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??

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.

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

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

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.

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.

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 😂

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.

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.

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.

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

Is an anti money laundering thing. Everyone's going to be asking for it.

The Electress of Hanover I assume is Queen Camilla nowadays?

This type of stuff generally makes it much more onerous for Joe Public but the money launderers just carry on laundering.

I have a stocks and shares ISA with Vanguard and they have emailed this morning to say this info will be required when I next log in

Job title might not tell them very much. If its from a drop down list, my actual job title is never there (eg when buying insurance) so I have to say I'm a civil servant, which is also true, but civil servants earn from under £20k if part time admin to ten times that amount for senior management and everything in between.

They'll have fun with DP too as he's self employed and his money comes in dribs and drabs and could be anything from about £150 to about £10k depending on the size of the job.

I just logged into my account and haven't been asked anything at all. I don't really use it much, it has the child benefit passing through and the DCs savings but that's all.

Unfortunately there is a drop down list, I've not filled it out so I will see if urban shepherd is on there.

I don't hold much money with them, my salary goes in, which is not large by any means.

As others have said, it is related to very important anti money laundrymeasures. It’s part of the banks responsibility to show that they know and understand their clients and could identify ‘odd’ transactions that don’t fit a normal pattern in order to help stop organised crime.

You make more bother for yourself and the bank by not answering the questions. All that they want from you is the minimum to establish that you aren’t running some drug cartel / crime ring. If they can’t do this they may have to cease having you as a customer. You will then have to answer the same questions from the next bank, who have the same rules.

I keep getting this and so far I have refused which means I cant pay the window cleaner but little else. It's a joint account with my husband and I transfer a set amount each month. My own accounts are with a different bank and they have no need to know my income.

That's the point. If you suddenly put £10,000 in weekly it will flag on their system

It's almost like some people don't want financial crime to be tackled.

The banks have been allowed to REDUCE the amount they have to pay in fraud cases.

Not good for customers.

This.

Banks are trying to pass the burdens to customers.

But the launderers will carry on laundering as they will find ways round

My bank knows how much I earn. My salary goes in every month.