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Warning: Potential new Barclays customer?
Comments
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Reggie_Rebel wrote: »You wouldn't have been there an hour and half if I was the advisor I'd have thrown you out after twenty minutes for being a loon
Don't worry your wouldn't last 1min as an adviser if you call people loons.
It was only a savings account so the profiling was not necessary. Other accounts where you are borrowing i.e overdraft loan e.t.c they will ask more in-depth questions as they have to weigh up the risks and see what income is coming in i.e yours or partners.
But a basic savings is just that. BasicNO!MY NAME IS NOT WORZELIM JUST FEELING SLIGHTLY ROUGH TODAY0 -
You lot just don't get it do you?
All those questions are required by Law for money laundering purposes. It doesn't matter what type of product you are opening.
They really don't care if your a married, single, employed, on benefits or whatever. If those questions were for identifying products they think they can sell you why do all my anks keep offering me ISA's when I already have one with them, home insurance when their records show I am renting and credit cards they have previously declined me for. They don't look at what your profile says to offer you things they offer you everything in the hope that one of the products will be suitable.
If they don't have enough information to try and spot criminal activity on an account they are breaking the law.0 -
melorablack wrote: »You lot just don't get it do you?
All those questions are required by Law for money laundering purposes. It doesn't matter what type of product you are opening.
They really don't care if your a married, single, employed, on benefits or whatever. If those questions were for identifying products they think they can sell you why do all my anks keep offering me ISA's when I already have one with them, home insurance when their records show I am renting and credit cards they have previously declined me for. They don't look at what your profile says to offer you things they offer you everything in the hope that one of the products will be suitable.
If they don't have enough information to try and spot criminal activity on an account they are breaking the law.
Ahh the old money laudering chestnut. Perhaps you could provide the links to this law, where all these in intrusive questions are a requirement.
I think you will find that the law does not specify WHAT questions should be asked, but leave it to the finacial institutions to take adequate precautions against money laundering. Banks being profit driven, took this as an oportunity to ask more than the law requires in order to gain a marketing data base.
Firefox - don't be disheartened by the negative responses received here.They are either from bank workers who earn commission on these products, or complacent, bury the head in the sand types who can't see the erosion of liberties in this country, and refuse to accept that eventually it will impact on their quality of life.0 -
I sit on both sides of the fence with this one, whilst I am astonished that they ask such intrusive questions that are clearly irrelevant to opening a savings account, I also think that the main reason they do this is, as has already been stated in this thread, to be able to offer 'carefully selected products' to you in the future, this is the main reason you feel aggreived at giving out personal information yes?
The problem is, if banks or any other financial institution didn't market their products, then you wouldn't have known about this savings account in the first place so wouldn't be going in there to open one. It always gets me when people get so uptight about receiving further information about products that may interest them in the future, when we all want to know products out there that are going to save us some money in some way shape or form, we can't have it all ways
just for the record, I don't work for a bankAug GC £63.23/£200, Total Savings £00 -
When paying cash to buy a car there may be some Money Laundering regulations that require this.
It never ceases to amaze me that there are people around who, when they clearly have no idea of the answer, just randomly guess for no apparent reason.I never understand why people are so cagey about this type of thing? If you were perhaps the Queen or Richard Branson or similar then maybe but when you are Joe Bloggs and you just like to feel important then I don't see why not just be cooperative.
Good grief! If we just knew our place like you eh? (tugs furiously at forelock....!)0 -
melorablack wrote: »You lot just don't get it do you?
All those questions are required by Law for money laundering purposes. It doesn't matter what type of product you are opening. If they don't have enough information to try and spot criminal activity on an account they are breaking the law.
It appears to be you that doesn't get it! Which point of law states that Barclays bank needs me to answer "tell us about your lifestyle"? :rotfl:
I have recently opened a number of new savings accounts, NONE of which needed to know the depth of information 'required' by Barclays. The paper form was in addition to the computerised application which had ALREADY allowed my savings account to be opened. If my payslips, student loans documents, marriage certificate or divorce papers had been required as proof of ID I would have supplied them.melorablack wrote: »If you put £1 as your income and then £1,000.00 comes in regularly you will set off money laundering checks
NEWSFLASH: you don't have to have a taxable income to have savings. My savings are from student loans that I have chosen to invest instead of blowing on beer and shoes. :rolleyes: Much of my savings account activity is shuffling money from A to B to take advantage of better interest rates. I paid in £250 by cheque from my current account; I will be depositing the maximum allowable £250 a month from now on by standing order. No used notes, no four figure sums.melorablack wrote: »Isn't this all the very same information you have to give in a census?
Some of the questions would be those that come up in a census, which I would complete in full even tho some information is optional. I know my responses will be used to gain an overview of my street, my city, my country. My name will be removed before the data is analysed; the full census won't be published for one hundred years. I won't receive any unwanted advice or unsolicited mail off the back of the census.melorablack wrote: »They really don't care if your a married, single, employed, on benefits or whatever. If those questions were for identifying products they think they can sell you why do all my anks keep offering me ISA's when I already have one with them, home insurance when their records show I am renting and credit cards they have previously declined me for. They don't look at what your profile says to offer you things they offer you everything in the hope that one of the products will be suitable.
These questions were about my NET income from my part-time job, my current relationship, budgeting habits, and lifestyle: no evidence was required so my responses are useless in preventing money-laundering. Barclays have admitted Know Your Customer aims to "keep customer information up-to-date so they can inform you of products and services that are available to you, so you can make informed decisions" (bankemployee101, post 23).Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
melorablack wrote: »You lot just don't get it do you?
All those questions are required by Law for money laundering purposes. It doesn't matter what type of product you are opening.
Someone better tell Barclays then. I recently created a savings account (well moved from an older kind of savings account to a new one with better rates) and I opened an ISA with the full amount of money for that year (hence a 'substantial' deposit) and they didn't ask me half of those questions.
Oh noes! I just realised. Barclays were the very same bank that asked all these questions of the OP, as they are apparently "required by law" according to you.!! D R A M A !!
Who should I turn myself in to for the henious crime of not answering those questions. Do you think if I ask very nicely I'll get the cell in guantanamo bay next to the person who neglected to ask me those questions in the first place?If you don't stand for something, you'll fall for anything0 -
It never ceases to amaze me that there are people around who, when they clearly have no idea of the answer, just randomly guess for no apparent reason.
Good grief! If we just knew our place like you eh? (tugs furiously at forelock....!)
Ah yes, here comes one of thos people now. you know, the ones I mentioned that feel they are far more important than everyone else.
GET OVER YOUR SELF
Working in a bank I have an idea about money laundering laws that apply in banking and that was my suggestion as to why the garage may have asked these questions. If you paid £120k cash into a bank then there will be a few raised eyebrows and you would be investigated, so why should this be any different to buying a car??0 -
melorablack wrote: »You lot just don't get it do you?
All those questions are required by Law for money laundering purposes. It doesn't matter what type of product you are opening.
In that case, there are some major very well-known financial institutions breaking the law then, as I was not asked half of these personal questions about my marital status, income or employment details when opening accounts recently with organisations I've previously never had dealings with...If you will the end, you must will the means.0
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