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Over the top, intrusive KYC from Santander?

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seekingbalance
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Re: Over the top, intrusive KYC from Santander?

#495147

Postby seekingbalance » April 19th, 2022, 9:46 am

As I’ve mentioned, I do already have another current account, so I can start moving things if needed, I’d just prefer not to.

As for written consequences- the letter does not go quite as far as to list any consequences, just that I need to complete it. Maybe just ignoring it will be a good test of how serious they are.

mc2fool makes a good point about the linked accounts - that is indeed one of things I am considering as part of the pain of moving. Getting Santander to switch my electricity bill is simple, but would they know of my linked savings accounts which will only pay out to this account? No, I am sure. And I have about 9 of those.

As for the 30DDs - yeah, it seems a lot, but it’s amazing how they add up - water, sewerage, electricity, oil, council tax, sky, Netflix, Disney+, Amazon, multiple ISA/SIPP fees, several different magazine sub for my wife, to name but a few off the top of my head. Not to mention the multiple people or companies we use or pay money to regularly or even just occasionally by BACS - nieces and nephews for birthdays and Christmas, brothers, parents, garden club, WI, estate management company, alarm company, chimney sweep - it’s endless! And all very conveniently preset up and authorised for payments which I’d have to set up again. It is quite interesting how much goes through your current account if you use online banking extensively!

FH1998
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Re: Over the top, intrusive KYC from Santander?

#497594

Postby FH1998 » April 29th, 2022, 9:23 pm

Hi Seeking balance,


I recently received the same letter your referring to, did you call them up or respond at all? Be interested in hearing what they had to say. I have provided employment details/payslips but nothing else. Feels ridiculous the amount of stuff they're asking especially as I've had the account for 5+ years, recently sold some crypto at a loss and withdrew into account.. so wondering if its been stimulated by that, goodness knows!

Will keep you posted on any reply I receive.

stevensfo
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Re: Over the top, intrusive KYC from Santander?

#497737

Postby stevensfo » April 30th, 2022, 7:04 pm

scrumpyjack wrote:You could write back thanking them for their letter and say that it is equally important for you to know your bankers. So can they please submit the following information for their chief executive ..... :D


Actually, I don't think you need the smiley. I've been saying more or less the same thing since the financial crisis. In fact, I may have mentioned on another thread how I got a grovelling apology out of a bank after throwing all these rules back at them.

Just have a good internet search for 'name of bank' 'money laundering' 'corruption' 'court' etc and you'll see what I mean.

Especially with the myriad of new fintech banks, it's never been more important to perform your own due diligence, KYB and AML checks on the bank!!

If all else fails, well it's all to do with Privacy....innit? 8-)

Steve

PS Anyway, how come a Spanish bank is still allowed in the UK? Didn't Boris take back control? :lol:

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Re: Over the top, intrusive KYC from Santander?

#497738

Postby scrumpyjack » April 30th, 2022, 7:12 pm

stevensfo wrote:
PS Anyway, how come a Spanish bank is still allowed in the UK? Didn't Boris take back control? :lol:


It's all part of 'Global Britain', or perhaps what they call 'Spanish practices'? :D

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Re: Over the top, intrusive KYC from Santander?

#497861

Postby SteelCamel » May 1st, 2022, 2:28 pm

stevensfo wrote:PS Anyway, how come a Spanish bank is still allowed in the UK? Didn't Boris take back control? :lol:

"Santander UK plc. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. "

So it's a British bank :)

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Re: Over the top, intrusive KYC from Santander?

#498043

Postby stevensfo » May 2nd, 2022, 3:36 pm

SteelCamel wrote:
stevensfo wrote:PS Anyway, how come a Spanish bank is still allowed in the UK? Didn't Boris take back control? :lol:

"Santander UK plc. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. "

So it's a British bank :)


Hmm, I was going to write something about Brexit not worrying banks yet crapping on normal people, but I decided not to. :?

