Exactly, here's how it went with jpm. They needed multiple forms of ID, documentation on all of my accounts and sources of income. This included statements and paystubs. It also involved filling out a lengthily and vague questionnaire about the intended transactions (particularly wires and to whom they would be sent), the average account balance etc etc. About the only thing they didn't ask for was a tax transcript. For my business account the opening processes is quite a big deal as well. During the process there's a fair amount of interaction, and delay. I have to wonder whether most people (unless they're looking to invest in exotics etc) would knowingly succumb to such an invasive procedure.