OK for savings bank to ask my net worth?

Chrisco52

I have a fixed-term deposit with Al Rayan Bank based in Birmingham.

C_Mababejive

cloud_dog wrote: »

The reason I asked who it was, was that I was wondering if the OP has investments with the same and whether these investments might come under the 'high net worth individual' warning and the organisation in question might be doing due diligence (or additional)?

If that is not relevant then yes, it is for their own marketing requirements.

Hmmm,at what point does the high net worth individual warning get triggered...?

Malthusian

C_Mababejive wrote: »

Well banks do legally own our money once we pay it over the counter..

And we own the corresponding debt owed to us by the bank (the deposit). In a very real sense, what does it matter?

C_Mababejive

Malthusian wrote: »

And we own the corresponding debt owed to us by the bank (the deposit). In a very real sense, what does it matter?

I think its important to understand. I'll bet most of the public doesn't know that once their money crosses the counter, the bank owns it.

Its a bit like money having no intrinsic value. They are just nice pictures of the queen with a 50,20,10 or 5 scribbled on the corner.

Uxb1

Malthusian wrote: »

But they usually ask for vague bands (0-15k, 15k-30k, etc) rather than exact amounts.

I've just looked up my notes about what questions Al-R asked when I applied for a simple savings a/c.
(I'm careful like this I make a note of every question and answer provided so no one can ever catch me out in the future)
They did indeed ask the question about net worth and provided ranges to tick against rather than ask the exact number - which would be next to impossible if you are an house owner with no mortgage to know your house's value.

I cannot remember the ranges listed and only noted the one I ticked which was pretty huge in range top to bottom.

toe_to_toe

C_Mababejive wrote: »

I think its important to understand. I'll bet most of the public doesn't know that once their money crosses the counter, the bank owns it.

Its a bit like money having no intrinsic value. They are just nice pictures of the queen with a 50,20,10 or 5 scribbled on the corner.

If you really thought they were just nice pictures of the queen, you wouldn't be quite so interested in who owns them

Socajam

C_Mababejive wrote: »

Well banks do legally own our money once we pay it over the counter..

Your Bank Account – Who really owns the money (hint: it's not you) Although few depositors realize it, legally the bank owns the depositor's funds as soon as they are put in the bank. Our money becomes the bank's, and we become unsecured creditors holding IOUs or promises to pay

Malthusian

C_Mababejive wrote: »

I think its important to understand. I'll bet most of the public doesn't know that once their money crosses the counter, the bank owns it.

Probably because they don't care as long as they can still spend it (more safely and easily than if they owned cash rather than a debt from the bank).

Its a bit like money having no intrinsic value. They are just nice pictures of the queen with a 50,20,10 or 5 scribbled on the corner.

Incorrect. Being able to pay £5 of your tax bill or any debt subject to UK law has intrinsic value. As long as you can exchange those nice pictures for £50 worth of goods and service with intrinsic value, nobody cares what you define as intrinsic value.

In a very real sense, you're not even reading these words right now, you're just looking at black squiggles. Like, woah, dude.

[Deleted User]

Socajam wrote: »

Your Bank Account – Who really owns the money (hint: it's not you) Although few depositors realize it, legally the bank owns the depositor's funds as soon as they are put in the bank. Our money becomes the bank's, and we become unsecured creditors holding IOUs or promises to pay

So when the bank lends you money, who owns that money if you take it out of your account in cash?

EdGasketTheSecond

Just tell 'em you 'aint got no money'; that's what I do and they soon lose interest.