Cahoot Savings

LindsayT

I was thinking of putting a lump sum into a Cahoot Savings Account.

I was filling in the online form and was called away from the computer just as I saw they want to know monthly income and was timed out on my return.

I don't have a problem about putting monthly income but I have never come across this before with any other financial institution and just wondered if anyone else has come across it?

El_Torro

I don’t remember being asked this question when opening a savings account. Pretty standard question for current accounts though.

Section62

LindsayT said:

I was thinking of putting a lump sum into a Cahoot Savings Account.

I was filling in the online form and was called away from the computer just as I saw they want to know monthly income and was timed out on my return.

I don't have a problem about putting monthly income but I have never come across this before with any other financial institution and just wondered if anyone else has come across it?

Yes, either monthly or annual income is a question I've seen from various savings providers, not just for current accounts.  Presumably they think the information important as part of their KYC/AML checks. Although having a lower income doesn't necessarily mean someone won't make larger savings deposits, knowing someone's monthly/annual income might help them form a more rounded understanding of their customer.

Also, there may be cross-checking of the answer you give with those given before, either to the same company or others, for the puprose of working out whether the answers you are giving are broadly honest and truthful.  But not necessarily that you will automatically be accused of fraud if you give a slightly different answer, but that the financial institution can say they have systems in place to carry out various KYC/AML checks and have ticked that box.

janusd

Section62 said:

LindsayT said:

I was thinking of putting a lump sum into a Cahoot Savings Account.

I was filling in the online form and was called away from the computer just as I saw they want to know monthly income and was timed out on my return.

I don't have a problem about putting monthly income but I have never come across this before with any other financial institution and just wondered if anyone else has come across it?

Yes, either monthly or annual income is a question I've seen from various savings providers, not just for current accounts. 

same here - ran across it many times - that, and asking for the source of the money, during new savings applications... that didn't happen a couple of years ago... as @Section62 says, I just try to be vaguely consistent with the answers (the value can legitimately change throughout the year) and there's nothing to worry about.

LindsayT

Thanks for the replies folks. 

Uriziel

It is very strange that you have never been asked. Asking for your income is a part of KYC and a legal requirement so that if you ever get more income than your income they can start checking whether you are involved in fraudulent activity, ie students without job that start depositing money regularly. Some modern banks skip this question to streamline the application process but ask for it once money starts popping up.