ID for online new accounts

Posted By: Anonymous

ID for online new accounts - 10/07/02 02:20 PM

We're looking into offering new deposit applications online but are struggling with how to ID these customers without making them come into the bank. The Patriot Act makes this issue more confusing. Any suggestions?
Posted By: Andy_Z

Re: ID for online new accounts - 10/07/02 02:31 PM

You would need a less reliable method of verification, Notary, call back, credit check, etc. We have been doing new accounts on the Web for years. Volume isn't supporting the methodologies or efforts now required and we are considering stopping this.
Posted By: Ted Dreyer

Re: ID for online new accounts - 10/07/02 07:40 PM

You could also look into an automated verification and validation solution that will do nondocumentary verification.
Posted By: Anonymous

Re: ID for online new accounts - 10/07/02 07:54 PM

I wish my bank would think like this. Now they want to add applications to the web page. I'm attending a seminar on the 17th concerning this.
Posted By: SusyG

Re: ID for online new accounts - 10/08/02 07:39 PM

What kind of seminar are you attending?
Posted By: BANNED BY BOL MANAGEMENT

Re: ID for online new accounts - 10/08/02 11:32 PM

Andy, so how are you verifying ID now? Will you have to change procedures when USPA is fully implemented? Online applications seem like a good way, from a terrorist point of view, to open an account and avoid complete verification. Bank's that allow online applications to open accounts will be targets - even if someone faxes a copy of their ID, how would you know it's that person?

The world has changed!
Posted By: Andy_Z

Re: ID for online new accounts - 10/09/02 01:41 AM

The applications we process now are overwhelmingly military soldiers. We are extremely aware of the documents and processes. While a terrorist may decide to bank in this manner, hiding in the US Army might be tough. Otherwise, we generally want any non-established customer to visit the bank to complete the process. Because of CRA and ridiculous applications we restricted applications to those with established accounts or coming to our area (the military). The difference is now that the requirements and penalties are higher.