Chase asking questions - anyone else?

coyrls

Got the same request today.  Easy enough, as I am also retired.

Annefh

After 3 years I am getting requests from Chase to tell them every detail of my income, how much, who from.

When i started my first job etc etc. This is not the what was your first pet or street kind of information they must have to check ID, this is full on every detail, as if you were applying for a 10 k loan.

I only have savings with them with a current account, with no credit amount at all. i have to move some from my savings to buy anything.

They insist they need this to "indentify me"and without it my accounts will be locked in 60 days. Can they do this?

Ayr_Rage

Annefh said:

After 3 years I am getting requests from Chase to tell them every detail of my income, how much, who from.

When i started my first job etc etc. This is not the what was your first pet or street kind of information they must have to check ID, this is full on every detail, as if you were applying for a 10 k loan.

I only have savings with them with a current account, with no credit amount at all. i have to move some from my savings to buy anything.

They insist they need this to "indentify me"and without it my accounts will be locked in 60 days. Can they do this?

Yes, if you wish to continue to bank with them you need to supply the information requested.

masonic

Annefh said:

They insist they need this to "indentify me"and without it my accounts will be locked in 60 days. Can they do this?

It's not just about being sure that they are dealing with a known customer, it is about understanding the source of wealth / source of funding of financial transactions. Financial institutions can be held liable for the crimes of their customers (or others using customer accounts fraudulently) if they do not carry out due diligence required within Know Your Customer / Anti-Money Laundering regulations.

It's worth remembering that the Chase account is now a credit account. (Edit: not quite yet, but moving towards offering overdrafts)

AndyTh_2

I think almost everyone's had it from high street banks, just they've forgotten as it was part of the initial application. Generally these questions get asked on any credit product (which include current accounts with overdraft facility).

edit: and no I'm not completely missing the point, where was it said in the that it was repeated and was that an important factor?

Sam_666

AndyTh_2 said:

I think almost everyone's had it from high street banks, just they've forgotten as it was part of the initial application. Generally these questions get asked on any credit product (which include current accounts with overdraft facility)

You are completly missing the point  of this post.
It's about repeated intrusive questionares, not one off when opening account.

eskbanker

Sam_666 said:

AndyTh_2 said:

I think almost everyone's had it from high street banks, just they've forgotten as it was part of the initial application. Generally these questions get asked on any credit product (which include current accounts with overdraft facility)

You are completly missing the point  of this post.
It's about repeated intrusive questionares, not one off when opening account.

I don't see any reference to repeated intrusive questionnaires in posts before yours?

masonic

Sam_666 said:

AndyTh_2 said:

I think almost everyone's had it from high street banks, just they've forgotten as it was part of the initial application. Generally these questions get asked on any credit product (which include current accounts with overdraft facility)

You are completly missing the point  of this post.
It's about repeated intrusive questionares, not one off when opening account.

HSBC did that. Possibly others. Because at the time customers applied for their accounts less information was collected vs what is now required by new regulations. So it is not out of character. So far, Chase has not asked for this information more than once from anyone, unless your experience is different?

artyboy

Sam_666 said:

AndyTh_2 said:

I think almost everyone's had it from high street banks, just they've forgotten as it was part of the initial application. Generally these questions get asked on any credit product (which include current accounts with overdraft facility)

You are completly missing the point  of this post.
It's about repeated intrusive questionares, not one off when opening account.

It's a regulatory requirement for banks to ensure that their 'know your customer' information is kept up to date. If you've had an account for several years, of course you may get asked for updated information, not least because there may be extra information that regulations require that was not needed when you first opened the account!

Consider yourself lucky if it's only once every few years, for customers that banks consider to be higher risk, they generally want to get updated information every year.

Rant about it all you like, and yes, some banks don't help themselves in the way they approach it, but them's the rules - if you don't like it, then you can stuff it all under the mattress, and just hope it doesn't burn...

Nebulous2

I had a chase email asking for details yesterday. It was much less intrusive than I expected from reading this. 

They already knew I had a pension and a job. About the only new information they got was annual income and how long I had worked for my current employer. 

As well as KYC I suspect some of it will be useful for future incentives. I'm in it primarily for the 1% on purchases, and secondarily for the instant access rates. 

Producing these headline offers, and having limited functionality initially, they were never going to get my income away from Santander 123 lite. 

I also churn a lot of money for regular savers and to meet minimum funding requirements in other accounts. I've had more delayed payments with Chase, for peripheral use, than I get elsewhere with much heavier turnover. So I don't trust that they would give me what I want / need.