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

So will this flag when you take £ks out to pay trades cash in hand that they demand? It would be nice to think it would stop the non-payment of maintenance for kids this way but I suspect the banks aren't at all interested in that kind of social cohesion.

Saw it today.

But your comments are silly and if you can’t see why your source of funds and your regular mandated credits are of paramount importance to a bank, then well, sorry that is pretty dense

@Terrifiedofthedentist

are you always so rude?

I'm not dense, I don't need to be patronised by you. I'm going to stop there before I'm equally rude to you.

We also call up our vulnerable clients to query what they are withdrawing money for if it seems out of line with their usual behaviour. We have prevented many people being victims of scams that way. Would everyone prefer we didn’t stick our noses in there either? It could be you or your parents/grandparents that this happens to. People don’t start moaning about their privacy then do they. Can’t have it both ways unfortunately.

It’s your source of wealth that is being looked at. For most people salary/earnings will form the main part of that. But for others it could have come from inheritance or the sale of a business for example. Many people come from a long line of inherited wealth that was generated decades ago. It’s all relevant and forms the picture of you that is assessed when deciding the risk you pose to their business. That’s current financial regulation. Take it or leave it. If your job title was irrelevant then they wouldn’t bother asking. Believe me. They have better things to do honestly.

I couldn't open an account with the post office once about 10 years ago as it required me giving my occupation and there was nothing remotely close but did have oddly specific ones like bouncer and funeral director but nothing related to science.

Banks really aren’t the big bad guy, especially now with the amount of regulation there is, especially nationwide they are all about their ‘members’ and doing what’s right for them

I see the tinfoil hat brigade are alive and kicking here. What nonsense conspiracy paranoia people spout, when they don't understand and can't be bothered to make proper enquiries.

It will probably end up that you will only be able to use the bank that your income goes into so they can keep track of it all.

No it isn’t… good god! You’re being dense

they’d also need to know for your mortgage, especially as you’ve said it’s been there for 10 years. So unless you’re on a 10 yr fix, you’ve product transferred in that time, which means your loan wasn’t re underwritten so your income didn’t need to be proved again (unless you took additional borrowing, changed the term etc)

that’s a pure AmL question, and it’s because they are blanket question for everyone and the majority of people have one main source of income, but for you, they can see that you have consistent streams of income

@crosbyrose

nope, my job title is completely irrelevant. I used to be an Accountant. I'm not now, I do several things that make up my income. All of them are far less 'professional' . My income all goes into my main account (with another bank) I transfer money to bank B because their current account & a savings account are a much better interest. My mortgage just happens to be with them & has been for a decade.

my job title IS irrelevant, as is my ££ of my 'main source' of income.

Sounds like it is set up for people with one career type job with a salary that comes in monthly, that isn't likely to change it much.

So for my current account, it asks where my main income comes from then how much I expect to come in to that account. I receive two identical amounts each month, plus additional smaller amounts. So my 'main' source of income - I picked one at random, will account for much less than half of what comes in. Surely it was pointless collecting that info because it's wildly inaccurate.

But this is not how it works. It all works using a risk based approach. Nobody has time to keep an eye on everyone, so they have to keep more of an eye on those who are considered a higher risk. They don’t know who that is without asking the relevant questions. So your job title is relevant. Believe me. It’s what I do all day every day.
Do you think scammers just have a red alert against their name? Do you know how difficult it is to catch people?!

Absolutely nothing they won’t care

but it would raise an alert to them if all of a sudden there was a lot of activity and money coming into your account when you declared you don’t have a job/income

they have an obligation around money laundering

If circumstances change they are not going to know are they, Nationwide probably have my job title from when I worked so that would tick that box, I am retired now though so unless they request this information each year it probably won't be correct anyway as people are not going to rush to inform their bank of change of employment each time, some people do variety of jobs and change a lot.

Eh? Lots of people move money between accounts to share expenses with a partner, put money in different pots for budgeting purposes or to take advantage of bonuses and other perks from banks.

I have several because they pay interest, cashback or give access to high interest regular savers. Money moves regularly between them. Millions of people do this.

I keep getting it but ours is a joint account with DH the only one of us working. It was originally his account before we met and he added me later but he hasn't had this thing at all.

@purplebeansprouts

No, it's like people appreciate their privacy & don't want to be 'accountable' for their private decisions about their private money.

the banks need to be looking into the scumbag scammers & not how much Fred in Accounts earns or if he's a road sweeper or solicitor. What someone's job title is, is not relevant.

But they can find that stuff out anyway and with ease… CRAs report this stuff all back to the banks. To a very granular detail

I’m unclear what you mean, but of course it will. They’ll know who’s got the products and if aligns to their target market

Feel free to keep your worldly cash under your mattress, if you prefer.

🤣

It's a standing order to a joint account for paying bills. They can easily see it's coming from my bank and my bank can see where it's going.