021
uzomakanaki:
With numbers of customers the bank have, how many house will they be visiting? You say bankers are lazy.
franugo:


So if you commit fraud tomorrow and efcc asks the bank to produce your verified address information nko? Or you don't know that banks are charged millions for not doing proper KYC?
It's unfair to fine banks for fraud committed by their customers. What's the work of the police? Police should fish out criminals, not banks. What if the person has left his known address? Will the bank still look for him. Police should be made responsible.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by franugo(m): 7:48am On Nov 04, 2021
raymondhillmimi:
Nonsense comments everywhere! Which nonsense KYC? Op use Kuda or GTBANK. I guess it's first Bank you're using. Bank has never asked or called me to verify my address am not owing them, infact am doing them a favour leaving a huge amount in those accounts. If Naira fall again am converting everything to USDT. Make them worry me with nonsense verification 1 naira I won't leave in that account again.

What is this one saying? I'm aware that GTBank outsources their visitation to a 3rd party agency so I'm pretty sure that they visited your house even if you were not aware. Either that or the agent was just too lazy and used bogus information to fill the KYC form
Re: Is There A Reason As To Why A Bank Should Ask This Question? by macrodata(m): 7:50am On Nov 04, 2021
DoggoneDogg:





Except he is applying for a loan, a bank has no business knowing the colour of your gate or doing house verification.

Your hard-earned money is with them so if anything, it is the customer that should be asking for their MD's exact house address incase they run away with his money.

Nonsense.
You're wrong though. What if in the case that a fraud is committed by the account holder & there's a court order to get his address?

Besides, if you're familiar with web transactions, your debit card details is required to have an address which matches your residential address which match with bank records for extra layer of security.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by franugo(m): 7:53am On Nov 04, 2021
DoggoneDogg:
[s][/s]

Yet they harboured Hushpuppi & Invictus' money abi?
Dumbo.

Criminals go through a lot of processes to 'clean' laundered money and sometimes the bank isn't aware that the money was gotten fraudulently. What's imperative though is that they can provide the customers whenever efcc or police comes knocking which is where the KYC comes into play
Re: Is There A Reason As To Why A Bank Should Ask This Question? by franugo(m): 8:00am On Nov 04, 2021
Comedian2019:


It's unfair to fine banks for fraud committed by their customers. What's the work of the police? Police should fish out criminals, not banks. What if the person has left his known address? Will the bank still look for him. Police should be made responsible.

If the customer recently left the address but there's appropriate documentation showing that address was verified, then the bank agent did his job and is not liable for anything.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by adedayourt(m): 8:13am On Nov 04, 2021
ramaju:
It is part of Know Your Customer (KYC). This verification is done on every new account to establish the intention and location of the owner of the account in case there need for visitation. Again the banker is gonna write visitation report of the customer. The color of the building, the gate and all those details are for visitation report because the banker is so lazy to go and see things by himself.

You correct but to put it to better perspective, here is it.

You should only provide your address for the purpose of KYC and the rest is left for the bank to so their DD by paying a visit to the address to make confirmation for themselves.

But MOST of the time (in order to save cost) those banks don't visit, so they inatead ask you to provide colour of your house, gates and all those petty questions so they can av in their record and they ll use that for their visitation records.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by tabaski: 8:27am On Nov 04, 2021
EjaikreTheViper:
See, those things na pure rubbish. You can be living in a zinc house but you fit still tell dem say na one new duplex wey get cockroach brown colour you dey stay. Who dey go verify?
They will definitely verify ur address physically. Trust me
Re: Is There A Reason As To Why A Bank Should Ask This Question? by oviexcels(m): 8:44am On Nov 04, 2021
They are only trying to make things easy for him on a normal he will fill the form and leave then they will visit the address for verification before the upgrade will be done which most times fails because of some information not filled rightly by the customer. So he is suppose to be thanking them for going an extra mile to satisfy him.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Newray: 8:47am On Nov 04, 2021
I remember when I gave my house address to Stanbic IBTC bank then I just opened an account with the bank. They ask for my address with description.
They actually send people to confirm my address.. KYC. One evening I saw one car stop I front of my car. After a while they Left. The following morning when I got to bank they told me my account is approved.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by KillerBeauty(f): 9:13am On Nov 04, 2021
Same thing ecobank asked me. I gave them every detail of my address yet they haven't still upgraded my account.
Useless bank
Re: Is There A Reason As To Why A Bank Should Ask This Question? by kevinbrown212: 9:17am On Nov 04, 2021
its called know your customer (kyc) and due diligence must be done on a customer
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
Re: Is There A Reason As To Why A Bank Should Ask This Question? by gidado14(m): 9:25am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
KYC bro Know Your Customers

Re: Is There A Reason As To Why A Bank Should Ask This Question? by Uplifted2022(m): 9:30am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?

I learn new things everyday on nairaland.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by IamAsiri: 9:31am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?

It is called KYC and it needs to be accurate.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by oluplus(m): 9:32am On Nov 04, 2021
EjaikreTheViper:
See, those things na pure rubbish. You can be living in a zinc house but you fit still tell dem say na one new duplex wey get cockroach brown colour you dey stay. Who dey go verify?

