Chase asking questions - anyone else?

TheBanker

As others have said these are standard KYC questions. Look at almost any bank account application and you'll be asked simiar questions. I expect one reason Chase are doing this is that relatively few customers have their salaries or pensions paid directly into Chase, so they have limited visibility as to the source of funds passing through their bank. Another possible reason that they're doing it now is that thye launched in the UK in September 2021, so their earlest accounts are now three years old. Some banks use three years as the trigger for refreshing KYC information (I do not know if this is Chase's policy, it is based on my experience elsewhere).

I would not recommend giving false answers as they are likely to identify the inconsistencies between the information given and reality. At best you are potentially at risk of transactions being delayed, at worst your account being frozen pending an investigation. There is absolutly nothing sinister in Chase's request - they are simply complying with the law. And whilst answering the questions may be a pain, if this activity prevents others using the financial system to launder the proceeds of crime and even fund terrorism, then that's a good thing. 

pochisoldi

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 had that off HSBC some years ago - three requests in 18 months for a business bank account which had approx £700/year turn over (freehold man co). First request, provided info, they left me alone, second request came in, provided info, they asked for more specific info rinse repeat, then it stopped. Third time of asking I complained. Turned out that the first two times they had kicked off the process, never finished it and faced with too much work, not enough bodies, marked it as "done", only for it to be kicked off a third time. Registered a complaint along the lines of "You have done KYC and haven't finished the process. If you fail to complete the process, I'll be complaining to the FCA". Third time round was like second time around, with slight tweaks to the questions which required slight tweaks to the answers. Eventually after some chasing they said "Yeah everything's OK". Heard nothing since - that was about 5 years ago. If they had come back  for the same info within 12 months, I was ready to have the account moved to another provider, because I'd rather do proper KYC to open a new account than do halfarsed KYC with HSBC (rant over)

FishInGlass

Just had this myself. I tend to top up and use the account only when going abroad. I got to the bits about how much you plan on paying in and spending each month. Tthere was a line saying why do we need this information which I hoped would explain the resoning behind the questions. Unfortunately if you attempt to access this there is no link to any help page so I am none the wiser. I just entered a random amount for both that approximated to my irregular use and hoped for the best.

clowning

I had a request yesterday. They asked my total annual income from all sources, job title, employers name and address and how much I would be paying in monthly and where the funds were from. I have had my accounts with Chase a couple of years but do not use them as my main bank, so I understand why they were asking. I had no issue with answering the questions as my main bank already has the same information. It’s not like I was telling a random stranger