Weird Notice from my bank

In the last month and a half I have linked coinbase to my checking account. I also attempted to link my account to circle but it was declined for some reason, so I linked my debit card instead. 2 personal use purchases have been made since then, with all bitcoins being tumbled.

This weekend in the mail I received a notice from my bank asking for me to mail in my signature proving that I am in control of my checking and savings accounts. The notice says: :

"To ensure we have the signatures of all authorized users of your account, please complete and return the enclosed Consumer Account Application in the envelope provided.

Important: We need these signatures to help with fraud detection and protect your account. If you continue using this account without sending us your signed application, you are agreeing that you will be responsible for all deposits, checks, or withdrawals made to or from this account by any person designated as an authorized signer and whose signature we do not have on file."

And on the paper I'm supposed to sign:

"To help the government fight the funding of terrorism and money laundering activities, US federal law requires financial institutions to obtain, verify, and record information that identifies each person(individuals and businesses) who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your drivers license or other identifying documents."

This seems incredibly sketch to me and honestly I'm not a big fan of my bank so I'm considering closing my account. Has this ever happened to anyone else using Coinbase or Circle? Did I fuck up by linking both to my account? Is it still safe to purchases my matches, gasoline, and plane ticket to belize using this checking account?

Any insight would be greatly appreciated.


Comments


[17 Points] MeowImAHorse:

I would not sign anything, but instead, take it to your bank and inquire what it is about.

You've been careful for a reason... I see no problem taking it to a bank and asking about it cause it really sounds like a phishing scam.


[13 Points] None:

Don't sign it and start buying BTC via cash deposit. I don't why people would do anything illegal with something that is connected with your bank account


[3 Points] kirkkommander:

My account was frozen after I connected my visa to circle. Guess it just looked unusual to the flagging algorithm.

After calling, identifying myself, and confirming the purchasesy account was unlocked.


[6 Points] drumallday7:

Any chance you're willing to share the name of your bank? Or is it at least a national bank or regional one? Also, credit union or actual bank? I've worked in all of the above types and more than likely this is just a boiler plate letter that they're required to send for compliance when certain activities occur within an account. I wouldn't be worried about it at all, and providing you're doing nothing illegal, then there's no harm in pursuing it further with your bank.


[3 Points] MuhammadTheProfit:

Eh, I'd just switch banks.


[3 Points] galaxyandspace:

It sounds like it might be legit. Take it to your local branch, and talk it over with a rep, just to make sure.


[3 Points] bionicjess:

There's nothing sketchy about this. As a bank worker, we need your signatures on file. But I'd go in person.


[2 Points] Theeconomist1:

Is it a fairly new account? Not sure if its a requirement or not, but when I've opened bank accounts online they will send me a signature card that they keep on file. These are sent to me on accounts where I have a debit card. If you went to a bank branch to open the account, as opposed to online, you would have done it when you opened the account. But with accounts opened online, I've had to fill out a signature card. I'm not sure if this is the same thing or not as its been a long time since I had to do that. I think I even got one years after opening the account (and before I was buying BTC, so know it wasn't related to that).

If your bank didn't have a signature card on file, they would need to get that. If its a new account that might be why. But if I remember correclty, the bank wouldn't even let me activate my debit card until they had the card on file. It could also be that the account was flagged b/c of Circle for fraud and did an audit of the acct and realized they didn't have a signature card on file (if that is indeed what this is).

Let us know. That's interesting timing for sure.


[1 Points] None:

I had something similar last week or maybe the week before with Circle. Tried to link my card but it wasn't happening so I gave up and got BTC off my brother. Anyway, the next time I went to use my Visa (debit) card, it was declined.

When I rang my bank up, the fraud department had frozen my account and just wanting me to confirm the last couple of transactions.

My bank are very touchy about freezing accounts. I've had it happen before (once because I withdrew money out from two different ATM's within a few minutes of each other, it wasn't even a lot of money - like £40 total) They said they'd been concerned because of the anonymity of bitcoins and it was an "irregular purchase" for me. My bank should know plenty about fraud and laundering given its well publicised they have helped launder money for the cartels. Anyway I did believe them because it's happened at least five times before and my parents, brother and husband are all at the same bank as me (same branch too) and it's happened to them at least once.

I have never received a letter like you have. It's always been that I've gone to use my card and it's been declined but I still don't think it's especially sketchy. It isn't illegal to buy bitcoins.


[1 Points] lsmith333:

It's a requirement for KYC. They don't give a shit really, they just don't want to be liable if you're doing something illegal or being defrauded

Source: bank worker (maybe)


[1 Points] iLoveDNM:

I second galaxyandspace, verify that is actually is from your bank, then just give them the info they want. It is anti-fraud measures being taken by the bank. This is actually a good thing it's happening, you don't want somebody else buying bitcoins in your name. I had to jump through some minor hoops to get my coinbase account linked up,including answering financial ID questions reminiscent of credit application questions.

These questions are totally routine, triggered for any number of benign reasons, and are designed to keep thieves from taking control of your account.


[1 Points] Joebelowme:

I signed up with Coinbase this weekend and they said they would make two small deposits in my account and I would tell them the amounts to verify it was my account. But when they made the first deposit this morning my bank froze my account and I had to call them and say I authorized the deposits. Big pain in the ass. Sigh.


[-1 Points] agorathrow8080:

Thabks ossama....

No seriously. They prob dont want to be tied to fraud, its basically saying, if u get frauded, they are not gonna do shit

You can thank GW and the patriot act for most of this shit

Beyond that sounds like the bank is protecting itself not you...go to A branchike others have said and see what it us .. I have had cb for almost 2 years since the opened. never got anything.

I did get a fruad protection email after circle tho, most likely the bank guarding itself