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??

It really isn’t

This doesn't bother me at all. My job title & employer is publicly visible on my linkedin anyway. I understand why the data is needed from an AML perspective.

I think people imagine brenda from the local branch having the ability to have a nose. In reality this data sits in a computer in a largely unidentifiable way & is analysed by automated processes that determine whether certain types of fraud/risk are more or less likely etc. I don't really find that intrusive.

I haven't been asked yet, but I find those drop-down menus unhelpful because my job title never "fits" in any of them.

It’s KYC information and also to ensure they are selling their products to their target market

It’s just very basic KYC. People should be happy that the companies they bank with are attempting to comply with the current laws and financial regulations that they are supposed to. I can’t see it would do customers any favours if their bank was hit with a £200m fine for non compliance.
There’s no hidden agenda. Just answer the questions honestly and everyone can move on with their lives.
Banks would probably have more time to catch the people money laundering if they didn’t have to spend so much time looking into people who aren’t but just refuse to answer the very basic questions.

Also, for people who think it’s a joke to put wrong and/or silly answers, if one day you are the victim of fraud, then the bank would not have to pay you out because the information you gave was a lie. How can they be expected to be able to protect you if you are lying to them?

The right that they have is a legal right. It’s part of the Money Laundering Regulations 2017.

That's very patronising. I don't think that at all.

I don’t work now (58) but I’m not strictly speaking retired. I don’t intend to change mine to Home Maker on my banking in case it penalises me.

I did change it on car and home insurance though - also in case it penalised me in a claim.

I had this from nationwide.
I have lots of bank accounts, the NW one I pay in a monthly amount from my main account (with another bank) and my household bills come out it. Once in a blue moon I might top it up or take out the excess money built up in there.
Very boring.
Had the same account doing the same thing for about 10 years.
I don't think they need my job title.
I made up most of the answers to the questions because it was a drop-form list, my actual job is never listed.
Might bit me in the bum but I don't care.
The algorithms and any changes in pattern of the movement of money in and out of the account should be able to detect fraud, not whether if I'm a milkman or a travel agent.

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.

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 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.

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

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.

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

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

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.

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.

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.

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

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.

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

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!

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?