Excessive information required to open a savings account?

Kazby

Hi all, I've just tried to open a savings account online with Santander. It's a basic instant access account - mimimum deposit of £1, no overdraft facility, no regular saving requirement.

When I was going through the application form online, I came to a page where I had to enter my net monthly income, my job title and company name and address to be able to progress with the application. I can't understand why the bank would need this information for a simple savings account - it seems very excessive to me. Does anybody know whether this is a Santander requirement or do they have to gather this information because of some new legislation that I'm not aware of?

kevin52

I was investing some money with HBOS over the phone and I was told that they would (or may) do a check with a credit reference agency. I told this geezer that on the contrary I was not bankrupt and HBOS was, and as it was my money I was investing I would be checking on their credit worthiness with an agency.
:D:D

YorkshireBoy

Kazby wrote: »

Does anybody know whether this is a Santander requirement or do they have to gather this information because of some new legislation that I'm not aware of?

Google 'FSA know your customer'.

innovate

Money Laundering compliance will be the official reason.

It's a bit like getting frisked when you go through airport security - - even though you have no guns and explosives on you, you get searched for them.

Thank the crooks and criminals for having to go to these lengths.

grey_gym_sock

you don't usually get asked for income when opening a savings account. i think i've only been asked that once, and i decided not to open that account.

contacting a credit reference agency is normal so long as it is only to do an identity / money laundering check. they should not be doing a credit check for a savings account, only when you apply for credit. a money laundering check does not affect your credit rating, unlike a credit check.

opinions4u

kevin52 wrote: »

I was investing some money with HBOS over the phone and I was told that they would (or may) do a check with a credit reference agency. I told this geezer that on the contrary I was not bankrupt and HBOS was, and as it was my money I was investing I would be checking on their credit worthiness with an agency.
:D:D

It's very clever of you.

But they were merely trying to verify your identification electronically in order to comply with money laundering requirements, and potentially save you a trip to a branch.

RetiredInThailand

Santander is well known for asking for extra information well above and beyond the requirements of any UK or EU legislation. It is used for internal marketing purposes.

nilrem_2

I have opened lot's of savings accounts and have never been asked about my income. Had I been asked I would have refused and gone elsewhere TBH.

ses6jwg

The Job title is for Know Your Customer. They need Name, address, nationality, country of resident, dob and employment status.

For the income part its just an annoying quirk in the system. Just put £0 in all the boxes and it'll still work.

innovate

nilrem wrote: »

I have opened lot's of savings accounts and have never been asked about my income. Had I been asked I would have refused and gone elsewhere TBH.

I would have no problem to give an income figure to any bank/BS that offered me market-leading interest rates.

My income figure would be irrelevant for getting a savings account opened, and they'd have zero means of verifying my income, anyway.

So providing an answer to 'what is your income' is a non-issue.

grey_gym_sock

if one were thinking of giving an inaccurate income figure (not that any of us would, of course) ...

that might cause problems if one later made an application to the same bank/BS for which income was relevant (e.g. a mortgage application).

there is also a shared database to check to consistency of information on application forms (to flag inconsistency as a possible sign of fraudulent applications). i'd be surprised if it includes income, but i don't actually know.