Why does Santander need my monthly income details to open a savings acc?

ses6jwg

Chadsman wrote: »

If I am ever asked for my occupation I say either timelord, jedi, Prince Phillip or the Venusian ambassador to Uranus.

That's a bit stupid because your occupation forms part of the "Know Your Customer" mandatory information within most of the major banks, and that is reportable to the FSA - i.e. it has to be accurate and is nothing to do with marketing/ sales.

Providing such silly answers could get your accounts force closed or blocked.

ses6jwg

aliasojo wrote: »

Well I restarted the application and put 0 in where required. Next 'issue' was the question about how much I intended saving every month. I'm not! (I intended to put in a lump sum and leave it alone.) I ended up saying £50 in that section which is a lie.

I actually wish I hadn't applied now, I think I'd prefer my money to be elsewhere they have annoyed me that much with their awful application process!

It's to do with AML, they want an idea of how you will be using the account.

Chadsman

ses6jwg wrote: »

That's a bit stupid because your occupation forms part of the "Know Your Customer" mandatory information within most of the major banks, and that is reportable to the FSA - i.e. it has to be accurate and is nothing to do with marketing/ sales.

Providing such silly answers could get your accounts force closed or blocked.

no one has closed an account yet.
If it really was that important for providers to have that information everyone would ask- they dont- it is a marketing ploy.

Actually I am Anne Widdecombe.

pqrdef

ses6jwg wrote: »

That's a bit stupid because your occupation forms part of the "Know Your Customer" mandatory information within most of the major banks, and that is reportable to the FSA - i.e. it has to be accurate and is nothing to do with marketing/ sales.

Never been asked for it for a savings account.

Just opened a Derbyshire NetSaver and they wanted name, address, phone, email, date of birth, and bank account to pay money out to.

ses6jwg

Chadsman wrote: »

no one has closed an account yet.
If it really was that important for providers to have that information everyone would ask- they dont- it is a marketing ploy.

I'd suggest you read the section marked "Know Your Customer"

http://www.fsa.gov.uk/pubs/discussion/dp22.pdf

Note the section saying "we reccomend holding information above and beyond standard identification procedures"

Some examples of what has happened to banks that have not complied:

http://www.fsa.gov.uk/Pages/Library/Communication/PR/2003/132.shtml

http://www.fsa.gov.uk/Pages/Library/Communication/PR/2002/123.shtml

http://www.tax-news.com/news/FSA_Hands_Out_Record_Fine_To_Northern_Bank_For_KYC_Breach____12947.html

Some more information on KYC

http://en.wikipedia.org/wiki/Know_your_customer#Over_and_above_KYC_procedures

Chadsman

details of occupation/employment (for personal bank current accounts);

It does not say occupation is needed for savings accounts so it looks like I'm not going to the Tower after all... phew!

aliasojo

ses6jwg wrote: »

It's to do with AML, they want an idea of how you will be using the account.

If that's the case they should really have given more options then. Simply asking how much will be getting saved each month (and providing one box to input a figure) is not an accurate assessment. It's not a Regular Saver acc after all.

RetiredInThailand

Santander are both invasive and stupid.

I had to fill in the same application form when moving money from one account with them to a new account with them. This was for a time deposit and I was asked how much I would be depositing every year (nothing, of course, but there was no box for "0"), how often I would be using the account (never, of course, but again no box for "never"). They also wanted to know the source of the money, which had been on deposit with them for over 4 years. They also wanted to know my income (even though it wasnt in any way relevant to a time deposit) and, being honest, I wrote it down. So then they wrote to me wanting certified copies of accounts, or payslips or dividend stubs or certificates of interest etc. etc., none of which were relevant to the deposit anyway.

In the letter they warned me, in very unpleasant and threatening terms, that if I didnt send them the information my account would be blocked but I would continue to earn interest and I could, if I chose, just close the account. I emailed them pointing out that as it was a time deposit it is blocked anyway and that it would close automatically at the end of the term. "Oh, yes" was the response. They are complete idiots.

aliasojo

Well I was surprised (pleasantly) to get an email first thing this morning telling me the acc was up and running and how to make a deposit.

I was even more surprised to see a FP , from my external account showing in the esaver within 2 minutes!

BobQ

They do not need to ask for much information beyond that necessary to confirm your identity. Santander use it as an excuse for a fishing expedition on the basis that they can ask whatever they like on the basis its reasonable to confirm your identity and that you are not laundering money. They then use it for marketing.

I recently transferred accounts from one Santander account to another. They had records of my income and address stretching back as long as they keep records (potentially 30 years) but they still went fishing. The trouble with giving silly information is that you can be accused of providing false information. Its better to write something like Why do you need to know? and let them query it.

The time to have challenged this behavour was when it started 30 years ago. These days most financial institutions know as much about you as you do your self.