Wynn2022 Posts: 12
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edited 7 December 2023 at 9:56AM in Savings & investments

I went to the Nationwide Building Society on 1st November 2023 to transfer my old existing Nationwide cash ISA to a 5% 2-year fixed rate cash ISA with no additional funds being added or any removed. I have been a member of Nationwide since the 1980’s.

I was asked my income, this I considered to be an unnecessary intrusive request and refused, I was informed this was a regulatory requirement. I again refused as I had not had this request from another building society. This demand was reiterated by the branch manager. Again, I refused and left.

I wrote to the Nationwide CEO and expected that I would be informed that this was a mistake but was informed that it is a regulatory requirement.

I also wrote to my MP who informed me that “It is incorrect to say that this is a Government regulatory requirement in the circumstances as you have described them”.

I again wrote to Nationwide quoting my MP’S statement, again they have stated that they stand by their original decision.

I am unable to transfer this ISA to another society as my other ISA is fixed with no additional funds to be added permitted.

I also asked Nationwide and my MP how Nationwide could check this information, if they had access to Inland Revenue records, neither replied to that question.

While I have always believed, if you have nothing to hide you have nothing to fear. However, I consider this to be unnecessary intrusion and data harvesting. It also concerns me how secure their system is with continual news reports of information being hacked. While I cannot see how my income would be of interest to anyone, I do not see why I should have to reveal it unnecessarily. I also feel that many elderly and sensitive people would find such a question intimidating and concerning.

Who is correct Nationwide or my MP, is there regulation requiring them to request income for a minor transaction?

Should Nationwide be allowed to harvest unnecessary data or are they abusing their position?

How can they check my income?

What other unnecessary intrusive questions will they be asking in the future using regulation as an excuse?

Has anyone else had a similar experience?



  • Kim_13
    Kim_13 Posts: 2,223
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    Wynn2022 said:

    I am unable to transfer this ISA to another society as my other ISA is fixed with no additional funds to be added permitted.

    This cannot be true.  You can transfer your ISA to any other ISA that accepts transfers in provided by any other financial institution.  The condition of other ISAs you hold has no effect and is irrelevant.  If the ISA you want to transfer is fixed then you can still transfer it but there will be a penalty charge.

    Vote with your feet!   
    Exactly this - the only way someone would need to stick with Nationwide would be if they had funded a fixed ISA in that tax year and didn’t want to pay a penalty - since (in this FY) you cannot place the remainder of your ISA allowance with another Cash ISA provider. Perhaps the OP could confirm if this is the quandary they’re in?

    Nationwide aren’t the only provider to ask that question. As anti money laundering type question, there’s a kind of logic there - but then there are always going to be those with minimal living expenses/savings elsewhere that could perfectly legitimately subscribe more than would be expected for their level of income. And it is a little bizarre that they say that what you put won’t affect the outcome of your application - surely it has to, otherwise there’s no point in asking. If it’s just to make sure that the information they hold on you is up to date, they should say so. All current account applications ask it, and perhaps as a current account provider that’s the approach they’ve chosen.
  • eskbanker said:
    If it's just a question which requires a number without proof provided, why not just humour them with any figure you see fit. It's really not worth making a big fuss over. My income varies from month to month, year to year, so any figures I provide is pretty meaningless.
    It's important to be consistent though - anyone using different figures for declared income across multiple applications runs the risk of discrepancies being flagged in anti-fraud databases such as National Hunter, which can have painful consequences if deemed to be outside reasonable tolerances....
    I'm going to suffer because of this. I've just filled out a couple of applications that inquired of my annual income. Just hit 66 and 5 pensions have kicked in within the last 2 months. My annual income has increased six-fold.
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