Anyone had problems?

http://www.telegraph.co.uk/finance/personalfinance/savings/10788369/Savers-must-answer-intrusive-questions-to-get-money.html

It seems they will now ask several detailed questions when transferring large amounts. Has anyone had any problems when sending funds for property purchases or investments?

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  • jimjamesjimjames Forumite
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    Not for property and no large amounts but last 2 transfers I've done have been blocked and needed me to call to authenticate them.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Paul_HerringPaul_Herring Forumite
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    Was featured on last Saturday's MoneyBox: http://www.bbc.co.uk/programmes/b041txvt
    but last 2 transfers I've done have been blocked and needed me to call to authenticate them.

    That's not what the problem is - you were presumably asked to verify that you did indeed intend to remove the money. This is something different entirely and more sinister; they're threatening to block your account/prevent you withdrawing money because they decide they want to know your inside leg measurement or somesuch along with a whole slew of other information - none of which they (should) have any right to, under the guise of "knowing your customer" regulations to prevent money laundering.
    Conjugating the verb 'to be":
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  • JohnRoJohnRo Forumite
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    What happens when someone can't give the answers demanded simply because the information, with the best will in the world, just isn't available?

    Surely the threat of locking peoples accounts if information is not forthcoming is entering the murky realm of politics and blackmail?

    It's easy to get paranoid about these things, in the context of a collapsing, fraudulent fiat monetary system, but there does seem to be a pervasive shift towards guilty until proven innocent in recent times. Perhaps we're all much further than imagined down the nightmarish Orwellian road where anyone can be switched off at the whim of big brother.

    If there is a suspicion of criminal activity the police state needs to investigate and earn their living for once. If there isn't then your finances should be no one else's damned business unless you choose to make them so?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Paul_HerringPaul_Herring Forumite
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    JohnRo wrote: »
    What happens when someone can't give the answers demanded simply because the information, with the best will in the world, just isn't available?

    They can't access their money. Next question?

    (SelfTrade IIRC cited Money Laundering regulations, when asked what gave them the right to do this.)
    Conjugating the verb 'to be":
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  • ReaperReaper Forumite
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    There's an existing long running thread about Self Trade asking for excessive financial details:
    http://forums.moneysavingexpert.com/showthread.php?t=4938765
  • MarcoMMarcoM Forumite
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    My concern is with HSBC. I will soon be receiving a transfer from another provider as my investment is maturing. My preference was to deposit this via HSBC current account but I do not wish to be interrogated to a ridiculous extent. Am I better off opening a current account with a less intrusive bank?
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