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

[OctaveoOctober]

Has anyone else had this? In finding it exceeding intrusive??

Lots of banks/building societies ask this info now.

Do you have credit cards with them?

They are checking you still meet the affordability checks.

I have an account with Nationwide but it has a passbook. I have not been asked this. When I changed my address with my main bank account, I was asked this. I asked why and they couldn't really give me a reason. I didn't give my occupation as I don't think it's relevant.

My app hasn't asked for this yet. Pretty sure they can figure it out themselves by seeing who my paycheck comes from every month.

How long have you been with them? I just logged in to check and haven't had this.

It's a money laundering/fraud thing. It helps them know what your account activity should look like and so they can better detect anything unusual. Most banks started asking for the data about 5 years ago when the regulator recommended it. I'm surprised it's taken nationwide this long really.

Had to provide this info to Chase a few weeks ago so think it is a general requirement across the industry.

I've just had exactly this. Really fucking intrusive. I fully get my mortgage lender needs income, but for the bank to be required to know, and how much I expect to put into the account this year, and what I use it for. It's too much!

Is it something to do with banks having to pay up to £85k for fraud within 5 days which is a recent thing

Yes the Halifax keeps asking every time I log on for internet banking. I hate it. They have all my money as it is - it feels absolutely unnecessary and intrusive. Why the fuck do they need to know what job I have? And more to the point - what right do they have to know it? Just fuck off.

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

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

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).

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

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.

Ok but how is knowing my job title and income helpful for that? It feels likely data harvest to me tp sell me stuff.

I've been with then since I was 9, I'm 49 now and I don't have credit cards just a basic account.

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

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.

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!

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

Same, Chase asked me a couple of weeks ago.

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

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.

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.

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.