letter from Santander asking for a lots of information

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  • Herbalus
    Herbalus Posts: 2,634
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    Oaky, it does appear that the OP is talking about further down the line. However, my point stands. What law states that banks must collect all that intrusive information about their customers? Property title deeds, investments and so on ...

    You won't find a law that prescribes what information fields must be collected on each customer. The legislation is overarching but ultimately requests that banks have sufficient information on their customers. Banks have to demonstrate to regulators that they have this.

    What normally happens is that banks are too lax and don't know enough about their customers, and then the regulator steps in and starts asking awkward questions. Banks will then pivot to asking for probably too much information to appease the regulator and "make progress", and the regulator will then back off.

    But not having a specific law that specifies exactly what a bank can ask from you, it isn't going to change the facts that banks will ask for what they deem is necessary to fulfil their obligations under the regulation.
  • So when's the last time anyone heard of a bank requiring a customer to provide copies of the title deeds to their property !!!!!!! (relevant mortgage or secured loan business excepted)?
  • Herbalus
    Herbalus Posts: 2,634
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    So when's the last time anyone heard of a bank requiring a customer to provide copies of the title deeds to their property !!!!!!! (relevant mortgage or secured loan business excepted)?

    They're not really asking for personal property title deeds like that though. They're asking for evidence of property transactions (if it exists - we can't see from here) on an account that the OP says is used for rental properties. If the OP says a transaction is related to a property transaction, then Santander can ask for evidence to support this.

    They've said that title deeds for a property can be used as evidence of a property sale, but OP has also said that a sales contract is also evidence they will accept instead of a title deed.

    I can agree with you wholeheartedly that if a bank asked me for my personal title deeds it would be excessive and downright odd, but a) I don't have any rental properties, and b) I don't have any property transactions.
    aralexiao wrote: »
    3. property sales details with sales contract or title of deeds
  • jenny54321
    jenny54321 Posts: 29 Forumite
    you could always draw out the money and open an account with another provider i guess
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    If a financial organization has any doubts about income from property from their customers then why not consult the Land registry custodians themselves rather than rely just on the contributions from those who own up to an interest in land/property ownership .



    If a service is lacking then it can be improved with feedback from those who depend upon it.
    J_B.
  • Zanderman
    Zanderman Posts: 4,643
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    Joe_Bloggs wrote: »
    If a financial organization has any doubts about income from property from their customers then why not consult the Land registry custodians themselves rather than rely just on the contributions from those who own up to an interest in land/property ownership .

    Land Registry are just that - the Land Registry. They register land. And what it sold for last. That's all.

    They know nothing about subsequent income from rentals - which, from the info given here by the OP who uses, it seems, a personal account for rental income, seems to be what the bank are trying to be clear about.
  • Anyone had any progress on the above? I received the same letter asking for information. Please let us know what step-anyone took to resolve this.
  • aralexiao said:
    I received a letter from Santander yesterday, it says it want to keep all their information up to date and want me to provided. The form attached called customer information details, they asked for the following:

    1. two forms of ID
    2. employment details with payslips
    3. rental information with rental agreement to support it
    3. property sales details with sales contract or title of deeds
    4. business details with accountant letter or company accounts
    5. savings
    6. inheritance
    7. inventment
    etc etc

    not just the information they want, but also you have to send evidence to support you.

    this is a lot of information to ask. has anyone received the same letter, could you please share your story.

    Many thanks
    Hi, can you please share an update on the above issue? How you solve that. I received the same letter today. Any help appreciated. 
  • colsten
    colsten Posts: 17,597
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    Hi, can you please share an update on the above issue? How you solve that. I received the same letter today. Any help appreciated. 
    You are not likely to hear from the OP, as the last time they were on this forum was in June 2019.

    If you are using your personal current account for business purposes, like the OP did, you are in breach of the T&Cs and you would be well advised to stop this and to get yourself a business account.
  • hermante
    hermante Posts: 574
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    Anyone had any progress on the above? I received the same letter asking for information. Please let us know what step-anyone took to resolve this.
    Provide the information requested. Or initiate a current account switch ASAP which will close the account automatically and hope for the best....
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