Chase asking questions - anyone else?

masonic

kev2009 said:

Just had this, if i don't fill in will stop me making payments in 60 days. They say its to validate who i am and to confirm personal details but it doesn't ask me to confirm name, email, just address which is fine and they they want to know how much i pay in and take out each money, what industry i work in and what year i started there?

they dint ask who work fir so no way they can validate and tbh i don't know what pay in/out so i see it as largely irrelevant.

considering closing it now as seems like they want lot info which isn’t to verify who i am and is probably for some profiling/ marketing stuff.

never had this from any other bank at all. I been with for a while now too so not knew customer.

kev

The more plausible explanation is that they are screening for higher risk individuals and using the information in the detection of suspicious activity, which they are legally required to report.

I've had to answer questions about my profession and likely amounts of money flowing through my accounts on several occasions from banks other than Chase.

I agree with you that if you don't want them knowing about what you pay in and take out, then closing the account is the best way to avoid that.

kev2009

yes agree, but surely the year I started my job is meaningless as they cannot verify it in anyway as they don't know who my employer is as I don't have wages paid into the account.  All money is paid in from another account in my name, no DD/SO etc, its purely an account I use for day to day stuff and get the 1% cashback on. Can't really say what I pay in as I don't keep tabs on it, same with what I pay out, I don't keep tabs so will be higher or lower than any figure I enter. I'm half tempted to just make it up tbh as I could pay in /take out more or less in any given month plus i need to have the money in the account if I want to spend it, if I don't then it gets denied

Going to see if any alternative cards are around.

Kev

judexx

kev2009 said:

yes agree, but surely the year I started my job is meaningless as they cannot verify it in anyway as they don't know who my employer is as I don't have wages paid into the account.  All money is paid in from another account in my name, no DD/SO etc, its purely an account I use for day to day stuff and get the 1% cashback on. Can't really say what I pay in as I don't keep tabs on it, same with what I pay out, I don't keep tabs so will be higher or lower than any figure I enter. I'm half tempted to just make it up tbh as I could pay in /take out more or less in any given month plus i need to have the money in the account if I want to spend it, if I don't then it gets denied

Going to see if any alternative cards are around.

Kev

Just had it as well - and use my account in the same way.  Had to just do best guess - also know as making it up 😀

masonic

kev2009 said:

yes agree, but surely the year I started my job is meaningless as they cannot verify it in anyway as they don't know who my employer is as I don't have wages paid into the account.  All money is paid in from another account in my name, no DD/SO etc, its purely an account I use for day to day stuff and get the 1% cashback on. Can't really say what I pay in as I don't keep tabs on it, same with what I pay out, I don't keep tabs so will be higher or lower than any figure I enter. I'm half tempted to just make it up tbh as I could pay in /take out more or less in any given month plus i need to have the money in the account if I want to spend it, if I don't then it gets denied

Going to see if any alternative cards are around.

Kev

The year you started your job is irrelevant to marketing, but it could be relevant to large scale profiling aimed at combating financial crime. They can't verify it even if they know who your employer is. Why should they need to verify it? The information you provide may inform future decisions about whether activity on your account is legitimate.

I think you are going to have difficulty applying for other current accounts if you are unwilling to provide information like this.

kev2009

I see, might need to do the same, need to make up some figures for paying in/out, tempted to say £1

Kev

kev2009

masonic said:

kev2009 said:

yes agree, but surely the year I started my job is meaningless as they cannot verify it in anyway as they don't know who my employer is as I don't have wages paid into the account.  All money is paid in from another account in my name, no DD/SO etc, its purely an account I use for day to day stuff and get the 1% cashback on. Can't really say what I pay in as I don't keep tabs on it, same with what I pay out, I don't keep tabs so will be higher or lower than any figure I enter. I'm half tempted to just make it up tbh as I could pay in /take out more or less in any given month plus i need to have the money in the account if I want to spend it, if I don't then it gets denied

Going to see if any alternative cards are around.

Kev

The year you started your job is irrelevant to marketing, but it could be relevant to large scale profiling aimed at combating financial crime. They can't verify it even if they know who your employer is. Why should they need to verify it? The information you provide may inform future decisions about whether activity on your account is legitimate.

I'd have thought they would want to verify if I did indeed start my job in a given year and therefore valid I actually work there? not sure how this would combat financial crime as they don't ask salary, company name etc just year I started the job. I thought as they need me to verify my personal info, they would need to vet it, just like they vetted my details when I applied to open the account i.e. verify my ID etc. Not sure the year I started the job will help them decide if activity on my account is legitimate? I mean they know the type of transactions I've made over the years I've had the account so they know the stores/online places I shop so they effectively profile that way as I have had a previous credit card with another bank block a transaction as it was being used for something I don't typically purchase and I had to then phone up and verify etc to get it unblocked and allowed through.

Think I might just have to do as judexx said and make it up as its going to be about as much use to them anyway.

Kev

masonic

kev2009 said:

masonic said:

kev2009 said:

yes agree, but surely the year I started my job is meaningless as they cannot verify it in anyway as they don't know who my employer is as I don't have wages paid into the account.  All money is paid in from another account in my name, no DD/SO etc, its purely an account I use for day to day stuff and get the 1% cashback on. Can't really say what I pay in as I don't keep tabs on it, same with what I pay out, I don't keep tabs so will be higher or lower than any figure I enter. I'm half tempted to just make it up tbh as I could pay in /take out more or less in any given month plus i need to have the money in the account if I want to spend it, if I don't then it gets denied

Going to see if any alternative cards are around.

Kev

The year you started your job is irrelevant to marketing, but it could be relevant to large scale profiling aimed at combating financial crime. They can't verify it even if they know who your employer is. Why should they need to verify it? The information you provide may inform future decisions about whether activity on your account is legitimate.

I'd have thought they would want to verify if I did indeed start my job in a given year and therefore valid I actually work there? not sure how this would combat financial crime as they don't ask salary, company name etc just year I started the job. I thought as they need me to verify my personal info, they would need to vet it, just like they vetted my details when I applied to open the account i.e. verify my ID etc. Not sure the year I started the job will help them decide if activity on my account is legitimate? I mean they know the type of transactions I've made over the years I've had the account so they know the stores/online places I shop so they effectively profile that way as I have had a previous credit card with another bank block a transaction as it was being used for something I don't typically purchase and I had to then phone up and verify etc to get it unblocked and allowed through.

Think I might just have to do as judexx said and make it up as its going to be about as much use to them anyway.

Kev

Like I said, they can't verify that sort of information. Credit Reference Agencies don't record employment information and employers must take data protection seriously these days and not divulge anything should they receive a phonecall from someone claiming to be from the bank.

Risk profiling is a complex activity and many things that seem irrelevant in isolation can be used. One thing is for sure, they will not disclose their methods as that would help those looking to circumvent them. If you have only been in your profession for a few months, that could be relevant, as could it be if you've had a stable job for 10 years.

Sam_666

Move money out and close account. None needs pesting from bank.
If you are hooked on their handouts, then put up with constant pesting and stop moaning.

jaypers

Sam_666 said:

Move money out and close account. None needs pesting from bank.
If you are hooked on their handouts, then put up with constant pesting and stop moaning.

Think carefully with Chase as once you close it you can’t reopen in the future with them. 

poseidon1

Just took a couple if minutes to complete Chase's 'know your client ' questionnaire.  Since I am long retired was able to complete quickly and easily.

Made up the figure for anticipated monthly inflows, since mine vary considerably month to month.