So if Russian ICBMs are placed in Guildford but registered in London, then they're British ICBMs? 8-)

Yeah, facetious argument, but the way that banks can do what they want while the plebs are treated like cattle, really....!! :evil:


Steve

chas49
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Re: Over the top, intrusive KYC from Santander?

#498077

Postby chas49 » May 2nd, 2022, 11:04 pm

SteelCamel wrote:
stevensfo wrote:PS Anyway, how come a Spanish bank is still allowed in the UK? Didn't Boris take back control? :lol:

"Santander UK plc. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. "

So it's a British bank :)


Although:

Santander UK is a large retail and commercial bank based in the UK and a wholly-owned subsidiary of the major global bank Banco Santander.
(https://www.santander.co.uk/about-santander)

dealtn
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Re: Over the top, intrusive KYC from Santander?

#498100

Postby dealtn » May 3rd, 2022, 8:32 am

stevensfo wrote:
Yeah, facetious argument, but the way that banks can do what they want


Try working for one and see how you think about that line of argument. The quote about walking a mile in another's shoes springs to mind.

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Re: Over the top, intrusive KYC from Santander?

#520020

Postby readytoflip » August 5th, 2022, 10:24 am

Santander and its Spanish inquisition department KYC are corporate bullying to get their information.
my case is pretty similar, BUT! we have been bouncing the questionnaire around for sometime now simply because we cannot give them the answers they want going back 25 years. We have tried politely saying no and we have tried telling them that we will be invoicing them due to the many hours spent re-completing the questionnaire form. The inquisition has now resorted to immediate restrictions to our accounts and we wont be able to make payments from our accounts, meaning clients payments cannot take place and some payments are bouncing back with charges attached.
The most stupid question so far is, "have you won the lottery!!!!! , how much and what have you done with it.

My question now is how legal is it for them to effectively close our accounts stopping us trading. I believe this must be a case of corporate bullying to get what they want.

Can anybody help with resolving this?

readytoflip

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Re: Over the top, intrusive KYC from Santander?

#520132

Postby Redmires » August 5th, 2022, 4:27 pm

Can't offer any help but might be worth trying to involve the media. Radio 4's 'Money Box' will often take an interest in cases like this. Might also be worth getting into contact with your local 'business friendly' MP.

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Re: Over the top, intrusive KYC from Santander?

#520467

Postby stevensfo » August 7th, 2022, 11:22 am

readytoflip wrote:Santander and its Spanish inquisition department KYC are corporate bullying to get their information.
my case is pretty similar, BUT! we have been bouncing the questionnaire around for sometime now simply because we cannot give them the answers they want going back 25 years. We have tried politely saying no and we have tried telling them that we will be invoicing them due to the many hours spent re-completing the questionnaire form. The inquisition has now resorted to immediate restrictions to our accounts and we wont be able to make payments from our accounts, meaning clients payments cannot take place and some payments are bouncing back with charges attached.
The most stupid question so far is, "have you won the lottery!!!!! , how much and what have you done with it.

My question now is how legal is it for them to effectively close our accounts stopping us trading. I believe this must be a case of corporate bullying to get what they want.

Can anybody help with resolving this?

readytoflip



I can't believe that this has become so bad! I know that certain patterns can trigger an investigation, but Santander seem to be taking the urine. To stop all payments without good cause must surely be something they can be sued for? This business of freezing accounts for the slightest reason is very worrying. I may have mentioned that after 4 years of using Revolut, they froze my account when I wanted to transfer 300 pounds to my son. No warning at all. They just wanted I.D. that they already had, so I assume it was some computer algorithm selecting me for a control at random, but there is no reason to freeze the bloody account!

The worry is that this sort of behaviour by banks will set precedents that, unless nipped quickly in the bud, will slowly become more commonplace and get the brainwashed populace to accept whatever sh*t is thrown at them. Roll on, Orwell's 1984! :(

Steve

PS Thank goodness we can still use cash!

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Re: Over the top, intrusive KYC from Santander?

#520681

Postby readytoflip » August 8th, 2022, 10:14 am

Thanks for your support Steve, its nice to know theirs a like minded person out there, but a minnow like me taking on Santander Spanish inquisition I rather think I would need a little help in the legal department, if theirs a Knights templar out there that fancies a crusade please let me know. ( History in a different guise,WOW!)

