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

My bank asked me questions by letter and phone call that were so intrusive that even my DH of 20 years wouldn't have known the answers. When I complained, they were very quick to offer compensation.

It was basically a GDPR issue. The info they needed, they already had. They didn't actually need to know my maiden surname, which predated the account, or how I spent my leisure time.

My account runs fine. My only ongoing issue is that I would like a credit card and they won't give me one because I won't give them my e mail address. Stalemate on that one, but I can live with it

They can't know their customer if their customer doesn't tell them who they are so yes they might choose to freeze the account. The UK's financial services and regulations are actually something the country should be proud of.

It won't be to ensure they are selling products to their target market unless they explicitly say that is what it is for

That's even more suspicious like you're trying to layer and conceal the money by moving it round

because circumstances change.

im not earning the same money as i did when i was 16 even though i have the same bank account number

i have investments and income streams I didn’t have even 10 years ago

If you just comply the quicker they move on and let you get on with your day

If you already know this why ask for the details anyway

If a customer refuses to comply with the request though, then what are they supposed to do? Its the only leverage they have. If their CDD files aren’t up to current regulatory standards then they really have no other choice. They would rather get rid of a customer than face regulatory or criminal actions.

I don’t agree with refusing to provide answers or providing silly ones - that’s is only going to cause you more issues down the line.

As others have said, the banks are obliged by law to ‘know their customers’. The issue is the way they ask for this information in an often aggressive way with threats of freezing or closing your account, when the failure to ‘know their customer’ lies with them. Treating customers all like criminals and with contempt whilst having glossy marketing campaigns saying how great and caring they are.

It was a joke!

Real people don't actually do stupid stuff like that do they? It must'be exhausting fighting the world on non issues

I'm glad you asked about this as my app keeps asking g and I keep assuming it's a hack and closing out of it. I'm not going to put any info in so if they want to close my account rather than sending me an actual letter that will be their loss. How are we meant to know these days?

It's such a non issue. Just fill it in and move on.

I never understand the 'but they're not ENTITLED to know, it's PRIVATE' whining.

I work for a bank. If your account landed on my laptop for whatever reason I could spend five minutes flicking through it and find out your name, DOB, address. I could tell you your balances, your salary, who your mortgage is with, where you do your foodshop, how much you pay for your therapist, where you get your highlights done, who your phone and Internet provider is, what activities your kids do. I could click a couple of buttons and in most cases have a look at a picture of you on your passport or licence, could see when your cards been used to buy travel money or used abroad so get a good feel of your holiday habits.

Just think about what you spend your money on. It's your whole life. Unless you only ever use cash, you can't escape it. Your life is already an open book to your bank and their employees. There really is zero point in fighting it!

No difference. Just say you work in a supermarket. Nobody cares which one.

Yes - and often not very sophisticated scams. Lots of people (not vulnerable) sharing one time password etc with scammers.

As much as I dislike financial institutions, I also know you can't fix stupid.

IMO customers should have an easy to read T&C that waives their right to any compensation if they do something dumb.

What difference will Nationwide knowing if I work at Tescos or Morrisons make to fraud?

I don’t get it. I really don’t. There are people on here constantly moaning that they have been scammed. Fraud now accounts for 40% of all crime in the UK. But people don’t even want to do their bit by being honest about their financial situation so that the regulated firms can do their bit to stop this happening? Bizarre.

I will lie when they ask me and say I am a drug dealer or sex worker, maybe a money launderer. I have no savings and live in my overdraft so they probably wont believe me.

It doesn’t really matter. There are lots of checks that are done continually on all customers that will flag various activity to the bank. Lots of people get caught out all the time.

As if a criminal is going to be honest anyway. It’s such nonesense.

If you don’t want to answer then don’t. But don’t be surprised when they say go find another bank. Who will also ask you the same questions

Regulated firms need to know whether their customers pose a higher risk of money laundering or not. One of the ways they assess this risk is by understanding what their job title is and what type of industry they work in. If you work in a higher risk industry for money laundering then you may be considered a higher risk, depending on your job role.

In what way might the bank knowing you are retired peanlise you?

But that’s based on what they know about you, and they can’t flag unusual activity if they don’t know what’s your usual activity.

its also part of their regulatory status to know their customers, so they can ensure the products they design meet their customers needs and they are selling you the right things that you actually benefit from and are not overpaying from. And by selling I mean, the right current account, savings account (even things that have no fee). This has to be reviewed annually by the bank, so my guess would be that in this instance, they found a gap in the MI that they have on their customers socio economic status, job and salary.

why would they penalise you?

if it’s your main account they can see the amount of money coming in or not coming in anyway!

But that's kind of the point - if they know that you're self-employed and have erratic income (which is not a problem at all) then they know not to flag up your account activity as suspicious all the time when you have periods without receiving money and then suddenly get lots in. Because that's normal for you.