Consumer complaint received 2020-09-11
Product: Checking or savings account — Other banking product or service
Issue: Opening an account — Unable to open an account
Company: ALLY FINANCIAL INC. (CA)

I tried to open an Ally XXXX account approximately a month ago due to an online cash promotion. My new Ally XXXX account was subsequently closed on XX/XX/XXXX, despite my fully complying with all of the company 's requests for identification documents. I went above and beyond what is required by FINRA for opening an account ( see below ). 

It is my belief that the company is engaging in discriminatory practices by requiring me, a XXXX American, to provide more identification than is required by FINRA. For example, I have provided a copy of my social security card, my U.S. passport, my cable bill, my credit card statement, my XXXX  IRA bank statement, etc. How many other new Ally XXXX customers have to submit those identification documents? Also, I submitted a cable bill to Ally XXXX on Friday, XX/XX/XXXX, but Ally XXXX  sent me an email claiming that I submitted the " acceptable document '' on Wednesday, XX/XX/XXXX, and that because of the delay in sending the cable bill, my Ally XXXX  account was closed! I have documented proof of my emailing my XXXX  cable bill on Friday, XX/XX/XXXX to Ms. XXXX XXXX, a " specialist '' in " Executive Customer Relations '' of Ally XXXX  at XXXX. 

Information from FINRA 's website : -- " What to Expect When You Open a Brokerage Account If you're reading this, you may be planning to open a brokerage account. You may wish to invest for your retirement or a child 's education, or simply to try to grow some cash you have set aside. This publication explains what to expect if you do decide to open a brokerage account, including what information you will be asked to provide, what decisions you will be asked to make, what questions you should ask your registered financial professional and what your rights are as a customer of a broker-dealer firm. 
Information You'll Be Asked to Provide When you decide to open an account, there will be paperwork to complete. This will include a new account application, which broker-dealer firms may also call a new account form, account opening form or something similar. This application form will require you to provide some information about yourself, as well as ask you to make certain decisions about your account. As explained in more detail below, a broker-dealer firms registered financial professionals use this information for several purposes, including learning about you and your financial needs and meeting certain regulatory obligations. While it may take a little time to fill out the application, it is important to answer the questions on the application accurately. So, be sure to read the application and the accompanying agreements and other documents the brokerage firm gives you carefullyand ask questions about anything you don't understand. 

In a new account application, along with other information, you'll likely be asked to provide your : Social Security or other tax identification number : The rules of the Securities and Exchange Commission ( SEC ) and Financial Industry Regulatory Authority ( FINRA ) which regulate the securities industryrequire brokerage firms to ask for this information for several reasons. Like banks, credit unions and other financial institutions, brokerage firms must report to the Internal Revenue Service the income you earn on your investments. In addition, under the USA PATRIOT Act of 2001, financial institutions may use your Social Security number to verify your identity when opening brokerage accounts in order to help prevent money laundering and XXXX financing. 

Driver 's license or passport information, or information from other government-issued identification : This, too, can help your registered financial professional comply with its obligations under the USA PATRIOT Act.

Employment status, financial informationsuch as your annual income and net worthand investment objectives : Collecting this information helps your registered financial professional to fulfill regulatory obligations. For example, if your registered financial professional is recommending investments to you, SEC and FINRA rules require that your registered financial professional collect this information. In addition, the information can help your registered financial professional determine suitable investment recommendations for you. 

Note that the terms used to describe investment objectives often vary across broker-dealer firms and new account applications. You might hear terms such as " income, '' " growth, '' " conservative, '' " moderate, '' " aggressive '' and " speculative. '' If you don't understand the distinctions among the terms, ask your registered financial professional to explain or give examples. Make sure that you describe your financial goals, how much risk you are willing to take with your investments and when you expect to need access to the funds in your account as comprehensively as possible. 

Trusted contact person : Effective XX/XX/XXXX, new account forms may include a section asking you to provide information for a trusted contact person. Your registered financial professional might ask for this information in a conversation or via email as well. You should expect to be asked to provide the name, address and telephone number ( s ) for a trusted contact person that your firm may contact about your account. While you are not required to provide this information to open an account, it may be a good idea to do so. By choosing to provide this information, you are authorizing the firm to contact such person and disclose information about your account in certain circumstances, including to address possible financial exploitation, and to confirm the specifics of your current contact information, health status, or the identity of any legal guardian, executor, trustee or holder of a power of attorney. You also will receive a written disclosure from the firm that lays out these details. 

Be accurate when you are providing the information requested on these forms. Your registered financial professionals will use the information to understand your financial needs and to meet certain regulatory obligations. '' --