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Opened New Money Market Account- Government Required Questions?

1,394 1,431 June 2, 2025 at 07:26 AM
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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.
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pur | Staff
06-02-2025 at 11:32 AM.
06-02-2025 at 11:32 AM.
I think it's pretty common for Know your customer [wikipedia.org] compliance. The days are gone when you didn't even need ID to open a bank account, but you can take comfort that the government will always be inefficient.
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