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

aliasojo

BobQ wrote: »

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.

I couldn't have fitted that in the 'how much' box.

I've just deposited a sizeable amount so no doubt they'll wonder how since I put 0 in the income box.

BobQ

aliasojo wrote: »

I couldn't have fitted that in the 'how much' box.

I've just deposited a sizeable amount so no doubt they'll wonder how since I put 0 in the income box.

It will serve you right when Special Branch comes round to investigate:D

aliasojo

BobQ wrote: »

It will serve you right when Special Branch comes round to investigate:D

Ach I'll make sure I have biscuits in, I'm sure it will be fine.

Chadsman

Thanks to the link provided by SES6JWG we can read the FSAs guidelines on good practice re 'know your customer' and that according to their guidelines it is not good practice to ask for a customers occupation when said customer is opening a savings account.

The only logical conclusion is that it is a marketing ploy.

Reaper

It might even be illegal. I can't claim to know the law well but my understanding is that one of the aims of the Data Protection Act was to prevent the unnecessary collection of private data.

If you could be bothered you could check out the law and then challenge them to justify collection such information for a savings account.

Mandelbrot

Reaper wrote: »

my understanding is that one of the aims of the Data Protection Act was to prevent the unnecessary collection of private data.

Data Protection Principle No.3 : "Personal data shall be adequate, relevant and not excessive in relation to the purpose or purposes for which they are processed."

creditguy

I'll give you an example:

All criminals need a way to rinse their money in the form of bank acc or savings account

Terrorist walks into Santander to open savings account

Advisor thinks not neccessary to take income and expenditure as only using it to pay in £20 per month.

Two weeks later, £10k, £20k, 5k etc start going through the account. All kinds of money is being deposited left, right and centre. Large payments going out and coming in. Santander cannot take reasonable steps to verify the source of income so they've got a major problem.

They know nothing about the customer, where else they bank, what other accounts they have etc.

All this is to protect you as a customer and the bank from money laundering, all different types of fraud e.g. application fraud like the idiot above whose saying he's a jedi.

Reaper

Rather an ancient thread to revive but ...

creditguy wrote: »

All kinds of money is being deposited left, right and centre. Large payments going out and coming in. Santander cannot take reasonable steps to verify the source of income so they've got a major problem.

Not really. If the money is coming in by cheque or bank transfer there is a money trail. If it is large sums of cash and they are suspicious then whether or not they know anything about the account holders income they have a duty to report it under money laundering rules:
http://www.hmrc.gov.uk/mlr/your-role/suspicious-transaction.htm

grizzly1911

Reaper wrote: »

Rather an ancient thread to revive but ...

Not really. If the money is coming in by cheque or bank transfer there is a money trail. If it is large sums of cash and they are suspicious then whether or not they know anything about the account holders income they have a duty to report it under money laundering rules:
http://www.hmrc.gov.uk/mlr/your-role/suspicious-transaction.htm

Bank accouints have been frozen or "suspect" credit funds made unavailable, on a number of occasions, according to people on the bank accounts thread until the bank satisfies itself.

They don't have to give a reason.