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Bank asking dodgy questions

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  • Shakin_Steve
    Shakin_Steve Posts: 2,813 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Band7 said:
    I just treat Kroo as a savings account with a debit card, the only money that goes in is from my own accounts.
    Good luck with that - - - they even manage to hold up incoming payments from current accounts in your own name.

    I have long discarded Kroo, even as a savings account. I get 3.55% at CHIP, and who also have a much simpler & faster deposit method
    They haven't held up any of my incoming payments.......yet. When they do (for others) it usually gets sorted quite quickly, and I don't rely on that account for day to day living. 
    Don't even know why I bothered to open it really, I guess old habits die hard 🙄
    I came into this world with nothing and I've got most of it left.
  • Bigwheels1111
    Bigwheels1111 Posts: 3,036 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Band7 said:
    I just treat Kroo as a savings account with a debit card, the only money that goes in is from my own accounts.
    Good luck with that - - - they even manage to hold up incoming payments from current accounts in your own name.

    I have long discarded Kroo, even as a savings account. I get 3.55% at CHIP, and who also have a much simpler & faster deposit method
    Check Chip, 3.71% I think it is.
  • eskbanker
    eskbanker Posts: 36,993 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Band7 said:
    I get 3.55% at CHIP
    Check Chip, 3.71% I think it is.
    It was increased during the ten hours since that earlier comment was posted!
  • Band7 said:
     

    Personally anyone who ask me for a date of birth will get a counter question for their date of birth. The response is often muted. The reality is most people don't really understand data protection.
    Banks have every right to ask you for your DOB. It's part of the KYC data they must hold for you.

    They have no rights whatsoever to ask you for the DOB of someone who has made a payment to you.
    KYC is part of the policies on money laundering and financial fraud. It is not the same as data protection.

    Personally, if my financial security is heavily dependent on DOB then I would change my bank as it is relatively easy to get a person's date of birth by asking them their age and birthday. My bank has voice recognition so they can reasonably identify who I am.
  • Bee175 said:
    @Bee175

    I look forward to hearing the outcome of the formal complaints. Sometimes banking staff don't always follow the procedures in place, as I discovered in my complaints to the bank, and to make up their own procedures or that of their line manager's.

    It might be worth contacting the FCA for their take on this. Particularly as it is their job to regulate the financial market and have policies on money laundering. Sometimes financial institutions may interpret the policies wrongly as I discovered with a stockbroker in Canary Wharf.

    Personally anyone who ask me for a date of birth will get a counter question for their date of birth. The response is often muted. The reality is most people don't really understand data protection.
    No formal complaints have been made. I did contact the ombudsman, but only through a "general enquiry" email. I didn't lodge a proper complaint.

    I now think your idea of contacting the FCA is a better idea. A friend had cause to contact them recently, and although their answer was not what he wanted to hear, they did answer promptly. I will do that today.
    Contacting the FCA will give you an understanding of the regulatory policies and practices. This will add a framework to your complaint to the Halifax by asking the right questions. However, this could be daunting to many people who aren't familiar with policies and regulations. There is an art to asking the right questions.

    Your enquiry to the Financial Ombudsman (FOS) will probably result in a reply that you should lodge a complaint to the bank first before contacting them. They won't give an opinion on your situation as it could interfere in their role as arbiters should a complaint is escalated to them.

    We don't know if it's the Bank following its own policy or a rogue staff/branch having its own separate policy. So a complaint to the bank is the only way to add some clarity. The complaint handler should compare how the staff have acted within the Bank's own policy and the regulatory framework. The complaint handler may provide an apology/compensation for any deviances in policy/regulatory framework or choose to defend staff. Sometimes the complaint handler may not understand the policies themselves and just take the word of the staff/line manager. Hence the need to arm yourself with knowledge from the FCA.

    Just because someone works in a bank doesn't mean they are experts in what they are doing.

    Hope this is okay for you.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    Band7 said:
     

    Personally anyone who ask me for a date of birth will get a counter question for their date of birth. The response is often muted. The reality is most people don't really understand data protection.
    Banks have every right to ask you for your DOB. It's part of the KYC data they must hold for you.

    They have no rights whatsoever to ask you for the DOB of someone who has made a payment to you.
    KYC is part of the policies on money laundering and financial fraud. It is not the same as data protection.

    Personally, if my financial security is heavily dependent on DOB then I would change my bank as it is relatively easy to get a person's date of birth by asking them their age and birthday. My bank has voice recognition so they can reasonably identify who I am.
    Like it or not, DOB is one of the data elements routinely collected for KYC purposes, not least to determine whether a person is entitled to an account or service.

    Nobody has suggested that any banks are making their customers' financial security heavily dependent on people's DOB.
  • Band7 said:
    .
    Like it or not, DOB is one of the data elements routinely collected for KYC purposes, not least to determine whether a person is entitled to an account or service.

    Nobody has suggested that any banks are making their customers' financial security heavily dependent on people's DOB.

    Looks like you have misunderstood the purpose of KYC and how it relates to money laundering regulations. It is not a replacement for data protection laws, I'm afraid.



  • jimjames
    jimjames Posts: 18,636 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper

    not sure why you think that I think KYC or AML is a replacement for data protection. But not worth getting to the bottom of this because it's nothing to do with whether a bank can reasonably ask the recipient for the DOB of someone who sent money to them.

  • Band7 said:

    not sure why you think that I think KYC or AML is a replacement for data protection. But not worth getting to the bottom of this because it's nothing to do with whether a bank can reasonably ask the recipient for the DOB of someone who sent money to them.
    Well that is because I'm not convinced you have understood my points in regards to data protection.
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