Personal details update with banks

book12

I remember when I opened an account, as well as asking the 'usual' personal details (i.e. name & address), they also ask about employment related things, such as company name, salary, and job title.

I will be starting a new job.

Do I need to tell the bank to update my employment details, so that the system has accurate information?

td_007

Other than address, I have never bothered to inform the banks re changes - job/salary/dependents/other income etc.

book12

Ok. I won't go to the branch and ask them to update the employment details then.

I understand why they want to know the salary part, so they can recommend suitable products, credit scoring, etc...

What's the point of knowing the name of the company I work for?

izools

Verification purposes, say for example you apply for a loan or other credit based product they may call your employer to confirm you are telling the truth.

RBS did this with me when I opened a credit card with them years back.

Limits on credit based products will be based on your account turnover and average / minimum balance over the last six months, however. The Salary figure is there for affordability scoring purposes outside of your pre-approved limits.

anamenottaken

book12 wrote: »

I will be starting a new job.

Do I need to tell the bank to update my employment details, so that the system has accurate information?

If you gave them a work phone number as a contact number then do remember to let them know about whatever your number becomes (as your daytime phone number, if you work days, not that it is necessarily your employer's number). If you have online access to your accounts there may well be a function available to do that.

boliston

They would only be interested in updating job/salary info if you were buying a NEW service such as a loan or mortgage and this would be included as part of the new credit check process.

mclaren32

boliston wrote: »

They would only be interested in updating job/salary info if you were buying a NEW service such as a loan or mortgage and this would be included as part of the new credit check process.

This

It can be recorded but afaik its not used for anything.

Mr.Mulla

book12 wrote: »

I remember when I opened an account, as well as asking the 'usual' personal details (i.e. name & address), they also ask about employment related things, such as company name, salary, and job title.

I will be starting a new job.

Do I need to tell the bank to update my employment details, so that the system has accurate information?

IMO, I think you should update them with those information as well. There are some things that it may be useful, like if they cannot contact you on the primary number you gave them, they can probably use your work phone number just in case.

CLONNEN

If your bank card ever gets retained by the cash machine they will ask a bunch of security questions before letting you have it back. Not sure if employment details is part of this. Name, address, telephone number and marital status definitely are.

My dad once had to go through this with his Lloyds account and they got very toffee-nosed and made him bring in proof of ID because he hadn't told them he had gotten married and had three children since opening the account over 20 years ago - he thought he only had to inform them of address changes. Shortly afterwards they closed his account for being in breach of the terms and conditions.

Eydon

I was asked my employer when I went to get a Banker's Draft - it was one of their security questions. It turns out that the details they had on file were several years out of date, so I just listed my employers in reverse order until I hit the right one