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    • aralexiao
    • By aralexiao 11th Jun 19, 4:53 PM
    • 6Posts
    • 4Thanks
    aralexiao
    letter from Santander asking for a lots of information
    • #1
    • 11th Jun 19, 4:53 PM
    letter from Santander asking for a lots of information 11th Jun 19 at 4:53 PM
    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
Page 2
    • Sapphire
    • By Sapphire 13th Jun 19, 10:40 PM
    • 3,070 Posts
    • 6,982 Thanks
    Sapphire
    From the list of questions posted by the OP, I would say this refers to a business account. I've opened several personal accounts in recent times and there's been nothing like that. All they wanted was basic information.
    Originally posted by johnsmith1890
    I really hope that is the case. It would be a definite invasion of privacy and dangerous for banks to require so much information on existing private accounts (including things like data on customers' savings and income, which are none of a bank's business).

    The only time I'd say it would be legit to query personal information is if a bank detects sudden large transactions (withdrawals/deposits). But it can then just request sources of deposits, with proofs provided, to ensure that money laundering is not taking place, and check with a customer with regard to withdrawals, in case they are related to scams, etc.
    • Ergates
    • By Ergates 13th Jun 19, 11:06 PM
    • 603 Posts
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    Ergates
    I really hope that is the case. It would be a definite invasion of privacy and dangerous for banks to require so much information on existing private accounts (including things like data on customers' savings and income, which are none of a bank's business).

    The only time I'd say it would be legit to query personal information is if a bank detects sudden large transactions (withdrawals/deposits). But it can then just request sources of deposits, with proofs provided, to ensure that money laundering is not taking place, and check with a customer with regard to withdrawals, in case they are related to scams, etc.
    Originally posted by Sapphire
    Except banks are required *by law* to determine where your money is coming from. Failure to follow anti money laundering regulations have serious consequences - hefty fines and, worst case, even jail time.

    Also, money launderers don't generally turn up to the bank with a suitcase full of money, they split it into smaller chunks and spread it around a lot - trying to hide it as legitimate income, so it's not only sudden large deposits that should raise suspicions.
    • fun4everyone
    • By fun4everyone 14th Jun 19, 3:55 AM
    • 1,796 Posts
    • 2,915 Thanks
    fun4everyone
    From the list of questions posted by the OP, I would say this refers to a business account. I've opened several personal accounts in recent times and there's been nothing like that. All they wanted was basic information.
    Originally posted by johnsmith1890
    I really hope that is the case. It would be a definite invasion of privacy and dangerous for banks to require so much information on existing private accounts (including things like data on customers' savings and income, which are none of a bank's business).
    Originally posted by Sapphire
    It happens on personal accounts as well.

    If you are referring to number 4 on the list, that is just telling you what to provide if you say your source of wealth/funds is your own business.

    I have had to go through this twice on personal accounts with different organisations and both times the request was very similar to OP's.
    Last edited by fun4everyone; 14-06-2019 at 4:25 AM.
    • Chino
    • By Chino 14th Jun 19, 9:14 AM
    • 1,113 Posts
    • 747 Thanks
    Chino
    Except banks are required *by law* to determine where your money is coming from.
    Originally posted by Ergates
    Yes, that's always the excuse for these data harvesting exercises.

    Several years ago Selftrade, the online stockbrokers, demanded that its customers supply similarly detailed information about their personal finances, citing regulatory requirements as justifying the exercise and threatening that customers not complying would be unable to transact on their accounts. After receiving complaints from customers regarding the intrusiveness of the information demanded, Selftrade backed down. If regulations required that Selftrade collect such detailed information from its customers, Selftrade would not have backed down.

    My guess is that most of the information demanded of the OP by Santander will find its way into the hands of Santander's product marketing departments and used in attempts to generate sales leads.
    Last edited by Chino; 14-06-2019 at 9:19 AM.
    • Ergates
    • By Ergates 14th Jun 19, 11:37 AM
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    Ergates
    Yes, that's always the excuse for these data harvesting exercises.
    Originally posted by Chino
    It's the law - it's easy to go and check if you can be bothered.
    • johnsmith1890
    • By johnsmith1890 14th Jun 19, 12:47 PM
    • 558 Posts
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    johnsmith1890
    It's the law - it's easy to go and check if you can be bothered.
    Originally posted by Ergates

