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Is this common?

dragossoul84dragossoul84 member
in Adoption
We are taking out a home equity line of credit to pay for our adoption and our bank is being really strange we've told them its for an adoption and we own our home outright. They keep asking us if the money to buy our home came from terrorism, I dont understand we have proved the money came from a trust fund its just making me feel very nervous is this common when you take a loan out against your house now?
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Re: Is this common?

  • taparhamtaparham member
    I had to take out a loan for my adoption and I wasn't asked anything like that.  As a matter of fact I just told them it was for an adoption and it was approved.  I adopted 4 years ago so maybe things have changed in that short period of time.  I would be a little nervous too. 
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  • SweetieBelle04SweetieBelle04
    That's crazy!  I don't know anything about the loan, but I had a weird experience trying to get money to our agency when we were matched.  I had to wire funds from an out-of-town branch of our bank, because we were matched while on vacation (yay!).  The lady who took care of it for me was nice, but she kept asking really weird questions about why it costs so much money and why we were adopting. It shouldn't have been any of her business!  That's totally off topic, though.  I'm sure the bank thinks they're doing a good thing by checking out the origin of your money, but it's really not their job.  If you qualify for the loan, they should give it to you, period.  I hope the process goes quickly for you!
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  • Dr.LorettaDr.Loretta member
    I would be complaining to the branch manager if someone accused me of using terrorism $ to do anything.
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  • dragossoul84dragossoul84 member
    Thats how I feel about it I mean I've even sent in the trust statements we have several hundred thousands of equity in our home and are only asking for the 20k I dont get it but I feel like a criminal
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  • PP99PP99 member
    There are anti-money laundering rules that the banks have to follow (for your protection and the protection of our country).  It'sjust part of their procedure, and they have to ask you certain questions.  Wrongfully accusing you of something is a different story though.  Otherwise, I would just politely comply with their requests and not worry about it.
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  • CaptainSeriousCaptainSerious member
    I was thinking the same thing as PP99.  If you paid off your home with a large chunk of money, it's possible that they have to ask you the terrorism question, similar to the way check-in agents at the airport have to ask if you packed your own bag.  If the conversation went much beyond that, I'd ask why they are asking, and base my reaction off their response.
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  • DavezWifeDavezWife member
    it's now common practice, I'm afraid. They also asked us if our home had, or will be, used as a meth lab. (meth is common here in northern MN, sad to say)
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  • Nature LoverNature Lover
    Yup. Its normal - whether the loan is for adoption or not.  I think its part of the Patriot Act - but wouldn't swear to it.
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  • amm78amm78 member

    imageDavezWife:
    it's now common practice, I'm afraid. They also asked us if our home had, or will be, used as a meth lab. (meth is common here in northern MN, sad to say)

     

    Umm, who would actually admit to that? :)

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  • CaptainSeriousCaptainSerious member
    Who would actually admit to packing explosives in their luggage?  It's still a required question at the airport (or at least was for a long time).  I'm pretty sure the idea is that at least you can get them on a lesser charge (of intent/conspiracy/something similar to perjury) if you can't get them on the biggies of murder/manslaughter/assault/act of terrorism.
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  • DavezWifeDavezWife member
    imageamm78:

    imageDavezWife:
    it's now common practice, I'm afraid. They also asked us if our home had, or will be, used as a meth lab. (meth is common here in northern MN, sad to say)

     

    Umm, who would actually admit to that? :)

     

    someone high on meth, I suppose. lol.   (not that drugs are ever funny)

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  • erinmc1erinmc1 member
    We also took out a line of credit to pay for the adoption.  All our bank asked us was what the money was going to be used for.  When we told them we were using it for some home improvements and to finance an adoption, all they said was "Congratulations!  How exciting!"  They might be cool because they're a military credit union though, and know our history.
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