This is on the jpm private banking side. There are additional compliance procedures that private banks are required to adhere to, well beyond the opening docs needed for a retail checking. All of my retail accounts have taken max 20 mins to open VS weeks with the PB.

This sounds like they just want you to call so they can enter it into some fields on a computer. Unlikely they'll verify. Different beast.

Yup, I think it's mostly for reputational risk management. If someone gets convicted of murder, no one cares that he has a Chase retail checking account. But if someone gets convicted of say the biggest Ponzi scheme in history, and he has a JPMorgan account, you'll read about it in the papers.

Plus, on the private banking side they are doing due dilligence for 9-figure credit facilities, margin loans, discretionary investment accounts, etc. It requires much more information than a basic checking account.

Got the same request
 

I'm not a US citizen (more like a Quebecois actually...)

Went to my branch.

They told me they needed to gather some more info.

They checked my file and found out that I had already had the proper info/forms in there.

Made a new scan of my latest passport.

That was it.

Just got this letter today too. Not really concerned if it's just a phone call and I can give them the info quickly and be done with it, but I don't want to be getting into anything with sending in documents/tax returns/etc. If it's just a phone call... no big deal.

have a copy? can you show us here? thanks

It's word-for-word identical to MileGator's letter except that they also want to know my employer.

I got the same letter and decided to call last week. They asked me if I was a citizen and where I worked. Then, they verified my identity by asking me the typical credit bureau questions (have you lived in a, b, c or neither, etc, 3 questions like that). That was all.

I am not saying it will be this simple for everyone. I'm guessing if you have a simple checking account (like me), then it will be a simple interview.

I am going to tell them no and if they don't like it I will close my account. they know my income they have my deposit records. I believe this is information gathering to market specific products to their client base. Don't give them anything!!! they only hold your money. Unless you have an existing credit card with them they do not need the information. Even then your pay history should be sufficient for them to decide to continue or discontinue offering you the credit. I feel this is a complete invasion of privacy and I will just change accounts. They aren't doing us in favors they use our money at virtually no interest to grow and expand their empire.

This is all paranoid nonsense. The federal government has required the big banks to collect this KYC information. You can blame the Bank Secrecy Act and USA PATRIOT Act, but go ahead and close your accounts if it makes you feel better.

My mattress holds all my money just fine and it doesn't have any requirements to comply with government regs. It's a quite suitable arrangement. No questions. No problems.

Is this a Chase FR?
 

We went through this with Chase. I have a joint checking account with my husband. Not sure why they had my info but they had no citizenship info on him in the system. Sure they could have crossed referenced with his credit card accounts but they didn't. I spoke to the credit card side and they had all this info on file. I was the one who opened the checking account online and added his name. Yet they refused to let me tell them he was a us citizen. They had to hear it from his mouth. So he calls and says "yes I am US citizen". They say thank you and call ended.