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 will probably end up that you will only be able to use the bank that your income goes into so they can keep track of it all.

I see the tinfoil hat brigade are alive and kicking here. What nonsense conspiracy paranoia people spout, when they don't understand and can't be bothered to make proper enquiries.

Banks really aren’t the big bad guy, especially now with the amount of regulation there is, especially nationwide they are all about their ‘members’ and doing what’s right for them

I couldn't open an account with the post office once about 10 years ago as it required me giving my occupation and there was nothing remotely close but did have oddly specific ones like bouncer and funeral director but nothing related to science.

It’s your source of wealth that is being looked at. For most people salary/earnings will form the main part of that. But for others it could have come from inheritance or the sale of a business for example. Many people come from a long line of inherited wealth that was generated decades ago. It’s all relevant and forms the picture of you that is assessed when deciding the risk you pose to their business. That’s current financial regulation. Take it or leave it. If your job title was irrelevant then they wouldn’t bother asking. Believe me. They have better things to do honestly.

We also call up our vulnerable clients to query what they are withdrawing money for if it seems out of line with their usual behaviour. We have prevented many people being victims of scams that way. Would everyone prefer we didn’t stick our noses in there either? It could be you or your parents/grandparents that this happens to. People don’t start moaning about their privacy then do they. Can’t have it both ways unfortunately.

@Terrifiedofthedentist

are you always so rude?

I'm not dense, I don't need to be patronised by you. I'm going to stop there before I'm equally rude to you.

But your comments are silly and if you can’t see why your source of funds and your regular mandated credits are of paramount importance to a bank, then well, sorry that is pretty dense

Saw it today.

So will this flag when you take £ks out to pay trades cash in hand that they demand? It would be nice to think it would stop the non-payment of maintenance for kids this way but I suspect the banks aren't at all interested in that kind of social cohesion.

The banks are already onto the people who try and withdraw large amounts of cash to pay tradespeople. There was a thread about it on here and a friend of DPs was refused access to money for that purpose and made to feel like a criminal by the bank, which he was as he was aiding and abetting tax evasion.

From the banks' point of view, anyone wanting to give someone else a large amount of money, or any amount for that matter, and aren't involved in criminal activity, will just do a bank transfer, so it's suspicious if they don't do this (or people who 'don't do internet banking' probably still use cheques so it's still going through the banking system).

So anyone who uses cash for non trivial amounts of money attracts their attention.

I love how so many of you rush to explain away everything and comply - with bells on.

When companies ask for information they don't need - and force me to provide something - I make things up so as to dirty their data.

I know some of you will go bananas at the idea, but whatever.

Maybe start saying "no" a bit more to demands and requests. I do and nothing bad has happened yet.

I agree with Bagpus. I am wondering what job title I can get away with?

You may live to regret giving fraudulent information.

The purpose is to help detect & prevent fraud on your account. Banks now have to pay you back something like 85k if you lose it to fraud that isn't your fault.

Putting false information in to 'dirty' their fraud prevention data may mean that in the event of fraud on your account the bank could decline your claim due to your own fraudulent activity (knowingly giving incorrect information) you have not done what you should yourself to prevent fraud.

Depends if you can afford to lose 85k

Why don’t you read the actual law and guidelines that go alongside? Then you might understand what information regulated firms are required to know about you.
Nothing bad has happened yet, but that’s not to say it never will. Good luck to you.

No. I'm not interested. Doesn't concern me at all.
I don't care whether the law says they have to ask or not.
It can all be dressed up however you like.

If the bank really wants to know what I do, they can look me up online. Easy. If they aren't that interested, then they can have whatever answer I decide to give them. Up to them, really.

Great attitude. The bank does look you up online and lots of other things. So really, you just make yourself look a bit silly.

I think it's all 'Know Your Customer' regulations to prevent money laundering and identify proceeds of crime. Every time you apply for any financial product these days you get a barrage of questions mainly aimed at finding out where the money came from.

I think my DH puts a different job title each time as none of them accurately describe what he does, usually uses something fairly generic like manager, although he isn't that in any conventional way.

I never suggested fraud. That's a jump of an assumption. I just don't wish for them to have this info. I'll put something vague, but truthful.

Twenty years ago I was asked why I was taking out a thousand in cash, and was it to pay a builder. So looking for black economy activity isn't anything new.

I got a notification from chase to confirm info today. They asked what industry I worked in rather than title. Drugs wasn't an option.

Agree!!

Chase asking for salary, job, company name. FUCK OFF!! Too much you American bastards!

NatWest have never asked me any of this in the 40 years I've banked with them.

But it is designed to protect you, so they can trigger an automatic query on what looks like an unlikely pattern of financial behaviour from someone fitting your profile.