Got a letter from my bank (one of the big ones in SF) asking for a "detailed explanation of my business model" and "revenue sources" before they can "continue the relationship." I run a small e-commerce shop selling vintage posters. Been with them 3 years, never overdrafted, all personal and business accounts there. Is this normal now? Feels like I'm being audited for no reason.
banking
Why did my San Francisco bank ask for more information about my business model?
Probably just their periodic KYC refresh. They do it every couple years. Annoying but normal.
Bank examiner here (not your bank). This is standard BSA/AML stuff. They have to understand your business. Just write a paragraph and send it.
Wait, you sell vintage posters? Like original ones or reproductions? Because if it's reproductions from overseas, that might trigger extra scrutiny.
Mostly originals from estate sales, some reproductions but sourced domestically. Nothing international.
Then you're finee. Just answer honestly. They're not accusing you of anything.
I got the same letter last year. I ignored it for two months and they sent another one. Finally I called and the rep said it's just compliance. Filled out a form, done.
Don't ignore it though. Some banks will freeze accounts if you don't respond. Not worth the hassle.
Also SF banks are extra paranoid because of all the crypto and weed money floating around. They probably flag anyone with 'unusual' revenue patterns.
That makes sense. I'll just write a short explanation and send it. Thanks all.
I'm with a credit union and never get this. Just saying.
Credit unions do it too, just leess frequently.
Honestly the worst part is they make you feel like a criminal for running a normal business.
It's not personal. The regs are written broad and banks are risk-averse. Just part of doing business now.
If you want, I can send you the template I used. It's like 5 sentences.
That would be great, thanks. I'll DM you.