How much personal information should we give to banks ?

Reaper

Kavanne, I'm not disputing you are unable to put through a particular order, I'm saying the system needs changing. That can't be done by the "little men" but it certainly can be ordered by the compliance officer who, I heard, can end up personally liable if they knowingly allow a breach to go unchanged.

Millionaire

withnell wrote: »

If it's not for marketing, what use is it? I don't have anything to hide, but why is my annual income relevant for a savings account? It's all about marketing - if you tell them you earn £1 a month, they don't send you anything!

No, Money Laundering

withnell

Millionaire wrote: »

No, Money Laundering

There is no requirement under money laundering legislation for salary details (which can change day to day), just for source of funds (which is set when the funds are transferred)

zedyy

well done!

I had the same experience - i was asked even more intrusive questions like how much i spend a week on petrol? and how much i get in child benifit?, does my wife keep my money? and wether i give my parents any money? and other stuff like a full detailed list as though I was going through some sort of a mortgage check. Unfortunately i wasnt as brave as you and gave in! I will however now close my account with them.

Consumerist

SavySaver wrote: »

This sounds very suspicious to me. Have you got something to hide?

Bet you are really looking forward to compulsory Identity Cards too.

It seems to me that by not complaining we are condoning the underhand collection of data about us which cannot be garaunteed to be secure and thereby becomes available to any fraudster who wants to impersonate us.

In the case of NatWest, in particular, it has been publicised that sensitive account information has been discarded without shredding.

The more personal information we give to any organisation, the more is available to fraudsters.

What is wrong with agreed passwords for security purposes ?
.

Consumerist

willo65 wrote: »

If I don't like Tesco's policies I'll go to morrisons, not complain to Tesco.

Do Tesco and Morrisons collect personal information which could be used by a fraudster to impersonate you ?

opinions4u

Part of the problem is that KYC (know your customer) rules laid down by the FSA are vague and non-specific.

It's a requirement for the bank to KYC ... but how they do this is actually up to them.

This leaves the door open for excessive questioning which cynical people (like me) would assume that the marketing department have got their hands on.

If the FSA consider compliance with vague guidelines isn't good enough, they fine the bank. Typically over £1m. Ironic if the government's QUANGO the FSA chose to fine the government's bank RBS!!

The problem sits with the FSA. They need to clarify exactly what questions should or shouldn't be asked and how this data should be used from an anti-money laundering perspective.

They are too worried about ensuring each insurance quote is supported by 12 pages of "key facts" that confuse customers further, rather than clarifying their own rules on KYC (or checking that banks lend sensibly).

eeja

Kavanne wrote: »

natwest don't ask for employment/income details for savings accounts.

Abbey do ask for this info....even when you just want to place a fixed rate deposit with them and do not want a bank account.
One's employment is none of their business. They even want details of ones house ! Not come across any other bank that asked for this info when placing a fixed deposit.

nzseries1

I agree with Consumerist, there's no need for them to know this information [marital status and no. of dependents]. It changes regularly and is of no consequence to an ISA application. I give him a big "cheers" for actually not giving in to the bank in this case.

I also feel sad that people think he has something to hide just because he doesn't want to tell the banks something they don't need to know. The less information big corporations have on us, the less chance there is of our identities getting stolen.

However I personally wouldn't bother complaining, I would as others say just move to another bank, as a bank is not likely to change its policies from one person complaining.

Just_landed

BIG BROTHER IS WATCHING OUR EVERY MOVE :mad: