sainsburys bank... What is this about?

dprovan

I have a loan with sainsburys approx £15000, I have come into some money and can pay this off so phoned for a settlement figure.

I answered all their queries including confirming that I had come iinto money so was funding the settlement independently (not re-financing). The lasy then asked where I got the money from. I politely told her I felt this was none of their business. She was quite insistent saying they had to put something down.. I re-itterated that this may be their requirement but I had no intention of giving this detail, more out of principle...

Anyway she then refused to give me a settlement figure over the phone, saying they would have to post it out because I refused to answer the question. Something to do with Data protection. Is this correct? Or are they just being awkward because they perceived me to be being awkward?

Woby_Tide

probably being overly officious but may well drop under the catch all 'money laundering' excuse

Robert_Sterling_3

Sainsbury's Bank is connected in some way to the Halifax Bank I think.
When my wife and I opened a regular saver account each at the Halifax two "Money Laundering" checks appeared on my Credit Report.
I did not take offence.
If you just said "I inherited it." that would be enough.
No big deal in my opinion unless you wish to make it one.

dprovan

I disagree Robert, I see it as unnecessary, I tell them I have inherited money and whats the guess Id be getting mail etc for savings/investments etc. I still insist it is noe of their business.

billywhizz

It is a little officious but if you want the "proper" line.

Depending on when you took the loan out all banks have a responsibility to report any transaction that may be suspicious or suggest money laundering. Classic (textbook probably never happeins in the real world) money laundering is taking out a big loan then settling it off shortly after. If you are looking to settle early into a big loan the bank have to make an effort to ascertain why you are doing it, which is where she was coming from. Also bear in mind that all the banks scare the staff by pointing out that if you are money laundering and they did not report it they will go to prison.

dprovan

thanks Billy,

perhaps I was a little too grumpy then. The loan was approx 17000 and was taken out eighteen months ago, so I guess this was were she was coming from...

Woby_Tide

tell them you deal drugs and a friend had asked you to cash the money in exchange for a 10% cut, I'll guarantee they won't start sending investment and savings stuff through the post


(I can't guarantee what else might come round instead though......;))

dprovan

thanks woby, Im now thinking that will be their suspicion now...