Wrong. They come to verify but you won't know.
Some have contracted it to a third party company to the verification for them.
In the event there is an investigation on the account for any reason and they are asked to produced the customer, investigators will go to the address. If they confirm the customer leaves there but now at large or on the run, the bank may be covered to an extent,but if the customer does not leave there, food don land for the investigators be that, especially efcc. The bank will be held liable, pay for any loss involved and still be sanctioned.
CBN too can impose financial sanction on them, because it is viewed as infraction.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Solatium(m): 9:37am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?


It is part of know your customer process,and every new account must come with water tight verification, expect them to come check up on the House
Re: Is There A Reason As To Why A Bank Should Ask This Question? by luluosas(m): 9:43am On Nov 04, 2021
It's part of KYC, (Know Your Customer), nothing suspicious
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
Re: Is There A Reason As To Why A Bank Should Ask This Question? by MosquitoREBIRTH(m): 9:48am On Nov 04, 2021
You're a very funny guy.... So you think a bank is allowed to open an account for any Tom , Dick and Harry? They guy is right. Thats the standard KYC questions. Do you know that a bank can be shut down if a known terrorist is operating an account with them and the bank has no documented and standard KYC done?
DoggoneDogg:





Except he is applying for a loan, a bank has no business knowing the colour of your gate or doing house verification.

Your hard-earned money is with them so if anything, it is the customer that should be asking for their MD's exact house address incase they run away with his money.

Nonsense.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by mechanics(m): 10:16am On Nov 04, 2021
Yes o, it's necessary to give them the address.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by creepsyme(f): 10:17am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
Nothing wrong with the question.
It's called search due diligence.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by IMASTEX: 10:23am On Nov 04, 2021
pocohantas:

I am beginning to think you are possessed.
grin grin grin grin the boy's IQ is definitely (-50)
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nothingserious: 10:24am On Nov 04, 2021
franugo:


So if you commit fraud tomorrow and efcc asks the bank to produce your verified address information nko? Or you don't know that banks are charged millions for not doing proper KYC?

Lol!

CBN threatens banks with N2m per BVN infractions sometimes. Account not properly linked with BVN.

And then Police and EFCC go just use you play if you cannot show them the house of a suspect whose account is under you.

You go just dey report EFCC office every now and then. If you dare say you no know the house, wahala. If you say you know, you will take them there. And if you take them there and Na wrong address, integrity issue. Your office go hold that integrity issue for your head.

Working in a bank is just like walking on egg shells and praying that wahala no go bust any day or say wahala wey pass you well well.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by sammytovic(m): 10:35am On Nov 04, 2021
GerraMeh74:
I also thought as much, the bank has absolutely no right in knowing the exact description of your house, what are they coming to visit you for? Except you are taking a loan from them, that is absolute violation of privacy. Just provide a valid residential address, if you are staying there or not it's non of their business.
Do you have skeleton in your cupboard?
Re: Is There A Reason As To Why A Bank Should Ask This Question? by sammytovic(m): 10:42am On Nov 04, 2021
FuckAllTheMODs:


Oga calm down, I upgraded my account one time like that and they never asked me such question. It depends, some bankers may not ask and they will use previous details to do the upgrading or use a random description for that as long as you present a nepa bill.
Though I was a Corp member then.

I think they now use utility(nepa) bills in place of that.

So stop money-shaming him.
Oga u did not upgrade any account, otherwise the banker responsible for your kyc will seriously be held responsible for it when need arises for it. Learn and stop arguing what you don't know
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nmezor(f): 10:44am On Nov 04, 2021
Na normal procedure OP...the client needs to be known( KYC) Know your Client/ Customer
Re: Is There A Reason As To Why A Bank Should Ask This Question? by BJanta: 10:59am On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?

It's KYC requirement.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Nobody: 11:02am On Nov 04, 2021
franugo:


What is this one saying? I'm aware that GTBank outsources their visitation to a 3rd party agency so I'm pretty sure that they visited your house even if you were not aware. Either that or the agent was just too lazy and used bogus information to fill the KYC form
No they never visited my house for any reason, I just provided a utility bill as proof of residence and that is it. Besides, I have relocated over 3 times since I opened that account in 2016.
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Sermwell(m): 11:53am On Nov 04, 2021
GerraMeh74:
I also thought as much, the bank has absolutely no right in knowing the exact description of your house, what are they coming to visit you for? Except you are taking a loan from them, that is absolute violation of privacy. Just provide a valid residential address, if you are staying there or not it's non of their business.
This thread is making us know the kids on this forum! You are clearly a kid!
Re: Is There A Reason As To Why A Bank Should Ask This Question? by Lacash: 12:11pm On Nov 04, 2021
DamianX:
There's is something suspicious I noticed. A friend went for a bank upgrade which I accompanied him.
While he made available the documents needed, I noticed he was ask questions and one of the questions which got my attention was concerning his address.
They were interested in his address and the lady even asked "if one needs to find you, is this the address that will work?"

At the marketing room he told me he was asked the description of the building he resides in like the color, bungalow or story, gate colour

So to those who are enlightened on this, my question is why is such information needed especially the details of his residence?.
Is there a reason for this?
Maybe he’s seeking a loan, so that’s very necessary for proper detailing.

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