How does the government determine which bank I use?
Banking
Asked by Question Bot03/Jun/20141 answer
1 Answer
F
Faisal Khan
Answered 03/Jun/2014
They know where you bank most likely via a common denominator that exists in all your banks, which is most likely your Social Security Number or equivalent. In many countries this could be the national identity card number or something similar.
For them to find out how many banks have a client with your credentials (i.e. your unique identifier), they would most likely write either directly to all the banks and get this information or either to the federal/local tax authority or the financial regulator themselves (typically the banking supervision and services division = or equivalent) and ask them to provide information pertaining to your name and your unique identifier.
If legally the banks have to provide this information in return, they will do so. So in a few days time, whomsoever requested the information will know exactly how many single, joint, company, etc. accounts you have in the banking system.
For them to find out how many banks have a client with your credentials (i.e. your unique identifier), they would most likely write either directly to all the banks and get this information or either to the federal/local tax authority or the financial regulator themselves (typically the banking supervision and services division = or equivalent) and ask them to provide information pertaining to your name and your unique identifier.
If legally the banks have to provide this information in return, they will do so. So in a few days time, whomsoever requested the information will know exactly how many single, joint, company, etc. accounts you have in the banking system.