Nationwide bank suddenly requiring job title and salary etc on app?? Needs info before Jan 25?

Here here

I had this with my bank, I really don't like it even though I can see the reasons behind it. The bank can see exactly where my money comes from, and it shouldn't be relevant for me to give them my exact salary etc. It does feel as though there is some data harvesting here too, which I don't like.

Anyway, they haven't got a true picture. At the time I was earning a lot in a decent paying job in education. Since then I have been on long-term sick and then retired so their information is totally out of date already. Doesn't seem to be anywhere I can access that information and update it, so what was the use of that?

I filled it in twice for nationwide but it's still asking me every time I use the app.

It also asked me how much I expect to go into the current account I hold with them, obviously I have no clue as it is mainly used as a vehicle to access the savings accounts and to move money into from my other bank in Jan-March to get the free £100 they seem to be doling out each year now so I just put a random amount. It is obviously set up for people who have a known salary each year.

I had this recently, as I'm retired that bit was quite easy but they also wanted to know how my different savings accounts were funded, I only have savings with NW, my main current account is elsewhere, since my savings accounts have been moved many times within NW because the interest rate only lasts a year so I have to keep getting new accounts I just put the source was savings which was basically correct as they came from previous low interest savings accounts.

Weird, I only just recently opened an account with them and wasn't asked

What sinister activities could they possibly do with that information that they couldn't do with the information they previously held?

There's no need to call people stupid because they disagree with you.

But they could also loose lots of money from you from AML/ fraud event as I'm sure banks have to recover funds added up for every customer could be huge. Also, I'm sure they aren't making that much from you if you aren't borrowing anything (their size/ how much they are making from you is not the point though).

no, it really is basic kyc info for regular mandated credits, source of funds etc.

maybe stick to keeping your money under your mattress

I think you're being very naive, and frankly a bit stupid to think there is nothing sinister with a vs k knowing your job, employer, salary etc.

None of their business.

AML can be done in other ways.

I'm not asking to borrow or take out a mortgage. I'm just banking with them.

They make plenty of money out of me without needing to flog my data too.

FUCK OFF CHASE!

But it is designed to protect you, so they can trigger an automatic query on what looks like an unlikely pattern of financial behaviour from someone fitting your profile.

NatWest have never asked me any of this in the 40 years I've banked with them.

Chase asking for salary, job, company name. FUCK OFF!! Too much you American bastards!

Agree!!

I got a notification from chase to confirm info today. They asked what industry I worked in rather than title. Drugs wasn't an option.

Twenty years ago I was asked why I was taking out a thousand in cash, and was it to pay a builder. So looking for black economy activity isn't anything new.

I never suggested fraud. That's a jump of an assumption. I just don't wish for them to have this info. I'll put something vague, but truthful.

I think it's all 'Know Your Customer' regulations to prevent money laundering and identify proceeds of crime. Every time you apply for any financial product these days you get a barrage of questions mainly aimed at finding out where the money came from.

I think my DH puts a different job title each time as none of them accurately describe what he does, usually uses something fairly generic like manager, although he isn't that in any conventional way.

Great attitude. The bank does look you up online and lots of other things. So really, you just make yourself look a bit silly.

No. I'm not interested. Doesn't concern me at all.
I don't care whether the law says they have to ask or not.
It can all be dressed up however you like.

If the bank really wants to know what I do, they can look me up online. Easy. If they aren't that interested, then they can have whatever answer I decide to give them. Up to them, really.

Why don’t you read the actual law and guidelines that go alongside? Then you might understand what information regulated firms are required to know about you.
Nothing bad has happened yet, but that’s not to say it never will. Good luck to you.

You may live to regret giving fraudulent information.

The purpose is to help detect & prevent fraud on your account. Banks now have to pay you back something like 85k if you lose it to fraud that isn't your fault.

Putting false information in to 'dirty' their fraud prevention data may mean that in the event of fraud on your account the bank could decline your claim due to your own fraudulent activity (knowingly giving incorrect information) you have not done what you should yourself to prevent fraud.

Depends if you can afford to lose 85k

I agree with Bagpus. I am wondering what job title I can get away with?

I love how so many of you rush to explain away everything and comply - with bells on.

When companies ask for information they don't need - and force me to provide something - I make things up so as to dirty their data.

I know some of you will go bananas at the idea, but whatever.

Maybe start saying "no" a bit more to demands and requests. I do and nothing bad has happened yet.

The banks are already onto the people who try and withdraw large amounts of cash to pay tradespeople. There was a thread about it on here and a friend of DPs was refused access to money for that purpose and made to feel like a criminal by the bank, which he was as he was aiding and abetting tax evasion.

From the banks' point of view, anyone wanting to give someone else a large amount of money, or any amount for that matter, and aren't involved in criminal activity, will just do a bank transfer, so it's suspicious if they don't do this (or people who 'don't do internet banking' probably still use cheques so it's still going through the banking system).

So anyone who uses cash for non trivial amounts of money attracts their attention.