    No it isn't. Well, not to gather the extensive data itemised by the OP. What law is it that explicitly states a bank must collect details of savings and assets when opening a current account? If there was such a law, all banks would be asking for this information whenever someone opened a current account; and they aren't.
    • Zanderman
    • By Zanderman 14th Jun 19, 1:19 PM
    • 2,387 Posts
    • 5,278 Thanks
    Zanderman
    No it isn't. Well, not to gather the extensive data itemised by the OP. What law is it that explicitly states a bank must collect details of savings and assets when opening a current account? If there was such a law, all banks would be asking for this information whenever someone opened a current account; and they aren't.
    Originally posted by johnsmith1890
    Where is the suggestion that this info was being asked for when opening a current account?
    • johnsmith1890
    • By johnsmith1890 14th Jun 19, 1:24 PM
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    johnsmith1890
    Where is the suggestion that this info was being asked for when opening a current account?
    Originally posted by Zanderman

    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 ...
    • Ergates
    • By Ergates 14th Jun 19, 1:40 PM
    • 603 Posts
    • 816 Thanks
    Ergates
    No it isn't. Well, not to gather the extensive data itemised by the OP. What law is it that explicitly states a bank must collect details of savings and assets when opening a current account? If there was such a law, all banks would be asking for this information whenever someone opened a current account; and they aren't.
    Originally posted by johnsmith1890
    Except banks are required *by law* to determine where your money is coming from.
    by Ergates
    This is the bit I was referring to.
    • Sapphire
    • By Sapphire 14th Jun 19, 4:04 PM
    • 3,070 Posts
    • 6,982 Thanks
    Sapphire
    Except banks are required *by law* to determine where your money is coming from. Failure to follow anti money laundering regulations have serious consequences - hefty fines and, worst case, even jail time.

    Also, money launderers don't generally turn up to the bank with a suitcase full of money, they split it into smaller chunks and spread it around a lot - trying to hide it as legitimate income, so it's not only sudden large deposits that should raise suspicions.
    Originally posted by Ergates
    Well, that's fine. They can check with the customer if they detect any payments/withdrawls that are suspicious (my bank did that once when I made a payment, and that was absolutely fine). What they surely do not have the right to do is to request, then store, other private information, such as data on people's savings/assets with other institutions, and so on. I'd be highly suspicious about how such private information could be used (by a whole host of potential 'interested' parties), if not now then in the future.
    • Herbalus
    • By Herbalus 14th Jun 19, 4:27 PM
    • 2,373 Posts
    • 2,082 Thanks
    Herbalus
    Yes, that's always the excuse for these data harvesting exercises.
    Originally posted by Chino
    Not really an excuse when it is actually the law.
    It's not like the police lock somebody up for theft and you can turn around and say "theft was just the excuse to lock them up"

    Well, that's fine. They can check with the customer if they detect any payments/withdrawls that are suspicious (my bank did that once when I made a payment, and that was absolutely fine). What they surely do not have the right to do is to request, then store, other private information, such as data on people's savings/assets with other institutions, and so on. I'd be highly suspicious about how such private information could be used (by a whole host of potential 'interested' parties), if not now then in the future.
    Originally posted by Sapphire
    Any bank has the right to request whatever they want. You have the right to say no. And the bank then has the right to close your accounts. It's not really a question of rights.

    If you ever meet anybody who works in KYC, you'll discover that it's a complete pain to collect all of this data and costs the banks millions to do it. Certainly isn't for marketing.

    The other part is that bank information on customers can be incredibly inaccurate and out of date. It's very difficult to flag a 'suspicious' transaction for querying with the customer if you don't have any data on which to judge whether it might be suspicious.
    • Herbalus
    • By Herbalus 14th Jun 19, 4:33 PM
    • 2,373 Posts
    • 2,082 Thanks
    Herbalus
    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 ...
    Originally posted by johnsmith1890
    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.
    • johnsmith1890
    • By johnsmith1890 14th Jun 19, 5:23 PM
    • 558 Posts
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    johnsmith1890
    So when's the last time anyone heard of a bank requiring a customer to provide copies of the title deeds to their property FFS! (relevant mortgage or secured loan business excepted)?
    • Herbalus
    • By Herbalus 14th Jun 19, 5:41 PM
    • 2,373 Posts
    • 2,082 Thanks
    Herbalus
    So when's the last time anyone heard of a bank requiring a customer to provide copies of the title deeds to their property FFS! (relevant mortgage or secured loan business excepted)?
    Originally posted by johnsmith1890
    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.

    3. property sales details with sales contract or title of deeds
    Originally posted by aralexiao
    • jenny54321
    • By jenny54321 14th Jun 19, 10:29 PM
    • 29 Posts
    • 12 Thanks
    jenny54321
    you could always draw out the money and open an account with another provider i guess
    • Joe_Bloggs
    • By Joe_Bloggs 14th Jun 19, 10:41 PM
    • 4,493 Posts
    • 1,583 Thanks
    Joe_Bloggs
    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
    • By Zanderman 15th Jun 19, 6:23 AM
    • 2,387 Posts
    • 5,278 Thanks
    Zanderman
    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 .
    Originally posted by Joe_Bloggs
    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.
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