Joined Dec 2008
L6: Expert
Forum Thread
Opened New Money Market Account- Government Required Questions?
June 2, 2025 at
07:26 AM
Thread Details
I just opened up a new Huntington Money Market account because they were offereing 4.33% interest. I transferred a decent amount into it from another bank. When I logged in this morning to see if it posted, a screen popped up with some questions that I have never been asked before by any bank.
It states "The government requires us to get a sense of how you will use your account. This is for information only. Your answers and estimates won't change the type of account you've opened or set new limits on your account."
Main Use of account with a drop down list (Living Expenses, School or Education, Retirement or Pension, International Activity, Periodic Expenses, Other)
Main source of funding with a drop down list (Salary or Wages, Cash, Inheritance, Investments, Retirement or Pension, Legal Settlement, Trust, Insurance Proceeds, Lottery or Gaming, Other)
Will you make cash deposits and withdrawls? Yes or No
Will you make electronic transfers (including Direct Deposits)? Yes or No
Will you make wire transfers? Yes or No
This is kinda alarming to me and I don't like the government in my business. Has anyone else ever had to answer these questions? Should I take my money out and close it for them being so invasive? I don't even know how to answer the first & second question becuase this is just money I have been saving/accumilating over the years.
It states "The government requires us to get a sense of how you will use your account. This is for information only. Your answers and estimates won't change the type of account you've opened or set new limits on your account."
Main Use of account with a drop down list (Living Expenses, School or Education, Retirement or Pension, International Activity, Periodic Expenses, Other)
Main source of funding with a drop down list (Salary or Wages, Cash, Inheritance, Investments, Retirement or Pension, Legal Settlement, Trust, Insurance Proceeds, Lottery or Gaming, Other)
Will you make cash deposits and withdrawls? Yes or No
Will you make electronic transfers (including Direct Deposits)? Yes or No
Will you make wire transfers? Yes or No
This is kinda alarming to me and I don't like the government in my business. Has anyone else ever had to answer these questions? Should I take my money out and close it for them being so invasive? I don't even know how to answer the first & second question becuase this is just money I have been saving/accumilating over the years.
About the OP
2 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
It states "The government requires us to get a sense of how you will use your account. This is for information only. Your answers and estimates won't change the type of account you've opened or set new limits on your account."
Main Use of account with a drop down list (Living Expenses, School or Education, Retirement or Pension, International Activity, Periodic Expenses, Other)
Main source of funding with a drop down list (Salary or Wages, Cash, Inheritance, Investments, Retirement or Pension, Legal Settlement, Trust, Insurance Proceeds, Lottery or Gaming, Other)
Will you make cash deposits and withdrawls? Yes or No
Will you make electronic transfers (including Direct Deposits)? Yes or No
Will you make wire transfers? Yes or No
This is kinda alarming to me and I don't like the government in my business. Has anyone else ever had to answer these questions? Should I take my money out and close it for them being so invasive? I don't even know how to answer the first & second question becuase this is just money I have been saving/accumilating over the years.
Fraud alerts can effect your ability to get new bank accounts and credit cards.
And even if there was no fraud some banks will not even try to clear it up so that your unable to move your money out.