Personal information when opening savings account

zxcvbnm_2

I just wanted to know if I was the only one fed up with being asked for details of my income and investments when opening a new savings account?

I could understand this if I was wanting a credit card, loan or a mortgage, but for saving, surely these are only required for marketing purposes?

Two months ago, I moved my current account to Lloyds TSB, however I refused to provide details of my personal information, other than to confirm that my net income was over a set amount, in order to qualify for a £50 incentive. I also refused to provide details of my other savings, which were then estimated by the bank!

Today, I rang up to open one of their new monthly savings accounts, after completing security, I was told that they would need to update my personal details. This seemed strange, after all I'd only recently moved to the bank.
Inevitably, they wanted details of my salary, when I refused, they would not let me continue opening the account.

This wasn't a problem when opening my current account, which has an overdraft facility, but seems to be a requirement when opening a savings account! I will try my local branch and see if I have more luck with them.

Do any of you object to providing unnecessary details to your bank?

Murtle

Yes I do object - partly cause it's so tedious to constantly repeat the same stuff but mainly because like you I don't think they really need to know.

Support from one!

Robert_Sterling

You do not have to answer all their questions.
They do not have to accept you as a customer.
Seems reasonable.

wigginsmum

It's because of UK antimoneylaundering regulations. Financial institutions are not only required to verify identity but also the source of funds in an effort not to let 'proceeds of crime' onto their books; they are required to have measures in place to attempt to be aware of suspicious transactions ie. ones that fall outside the client's normal pattern. If I save £10/month with XYZ Bank and suddenly deposit £25,000, then that is going to ring alarm bells. The institutions are required to interpret the AML rules without much guidance from the FSA, and each one will take into account what other counterparties in the marketplace are doing. I don't have a problem with it but then I work in the AML field and see it from the inside.

regularsaver1

you can opt out of marketing on all channels

hotbod

yes i object to giving out personal details
just to open my sons account (basic) wanted to know my details he is over 16 has own ID etc
none of their buisness who i bank with !

masonic

zxcvbnm wrote:

I just wanted to know if I was the only one fed up with being asked for details of my income and investments when opening a new savings account?

I've never been asked for details of my income etc when opening a savings account and I've opened at least half a dozen in the past 12 months. The only time I've ever been asked for those sorts of details is in credit card applications and current account applications where a credit/overdraft limit needed to be calculated. Is this something new that's being introduced, or have I just managed to avoid the banks that ask these questions as a matter of course?

ManAtHome

I've never been asked either - normally a cheque or DD from my Bank and possibly utility bill plus IR coding notice is enough (sometimes just the cheque). I reckon asking for income and investments is so they can bombard you with junk mail.

To add to Robert's post - you don't have to give them your custom or lend them your money, seems even more reasonable...

zxcvbnm_2

Just to update, I went into the branch the following day and told them that I would like to open an account, but was not prepared to give them details of my income or other savings and investments. I also told them that I had previously been refused an account because of this.

Fifteen minutes later the account was opened.

I must point out that they had never said that this information was required because of money laundering regulations and evidently this was not the case. I had already provided details of my identity and address, which is all that is required.

This suggests that the only reason the bank want this information is to try to sell you other products.

Of course we can all choose where to bank, but that was not the point of my post, I just wondered if any other people objected to providing unnecessary details to their bank.

Ted_Bloke

wigginsmum wrote:

The institutions are required to interpret the AML rules without much guidance from the FSA, and each one will take into account what other counterparties in the marketplace are doing.

Ah, that answers something I'd been wondering about for a long time - how is that some institutions wants a pile of original documents, others just an application with a signature? In the latter class was AL - no hassle. Other extreme was Halifax who wanted documents all over again every new thing I opened with them despite already having numnerous accounts etc. and since a long time, BOS was rather that way too. If AL can manage, why not others??

brodev

on a similar subject, I was asked to provide a certified copy of my passport including photograph by a bank. The certifier had to certify that the photograph was a good likeness.etc. the only problem is that the passport office now have hollographic images of the 4 national flowers over the photographs and cannot therefore be copied. the right hand does not know what the left hand is doing.