Santander ID and income check

AstonSmith

https://forums.moneysavingexpert.com/discussion/comment/82097288#Comment_82097288

This one was more specific. The question before asked for my annual income (easy enough) and then the next question under the title "money coming in" asked about what sources of regular income go into the account.

masonic

I'd imagine the vast majority completing this form do not put in anywhere near as much diligence and consideration as is being discussed here.

Altior

https://forums.moneysavingexpert.com/discussion/comment/82097355#Comment_82097355

It was very woolly, not defined if it was referencing the past or the future, definitely no regard to the fiscal year. The questions are in the present tense, if my recollection is correct.

These types of 'detail' checks are certainly not new to me, but this one was more detailed and ambiguous at the same time. It listed out all of the things that you would need to have to hand to complete it, and you had to confirm that you had all the detail ready before advancing. Ordinarily they'd just ask for your salary, I've never needed to disclose my gambling profits to a bank, for example. But since gambling profits are an original source of income that I have passed through Santander, and hopefully will do in the future, I thought it more prudent to include it.

GeoffTF

Ordinarily they'd just ask for your salary,

I do not have a salary, I have always been asked for my income. I always give my taxable income as per the HMRC definition. That is much more than my expenditure, and much less than the cash flow that I could generate from my investments. If they want a different measure of my income, they will have to provide me with a manual telling me how to calculate it.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82097444#Comment_82097444

Last KYC I had to do simply asked for my annual income and gave me handy check-boxes to choose from in £25k steps. That's easier than trying to extrapolate from last year's Paddy Power winnings.

I guess because there are no mandated procedures or pro-forma for the actual KYC process, a bank must suggest how they want to conform and the regulator signs it off?

Bigwheels1111

I’m not looking forward to all, the time and effort to be honest will be a nightmare.

I earn X, I get Y in interest. Simple to add up. But I move thousands and thousands through my accounts a year, 4 years ago it was near on 500,000 pounds, I did not have 500,000, but was chasing the best rates. 20 plus reg savers etc, isa’s. Fixed rate bonds, This month I will have 30k plus through my account, Monmouthshire £18,000 plus interest, Virgin money £3000 plus interest, Principality £4200 plus, can’t remember the last one. Plus funding all my other reg savers. Rent, £1500 visa bills. Not sure how figures X & Y would help or be relevant. A lot of explanations on my part.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82097385#Comment_82097385

i agree, I just used the figures I declare to HMRC in my Self Assessment and divided them by 12. They may still ask for additional detail, though they aren’t HMRC and not entitled to the same amount of detail as HMRC. The Santander form is quite unsophisticated, and seems to assume that you have just one current account, not the dozens I have for a variety of reasons, and the same amount of income every month, which is quite absurd when savings interest, investment income, cashback from offers and periodic pension drawdown are involved.

I have since also been asked to provide my total annual income figure to AMEX, with whom I have a credit card. Their request was much simpler., and I have obviously used the same total that I have given to HMRC and Santander. I expect there will be further requests from other banks and building societies I have accounts with, as they are all working their way through their KYC obligations.

GeoffTF

Prompted by this thread, I have made up a new spreadsheet for the last financial year. That spreadsheet records all the cash flows into my Santander current account. That is information that Santander already has, but I can repeat it back to them if asked. I also have my tax records, so I can give them my taxable income and, if prompted, my realised capital gains.

I am trying to keep things simple. I have Santander as my main account. I use my backup Nationwide account for small debit card payments and credit card payments. I use the Skipton for holding modest amounts of cash. I have term accounts maturing every six months, and I am moving the proceeds to Scottish Widows Share Dealing. I also receive gilt coupons, an annual dividend and the proceeds of my annual CGT sale. I am not doing any unnecessary recycling, but I am surprised at how much money moves through my Santander account.

friolento

Several days after the check, Santander have confirmed by email that they now have reviewed my “request to change your details” (eh? I didn’t request anything, Santander - you did), and that they have updated their records. So it appears that a human check is carried out their end. The good news is that they have not requested any further details or proof of incomes.

Mr_Sark

https://forums.moneysavingexpert.com/discussion/comment/82097279#Comment_82097279

I'm stuck too, (joint account) we transfer money from elsewhere each month to cover direct debits and bills, as the account is used for household expenditure. There's no option for showing this, just various forms of income. I've tried contacting them via online chat, but getting nowhere fast at present.