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Santander Banking App Asking To Update Details
Comments
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I lived for several years off dividends and interest. It would have been very misleading to say that my income was zero.
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OK but you are not on PAYE so this advice obviously wouldn't apply?
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Know Your Customer.
You will have to fill in the details.
Annual income is what you earn.
Life in the slow lane0 -
I have been on PAYE since my first pension started to be paid. I do, however, still have a large taxable investment income (despite working hard to shelter it). My income is rather lumpy. Lots of annual and biannual payments that fall on the dates that they happen to fall on. I can give them a quarterly breakdown, but that will not help them much.
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It's kind of funny to read this Santander nonsense the same day that two billionaires donate £72Million in Crypto with no questions asked.
I think these Santander questions are invasive and unnecessary. Beyond proving your identity and address, unless you are depositing huge amounts of money it's irrelevant to Santander - a salary transfer speaks for itself, for example. As do pension payments. Small transactions are no example of money laundering, neither are pensions or other relatively piffling amounts in and out of accounts.
It's sounds more like an excuse for a data grab and we really need to be pushing back against this creeping control. Obviously, they can do it because it's their bank but don't roll over so easily. I'm closing my account and sending a letter of complaint explaining why. I didn't like their clunky app anyway.
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we really need to be pushing back against this creeping control.
You push back if you want to. I am quite happy to give them high level income data, and to keep access to my accounts.
You are of course free to close your account but don't expect that there will be any bank which won't be doing more stringent KYC checking going forward. They all have to comply with the same legislation, and they will all risk heavy fines if they don't.I have no opinion on crypto, other than that I will not touch it or deal with people who do.
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