We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Nationwide asking to confirm identity 6 years later!?
Comments
-
boingy said:I'm certain some of these banks are using KYC as a golden opportunity to gather more data on customers than the legislation requires. They are big businesses and your data is valuable.
https://www.nationwide.co.uk/about-us/cookies-privacy/how-we-use-your-information/3 -
eskbanker said:boingy said:I'm certain some of these banks are using KYC as a golden opportunity to gather more data on customers than the legislation requires. They are big businesses and your data is valuable.
https://www.nationwide.co.uk/about-us/cookies-privacy/how-we-use-your-information/
To be clear, I'm not talking about Nationwide specifically. Maybe they are whiter than white but on here we've seen large differences between what each bank are asking for KYC. That's because they each have been left to decide what they need to do and I'm sure some will be gathering more data than they truly should be.5 -
boingy said:eskbanker said:boingy said:I'm certain some of these banks are using KYC as a golden opportunity to gather more data on customers than the legislation requires. They are big businesses and your data is valuable.
https://www.nationwide.co.uk/about-us/cookies-privacy/how-we-use-your-information/
To be clear, I'm not talking about Nationwide specifically. Maybe they are whiter than white but on here we've seen large differences between what each bank are asking for KYC. That's because they each have been left to decide what they need to do and I'm sure some will be gathering more data than they truly should be.0 -
boingy said:eskbanker said:boingy said:I'm certain some of these banks are using KYC as a golden opportunity to gather more data on customers than the legislation requires. They are big businesses and your data is valuable.
https://www.nationwide.co.uk/about-us/cookies-privacy/how-we-use-your-information/
An office worker for a blue-chip depositing a lot, regularly each month in cash? Hmm..may raise eyebrows and worth checking up on. Less eyebrow raising if the customer's occupation was market trader.
A clerical worker with £100k going through their account? Hmm...0 -
The banks are not on our side, despite the cuddly adverts. They aim to make as much money out of us as they can get away with. It's naïve to think otherwise. Data is money. In 5 or 10 years time we'll be reading about KYC data abuse, probably after a class lawsuit.1
-
boingy said:The banks are not on our side, despite the cuddly adverts. They aim to make as much money out of us as they can get away with. It's naïve to think otherwise. Data is money. In 5 or 10 years time we'll be reading about KYC data abuse, probably after a class lawsuit.
And yes, if data gathered for KYC purposes is abused, then this would be in breach of privacy policies and/or data protection legislation and therefore subject to enforcement action....1 -
boingy said:The banks are not on our side, despite the cuddly adverts. They aim to make as much money out of us as they can get away with. It's naïve to think otherwise. Data is money. In 5 or 10 years time we'll be reading about KYC data abuse, probably after a class lawsuit.
I'm old enough to remember having to pay a bank for each transaction I made. Free banking was a great boon, took off and now it is expected by everyone and would be extremely difficult to get rid of.
I've 4 different banks paying me over a fiver a month in cash or kind. They pay staff to look after me and answer the phone, pay cash machine companies to supply me with cash, and some of them even supply a branch network. Quite a few of them pay me above base rate for regular savers. I still haven't got over a mild sense of wonderment that all this exists.
I'm under no illusion that they are my friends. I know they are commercial organisations who want to make money. I just don't think they are making a very good fist of it from me.
Going back to your question about whether they are checking your data - they may not be, but they will be checking it against National Hunter. It would be very foolish to make stuff up and change your answers, as you could find yourself without a bank at all.
2 -
boingy said:eskbanker said:boingy said:I'm certain some of these banks are using KYC as a golden opportunity to gather more data on customers than the legislation requires. They are big businesses and your data is valuable.
https://www.nationwide.co.uk/about-us/cookies-privacy/how-we-use-your-information/
To be clear, I'm not talking about Nationwide specifically. Maybe they are whiter than white but on here we've seen large differences between what each bank are asking for KYC. That's because they each have been left to decide what they need to do and I'm sure some will be gathering more data than they truly should be.boingy said:The banks are not on our side, despite the cuddly adverts. They aim to make as much money out of us as they can get away with. It's naïve to think otherwise. Data is money. In 5 or 10 years time we'll be reading about KYC data abuse, probably after a class lawsuit.
If a bank makes unauthorised use of this information then that is a breach of GDPR, but that doesn't change the fact that they need to gather this data to avoid getting slapped by the regulators.2 -
Nasqueron said:blomft said:I've had this happen recently too, I can understand the reason for ID checks etc periodically, But they were asking for many personal Details, where do I work, when I started work there, how much do I earn etc etc.
I can't see any reason why they should want or need this information unless they want to sell me things.
If it is a new legal requirement, then why aren't other banks asking for this detailed information?
I have about £4000 of funds going into regular savings with organisations who have no idea about my income.
The origin of the money is never queried and nor would I expect it to be, because they are cleared funds from other organizations.1 -
nottsphil said:Nasqueron said:blomft said:I've had this happen recently too, I can understand the reason for ID checks etc periodically, But they were asking for many personal Details, where do I work, when I started work there, how much do I earn etc etc.
I can't see any reason why they should want or need this information unless they want to sell me things.
If it is a new legal requirement, then why aren't other banks asking for this detailed information?
I have about £4000 of funds going into regular savings with organisations who have no idea about my income.
The origin of the money is never queried and nor would I expect it to be, because they are cleared funds from other organizations.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.2K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards