How much information is gathered about me and my family by our bank, and how is it used?
Just wondering.
Depends on your accounts. Non-interest bearing checking account – Name and SSN to identify the account, address to send statements, email address for notifications if you’ve signed up for online banking. Certain transactions are required to be reported to the government to prevent money laundering, etc.
Interest bearing anything – Same info, SSN used to report interest info to IRS.
Any type of loan (which includes credit cards), credit report at time of loan. May also run a credit report at any time if your loan falls into a risky category, if you make a late payment, or if you are chosen at random. Will probably verify employment.
Depending on the size and type of loan, may also run a criminal check and a check of court records.
I don’t know what state you’re in, I’m not a bank officer, YMMV, etc.