Santander eSaver issue 4

CleanShirt

Because you are an existing customer, i would guess they are making sure your details are up to date. They ask for it all again, as its a fresh application for a new account, so even though they should already know this info, they ask again, to make sure it is up to date and correct. It seems for the OP they dont have it so they are asking again, as it wasnt pre populated. The info required is not necessarily to do with the savings account but her existing products, as all accounts are linked to her.

It does no one any favours having yourself down as some wildly incorrect occupation with wrong figures etc, as it may affect the products you already have with them, because the info is derived from the same profile of you...

RetiredInThailand

Actually it's just a gross invasion of privacy and Santander are the only UK bank that takes it to such extremes that I know of.
Santander do not need to know this information, no law requires them to know it and it is quite simply none of their business.
If they insist on requiring information they are not entitled to know and do not need then they should expect to be lied to, and quite right too.

Stephen_Leak

I've just "ditched and switched" to a Santander eSaver Issue 4 and I didn't get anything like this. I'd have assumed it was a phishing attempt.

CleanShirt

RetiredInThailand wrote: »

Actually it's just a gross invasion of privacy and Santander are the only UK bank that takes it to such extremes that I know of.
Santander do not need to know this information, no law requires them to know it and it is quite simply none of their business.
If they insist on requiring information they are not entitled to know and do not need then they should expect to be lied to, and quite right too.

You are actually wrong in a way. Santander, like all banks, are legally obliged to take a profile of their customers. So this is their interpretation of this.

From the evidence in this thread though, I would assume existing customers with multiple products where this info is important (such as income for a current account) had their info pre populated, so the bank had this info already, just wanting to check its correct. In the OPs case they didn't have that info and need it. Stephen, who i'm assuming with no other products with them, just wanting a savings account, wasn't asked as many questions questions.

Thats what i'd guess. I would say that was an efficient way of ensure the existing customer details were up to date.

gadgetmind

CleanShirt wrote: »

You are actually wrong in a way. Santander, like all banks, are legally obliged to take a profile of their customers.

How is "profile" defined in the relevant legislation?

bengal-stripe

marw wrote: »

I transferred from old E saver with Santander to new E Saver 4 yesterday by telephone. I did not need to give all this information. Why not try telephoning them?

I had the same experience. I had an old eSaver 2 (with hardly any money in it) and I also have a current account. After the usual security questions, the operator set-up the new account: "It should be on now!" - So I reloaded my internet banking page and there it was: sort code and account number.

Then I transferred the balance from the old to the new account and the next working day the bank removed the old account and credited the new one with 20 pence interest.

Couldn't have been easier and done more efficiently.

CleanShirt

gadgetmind wrote: »

How is "profile" defined in the relevant legislation?

It's defined by Knowing Your Customer (KYC), stated by the FSA. I've taken these quotes by some websites doing a quick search. Can't post links though..

"While many companies often require at least basic KYC information to complete the advice process and product selection, the FSA recognizes that many firms often keep additional data on file about the client's financial position, such as details of their employer or the levels of 'activity' or investment that a client may adopt, or the origin and source of funds that will be used.

The FSA points out in DP22 - Reducing money laundering risk: 'Know Your Customer' and anti-money laundering monitoring - that the many different money laundering regulations from Europe, the UK and other committees say "additional information over and above identification information should be obtained and used by firms" to verify client identity."

and

"As it stands, the FSA has suggested ANY information on the client - no matter what it is and what it was obtained for - ought to be used to ensure individual companies are doing all they can to combat money laundering."


So institutions are in a rock and a hard place. They are fearful of being prosecuted by not doing enough and also from taking too much info. They only do it to cover their back from all the red tape involved.

By having up to date info like that they are ensuring they are doing all they can from a regulatory perspective. Hardly 'just being nosey' for no reason. The EU and British Government require them to, or face prosecution.

gadgetmind

CleanShirt wrote: »

They are fearful of being prosecuted by not doing enough and also from taking too much info.

They need have no fear of the latter with me.

I regard my name and address as fair game, and will even provide passport number, as the latter surely is the gold standard regards identity.

Details of my employment, salary, savings, etc. are completely off limits; if they require this before doing business with me then I won't do business with them.

It really is that simple.

CleanShirt

gadgetmind wrote: »

They need have no fear of the latter with me.

I regard my name and address as fair game, and will even provide passport number, as the latter surely is the gold standard regards identity.

Details of my employment, salary, savings, etc. are completely off limits; if they require this before doing business with me then I won't do business with them.

It really is that simple.

Good luck with that. It's a regulatory requirement of all financial institutions to 'know your customer'. Passport numbers don't indicate if you are laundering money. It's nothing to do with identity, it's verification.

Ifts

What irritates me is the inconsistency between different financial organisations in what details they require from you to be able to open a new account.

I have never been asked for employment details or other savings details when opening a savings account (maybe just been lucky) and because of this the cynic in me would have me believe they are just fishing for marketing purposes if they ever did start to get nosey!

I'm with gadget on this one, I would not do business with them if they did start asking questions out of the norm. And maybe if more people did this, then the suits in that organisation may just change the questioning procedure.

Sorry but good luck is not required here because from experience I know that (for me at least) there are plenty of other financial organisations that will do business with you without wanting to know what you had for breakfast.