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??

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

It was a joke!

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.

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.

If you already know this why ask for the details anyway

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

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

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

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.

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

It's a standing order to a joint account for paying bills. They can easily see it's coming from my bank and my bank can see where it's going.

Feel free to keep your worldly cash under your mattress, if you prefer.

🤣

I’m unclear what you mean, but of course it will. They’ll know who’s got the products and if aligns to their target market

But they can find that stuff out anyway and with ease… CRAs report this stuff all back to the banks. To a very granular detail

@purplebeansprouts

No, it's like people appreciate their privacy & don't want to be 'accountable' for their private decisions about their private money.

the banks need to be looking into the scumbag scammers & not how much Fred in Accounts earns or if he's a road sweeper or solicitor. What someone's job title is, is not relevant.

I keep getting it but ours is a joint account with DH the only one of us working. It was originally his account before we met and he added me later but he hasn't had this thing at all.

Eh? Lots of people move money between accounts to share expenses with a partner, put money in different pots for budgeting purposes or to take advantage of bonuses and other perks from banks.

I have several because they pay interest, cashback or give access to high interest regular savers. Money moves regularly between them. Millions of people do this.

If circumstances change they are not going to know are they, Nationwide probably have my job title from when I worked so that would tick that box, I am retired now though so unless they request this information each year it probably won't be correct anyway as people are not going to rush to inform their bank of change of employment each time, some people do variety of jobs and change a lot.

Absolutely nothing they won’t care

but it would raise an alert to them if all of a sudden there was a lot of activity and money coming into your account when you declared you don’t have a job/income

they have an obligation around money laundering

But this is not how it works. It all works using a risk based approach. Nobody has time to keep an eye on everyone, so they have to keep more of an eye on those who are considered a higher risk. They don’t know who that is without asking the relevant questions. So your job title is relevant. Believe me. It’s what I do all day every day.
Do you think scammers just have a red alert against their name? Do you know how difficult it is to catch people?!

So for my current account, it asks where my main income comes from then how much I expect to come in to that account. I receive two identical amounts each month, plus additional smaller amounts. So my 'main' source of income - I picked one at random, will account for much less than half of what comes in. Surely it was pointless collecting that info because it's wildly inaccurate.

Sounds like it is set up for people with one career type job with a salary that comes in monthly, that isn't likely to change it much.

@crosbyrose

nope, my job title is completely irrelevant. I used to be an Accountant. I'm not now, I do several things that make up my income. All of them are far less 'professional' . My income all goes into my main account (with another bank) I transfer money to bank B because their current account & a savings account are a much better interest. My mortgage just happens to be with them & has been for a decade.

my job title IS irrelevant, as is my ££ of my 'main source' of income.

that’s a pure AmL question, and it’s because they are blanket question for everyone and the majority of people have one main source of income, but for you, they can see that you have consistent streams of income

No it isn’t… good god! You’re being dense

they’d also need to know for your mortgage, especially as you’ve said it’s been there for 10 years. So unless you’re on a 10 yr fix, you’ve product transferred in that time, which means your loan wasn’t re underwritten so your income didn’t need to be proved again (unless you took additional borrowing, changed the term etc)