Is this a Chase FR?
 

I received a letter from Chase today. It said:

"Dear MilesGator,
We value our relationship and want to continue providing our services to you, but we need additional information from you. Chase policy requires us to obtain, verify and record certain identifying information for each customer.

Her is the information we require and do not have:
Citizenship
Income

Please update this information by March 21, by calling us anytime at 1800-935-9935 or visiting a branch."

Anyone ever see a letter like this? What was the outcome? Is this a Chase FR?

My fiance also got the same letter yesterday.

Thanks FT!

Do you have a Chase checking account? Others here with Chase checking accounts have been asked to provide this information.

Do you have to submit a form or just call them? That's the difference.

Let us know the outcome when you submit the information.

I do have a Chase checking account. Do you think this is what the letter is referring too? I just assumed it was about credit cards. My fiance (who also got the exact same letter) has a checking account and credit cards as well.

I'm not sure if I'll have to submit any forms. I definitely have not gotten any forms from Chase. The fact that the letter states "Chase policy requires us to obtain, verify and record certain identifying information for each customer." makes me think Chase is gonna want some form of paperwork submitted. Though in this letter it does not specify HOW I would prove to them my 1) citizenship and 2) income.

Also it states: "Please update this info by calling or visiting a branch". I feel like if it was a true FR it wouldn't give me the option of visiting a branch.

As a side note, the only Chase card that I do continuous MS on is my Ink card (and everyone once in a while a VGC on my CSP). However, my fiance (again, got the same letter) does not have an Ink card and does no MS on any of her Chase cards. We both use MS concepts to meet min spends though.

My main goal with posting this was to try to get a sense of if I'm in for a FR, and if so, should I start planning on transferring out my UR (I'm small fish compared to some here...only ~75k UR right now).

I will definitely keep this thread updated as my SO and I get this sorted out.
Thanks FT!

This is related to checking accounts, not credit cards.

Just some KYC (Know Your Customer) thing.

Don't worry. I got a call from my local chase branch today too. All they ask is whether I am a US citizen. The rep says is just new info they are required to obtain that weren't required back when I opened my account.

not trying to be rude here but is yours foreign sounding name like middle eastern? or did you do lots of deposits or withdrawals in the past months? Why do you think they are requiring you to prove your identity and income on checking account?

Nothing to worry about, this is not a Chase "FR." They're just updating KYC information.

ditto, got a call from local branch for this similar information. won't worry about it, just go to branch or talk to branch manager where you opened your checking account.

when i called in they needed my wifes income and phone #. even though my wife's name is foreign...but i don't think that has anything to do with it...just KYC.

Chase Letter
 

I got the exact same letter today. I have a Chase checking account, and 3 credit cards with them.

I got worried when I read the letter because of:

1- I am a US citizen, but I'm currently living outside the states. This shouldn't be a problem, right?

2- I'm mostly worried about the income question. That is because my income decreased, and I don't want my credit lines cut. Do they ask you by phone only, or do they require documentation of income?

If someone who already called Chase can give some insight onto what it was like, it would help me be better prepared when making the call. At first I thought I should move my UR points to a partner program, but I like to have the flexibility of choosing which one when I actually need it. So I don't want to make this preventive move at all.

Thanks for any help.

this is strange. why they need to know if you are a citizen now? what has income anything to do with checking account? they do check for 2 to 3 docs when you apply for checking account.
the law is you don't have to be a citizen to open a checking, with chase, even the immigrants who have legal docs can apply.

You guys are overthinking this way too much. They are just verifying your information (including citizenship status and income) as part of an expanded KYC policy, thanks in large part to Dodd-Frank and the AML crackdown. If you are an Iraqi citizen making $20k a year and sending $250k wire transfers to Saudi Arabia, you might have a problem.

You should see what they put clients through on the Private Banking side. Citi PB wanted to conduct a KYC interview in front of a video camera. Answering a couple of basic questions over the phone is a walk in the park.

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.

Chase Letter
 

This seems like a hassle to me. I don't think it is worth it for the checking account. It is for my credit cards with Chase. I guess this is Chase covering the bases after all the lawsuits of late. Is everyone being asked to provide all those documents?

Also, I wonder, what if I just close the checking account, will that save me this hassle? I certainly don't need the checking account that much. I guess I have until March to think about it ;)

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.