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 think you're being very naive, and frankly a bit stupid to think there is nothing sinister with a vs k knowing your job, employer, salary etc.

None of their business.

AML can be done in other ways.

I'm not asking to borrow or take out a mortgage. I'm just banking with them.

They make plenty of money out of me without needing to flog my data too.

FUCK OFF CHASE!

no, it really is basic kyc info for regular mandated credits, source of funds etc.

maybe stick to keeping your money under your mattress

But they could also loose lots of money from you from AML/ fraud event as I'm sure banks have to recover funds added up for every customer could be huge. Also, I'm sure they aren't making that much from you if you aren't borrowing anything (their size/ how much they are making from you is not the point though).

What sinister activities could they possibly do with that information that they couldn't do with the information they previously held?

There's no need to call people stupid because they disagree with you.

Weird, I only just recently opened an account with them and wasn't asked

I had this recently, as I'm retired that bit was quite easy but they also wanted to know how my different savings accounts were funded, I only have savings with NW, my main current account is elsewhere, since my savings accounts have been moved many times within NW because the interest rate only lasts a year so I have to keep getting new accounts I just put the source was savings which was basically correct as they came from previous low interest savings accounts.

It also asked me how much I expect to go into the current account I hold with them, obviously I have no clue as it is mainly used as a vehicle to access the savings accounts and to move money into from my other bank in Jan-March to get the free £100 they seem to be doling out each year now so I just put a random amount. It is obviously set up for people who have a known salary each year.

I filled it in twice for nationwide but it's still asking me every time I use the app.

I had this with my bank, I really don't like it even though I can see the reasons behind it. The bank can see exactly where my money comes from, and it shouldn't be relevant for me to give them my exact salary etc. It does feel as though there is some data harvesting here too, which I don't like.

Anyway, they haven't got a true picture. At the time I was earning a lot in a decent paying job in education. Since then I have been on long-term sick and then retired so their information is totally out of date already. Doesn't seem to be anywhere I can access that information and update it, so what was the use of that?

Here here

So because I’ve been asked they presuming I’m doing money laundering?

I’ve had a message off nationwide over the last few weeks asking me to verify a few details by the 15th Jan!
my family member is saying it’s the government wanting to spy on my account and my income and outgoings !!
im just a regular girl with kids and worked and now becoming a housewife partner works pays his tax and NI to employer
what the heck can someone help

Obviously they don't think you are ao ey launderer, as explained by poster above they are collecting information from everyone

I'd suggest not taking any kind of advice from your family member on any topic unless they take their tinfoil hat off.

Just answer the questions,nothing hvis going to happen. Unless you are a criminal then who can say

Could not agree more!

Monzo does this. When I increased my overdraft they ask 'is this still your salary?'. I always thought it was so they could approve you for credit quicker.

They should at least ask about if you have kids. Half the men over 30 would be immediately tagged as not paying child maintenance I bet. If I thought it would flag men who get paid cash in hand to avoid CSA for eg I'd have little issue with it.

Chase tried this a while back, that ended very badly, lots of complains and an apology.

The Nationwide said tonight this is an FCA directive, the fact that the Nationwide already have all the financial information if they look at my account, tells you this is a phishing expedition and has nothing to do with loans.

The fact that the Nationwide accused me of financial crime including fraud and money laundering in writing on their reason for asking the questions they already have the answers to, must be very worrying for their board.

This is disgraceful.

What? How does basic AML checks being asked of you (same as they do for any other Customers, esp if there is a source of funds question) impact the board?

if you think CDD and EDD questions about you as an individual make it to board, then you’ve got another thing coming

Can we refuse to give some of this information to the bank? I have just been asked for it by Nationwide, and I don't want to give some - similar to others in the thread. Have spoken to them, and they have said much the same as in the thread - I recognise they are now responsible for paying back any money scammed from us, which is why they have suddenly become more diligent, but can I refuse to tell them something - such as my employer, or my anticipated income?

You can, but be prepared for them
to no longer want you as a customer. They are obligated by law to obtain this information and if you don’t provide it, they’re under no obligation to provide you with a service.

you’ll have to then find another bank who will want the same information as Nationwide

If that’s true do you need to update them every time you change jobs or get paid less?

I wondered that but you can't access it to update it, well I couldn't find it

if you really want to you can, but if your transactions and habits change because of a change in employment they’ll come back to you for a refresh of information anyway

Thanks everyone I still haven't done it yet

Nationwide made me go through a process to update my details early 2024, even though the details were the same. Were very authorotive about it goving me deadlines to take proof into the branch. Now again hot message on app saying i have to give them lots of other details by early march or they"ll restrict my account. Im fuming, don't use any credit line withem, never gone over drawn and only use it to pay bills because all other local banks have closed down. Demanding employers details, salary, dated started, employment title aswell as a host of other information. Says its a government legal requirement and they can use the information against my authority. No other bank has been so intrusive, but if they are trying to keep inline with the law then I am concerned about just how far our country is going to monitor our every movement. I am on a very low income at the moment due to poor health but i manage all my bills and have a good credit rating. If i am honest with them then they will definately use this information to penalise me if i ever want a small overdraft etc. For this reason i will tell them what they want to hear but it will be a load of nonsense.