My boss just informed me today that her bank will no longer provide her with direct deposit services because of the Patriot Act. What's up with that?? If the Patriot Act were really the reason, wouldn't this have occurred 5 years ago when the Patriot Act was made?? Or put into effect or however you want to say it. Thanks in advance for any thoughts!
2007-10-24 09:20:23 · 4 answers · asked by Natalie Z 2 in Business & Finance ➔ Personal Finance
I think there's more to this story.
Direct deposit is pretty much the norm. If you get a regular check from Federal government, they almost force you to have direct deposit.
Maybe your employer's bank is requiring some additional info or charging fees. Or it could be the payroll processing company.
2007-10-24 09:42:53 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Well, I'm not a finacial advisor, so don't take this as any kind of expert answer, but I agree with you. I've had a job now for 3 years that has always been direct deposit. I didn't even have a choice. So it's not a national banking policy or anything. It could be a policy change at your bosses bank....maybe they think it's an invasion of privacy to have someone's checking/savings account number on file anywhere other than the bank. Or maybe she misunderstood what the bank was saying. I don't really know, but it's a thought....
2007-10-24 16:29:13 · answer #2 · answered by bobo165 2 · 0⤊ 0⤋
The only reason I can see this being trus is that he has refused to give the bank his address, SSN, DOB or other information banks are now required to have because of the Patriot act.
2007-10-24 16:28:53 · answer #3 · answered by scottsmylie 5 · 1⤊ 0⤋
Ok... never heard of that! Which bank is it? I hope it's not a national bank and just a local bank!!
2007-10-24 16:28:11 · answer #4 · answered by ♥ReNe♥ 2 · 0⤊ 0⤋