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

I also haven't got the app as it is just savings so just access account on website only

I haven't had it yet but my pension salary goes into another bank, I use Nationwide for savings but have a basic current account with them to move savings around.

The poster you quoted said they’re checking you still meet affordability - they can and do re-check this stuff periodically and can reduce your credit limit or withdraw the facility altogether if your circumstances have materially changed.

The thing is, you can refuse to submit this information but then they are at liberty to refuse to let you bank with them.

We tend to think that as we trust them with our money, we’re the ones who should call the shots. But it’s the opposite - the banks provide us with a service and in order to access that service you need to fulfil the T&Cs of the account.

The anti money laundering checks are comprehensive now, and fraud is on the rise. Just because we don’t like or understand the bank’s reasons doesn’t necessarily mean it’s sinister or to harvest data for profit.

They’ll have an explanation and a comprehensive policy on how the data can be used if you ask to see it.

Affordability checks happen before you take out credit cards - banks don't give people credit cards and then check in later to see if you could possibly tell them how much you earn at some point in the next three months 😂

I'd be inclined to provide misinformation eg Earl of Mentionitis, None of your business etc. Sometimes I just type in 123456 to unnecessary number fields or a . if the system accepts it.

I am sceptical as to the balance between ‘compliance’ and ‘marketing’ and/or deciding which accounts are likely to make them money.

I have seen many examples recently of banks being the good guys in advertising or making token gestures for education etc whilst at the same time treating their clients with contempt.

Can you not put something like Urban Shepherd or The Electress of Hanover?

I might put CEO of my employer and just see what happens

I had an issue with my bank today, as "they" were asking what I felt were intrusive questions, and if I consequence.
I asked why such questions wre being asked, and I was told that it was to protect me from scammers.
I very much appreciate reasonable actions to protect my account, but I felt that the questions were extreme.
I had to comply in the end, as the consequences of not answering, would've been detrimental to the way I conduct my finances.
It all feels a bit "controlling", and it made me feel hugely uncomfortable.

Then you have a different profile for assessing potentially illegitimate transactions and a query might be initiated at a lower transaction value. Nothing more sinister than that.

It’s actually so they can use it as an input to calculating a credit limit for you, so they can offer you cards, mortgage etc. Yes they can calculate it to some extent, but they don’t know if you have any other banking relationships or if your full salary goes into your account. Ultimately, they want to lend to as many people as possible, because that’s how they make money. They will dress it up as KYC (know your customer) but it’s really about wanting to lend.

So, if you're a business analyst with a tech company with a salary of £80k, the profile of expected transactions on your account will be different from a lower level civil servant with a salary of £40k (making all of these numbers up, obviously).

If you're the second case and suddenly large transactions start moving across your account, that might trigger an investigation into the source of funds so the bank can be sure it's legit (you've won the lottery/received an inheritance/sold a property).

Nothing to do with marketing of your data at all.

I have just accessed my account and haven't been asked for this information. Mine is a FlexPlus account.

Same, Chase asked me a couple of weeks ago.

I didn't know about this, and find it very intrusive.

I had this today and found the list of questions intrusive. I don’t work and don’t have an income; my DH transfers a small amount to me every month but they are just interested in taxable income. I hope I’m still worthy of my basic account, I’ve been with them since I was a child!

Ok but how is knowing my job title and income helpful for that?

Quite! The professional money launderer or drug dealer won't be putting that as their job title.

Christ. What happens if you don't have a job?

Banks are obliged to understand the likely transactions through their accounts and this should in theory make the financial system safer and reduce fraud.

However, in practice the way that many banks have tried to ‘fill in the gaps’ has treated their customers with contempt and could be handled a lot better.

@Confundo I always like meeting a fellow AML fan on threads like these!

This ^
It’s an anti-money laundering requirement. Financial institutions are required to ask some basic questions to understand how you intend to fund and use the account. They take this requirement very seriously as the consequences can be very severe if they don’t (Starling Bank were fined £29 million earlier this month for not meeting the full AML requirements).

I've seen it and I keep avoiding it, it is is really nosy and annoying

No, it's a much longer standing requirement for banks to know their customers and understand the nature and purpose of the customers accounts.