Poor Service

amcluesent

>openeing an account with £100'000.<

IIRC, all cash transactions greater than £10,000 are reported to Big Brother as a matter of course.

regularsaver1

I suppose that is dependent of the instituion

doesn't in mine

LittleVoice

Saying you are making a deposit from your savings or from your salary is OK. But being asked for a specific salary figure is a step too far for me.

In fact, I'm now tending to say that I'm not working at the moment and that money will be coming from other savings. Saves the bother of arguing about why you don't want to tell them your salary.

ManAtHome

regularsaver1 wrote: »

why do you say especially if depositing a cheque

actually cheques is one of the biggest reasons to need to know

If it's coming out of my account surely the funds have been already checked when deposited...

DawnW

I opened one of these accounts recently, and all they asked was for the source of the funds, ie I have saved it from my salary, shifting it from other savings etc, not how much I earn. They didn't give me a receipt either though. I opened one for my mother a few weeks back though, and the paperwork has come through all OK, so I am not particularly worried.

mademoiselle_2

JeffG wrote: »

I went into Barclays this morning to open an ISA.
I objected when asked to fill in my salary amount. I could not understand why this was required for a savings account. I was told that they would not open the account without. when I handed over my cheque for the money to put in my ISA, I asked for a receipt. I was told that they do not give receipts and that I should trust them. I eventually got them to give a photocopy of my cheque. I consider this to be very poor customer service. what do other people think?

Actually, Jeff G, I'm glad you posted this, because it's the intrusive nature of the State that has stopped me investing in an ISA thus far. Yes, they quote 'money laundering' as the reason why they ask detailed questions about the source of the money. But the point about putting your savings into an ISA - which has always niggled at me - is that in saving the bit of tax, you also surrender up to the Government full details of how much you have in savings. And, seeing as they seem to use that information to work out how much it's possible to plunder from State pension schemes.... call me a cynic, but! I still object.

I was thinking of starting an ISA with Barclays. Now I think I will just leave the amount in a nice anonymous savings account.

Riviera_Kid

Why are some people so against giving out their salary details?

chesky369

"in saving the bit of tax, you also surrender up to the Government full details of how much you have in savings. "
But surely the government knows anyway (unless it's under the mattress), since tax reports are made from the banks on all savings accounts.

regularsaver1

LittleVoice wrote: »

Saying you are making a deposit from your savings or from your salary is OK. But being asked for a specific salary figure is a step too far for me.

In fact, I'm now tending to say that I'm not working at the moment and that money will be coming from other savings. Saves the bother of arguing about why you don't want to tell them your salary.

we don't ask salary at the bank I work at on savings (do on bank accounts) - does not appear on application form

but - we do ask job - because we have to. its a requirement under KYC (type this into google and you can see why) and source of funds

why are people so secretive over their salary?

nothing is ever hidden from the tax man

regularsaver1

ManAtHome wrote: »

If it's coming out of my account surely the funds have been already checked when deposited...

depends, could be another bank??

ie - your bank could be A&L and then you take a cheque to Barclays