Can banks insist on knowing your income, even if you are not a borrower?

colsten

Similar here. One of my Santander accounts has been exchanging between £1,000 and £1,500 a month with several other accounts for ages, putting my the money that comes into my account way above the income figure I gave them over 4 years ago when I opened that account, and which has never been updated.

Money laundering checks by banks will be a heck of a lot more sophisticated than checking that people don't pay more into their account than the income figure they gave when they originally opened the account.

schiff

I regularly have twenty times my income going in and out of my account every month and it hasn't ever been questioned. They can see where it's coming from and going to, and in any event I told them what to expect when the account was opened!

schiff

This thread came just after I had applied for a First Direct account. Comments on that FD thread indicated that I might be expected to suffer a searching phone call and to produce a recent statement from my current bank, something that I was going to refuse on the grounds, not that I had something to hide, but that it was private and personal and nothing to do with them. I wasn't applying for a loan when I would have complied, I would have had to.

In the event no phone call and just a couple of forms to sign!