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Re: Over the top, intrusive KYC from Santander?

#520686

Postby pje16 » August 8th, 2022, 10:48 am

Sounds way over the top and more like an attempt to get information so they can sell you products
I have beeen with First Direct (owned by HSBC) since 1991 and have had no such request

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Re: Over the top, intrusive KYC from Santander?

#520892

Postby GoSeigen » August 9th, 2022, 8:21 am

pje16 wrote:Sounds way over the top and more like an attempt to get information so they can sell you products
I have beeen with First Direct (owned by HSBC) since 1991 and have had no such request


My account was recently frozen by HSBC for infrequent use. When I phoned to have it unlocked I was flabbergasted to be interrogated about what I wanted to use the account for. I said I thought HSBC were in the business of supplying current accounts and should surely know what their customers wanted to use them for!


GS

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Re: Over the top, intrusive KYC from Santander?

#520989

Postby stevensfo » August 9th, 2022, 12:32 pm

GoSeigen wrote:
pje16 wrote:Sounds way over the top and more like an attempt to get information so they can sell you products
I have beeen with First Direct (owned by HSBC) since 1991 and have had no such request


My account was recently frozen by HSBC for infrequent use. When I phoned to have it unlocked I was flabbergasted to be interrogated about what I wanted to use the account for. I said I thought HSBC were in the business of supplying current accounts and should surely know what their customers wanted to use them for!


GS


What on earth do they mean by 'infrequent use'? How do they define it? What if it's an account that you only use for holidays? In the past, I received letters warning me about accounts becoming dormant and ultimately closed, but that was where I'd left them untouched/empty for many years.

Re. why you want an account, some banks are introducing a list of reasons, but they don't seem to take it very seriously. For my new fintech bank accounts, I just tick 'for travel'.

PS

Why not write a letter to your bank with an 'Elf 'n Safety' letterhead, pointing out that their smoke detectors, fire extinguishers and emergency exits risk being removed, due to infrequent use! :lol:

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Re: Over the top, intrusive KYC from Santander?

#521000

Postby pje16 » August 9th, 2022, 12:45 pm

I have an account with ICICI bank (It used to pay VERY competitive interest rate)
Nowadays a sum of cash sits there and gets monthly interest
A couple of years ago, I couldn't login, so I called them
They had locked the account owing to inactivity, WHAT , a sum of interest being received every month doesn't count
I let them have it.... it hasn't happened since

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Re: Over the top, intrusive KYC from Santander?

#521009

Postby Alaric » August 9th, 2022, 12:50 pm

pje16 wrote:They had locked the account owing to inactivity, WHAT , a sum of interest being received every month doesn't count


You would get the interest anyway. I'd suspect a way of confusing their inactivity rules would be to login, make a transfer to another of your accounts, then a few days later transfer it back again. If nothing else, it proves that the login and transfer facilities still work and that you know what the passwords are.

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Re: Over the top, intrusive KYC from Santander?

#521010

Postby pje16 » August 9th, 2022, 12:54 pm

I log in very month to see what the interest is - THAT should enough
If they tell me how to move MY money I would close the account

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Re: Over the top, intrusive KYC from Santander?

#521026

Postby scrumpyjack » August 9th, 2022, 1:22 pm

I keep current accounts with NatWest and Barclays, originally for branch convenience, but now neither have branches anywhere near us. Anyway, who goes to a branch these days? I'll keep both just in case one of them starts being irritating and I have been making sure both are used, have direct debits, etc so I don't get charged fees (Barclays) and so I continue to get paid to have the account (NatWest).

Worth having accounts with more than one bank whilst they are free,

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Re: Over the top, intrusive KYC from Santander?

#521043

Postby mc2fool » August 9th, 2022, 1:52 pm

Alaric wrote:
pje16 wrote:They had locked the account owing to inactivity, WHAT , a sum of interest being received every month doesn't count

You would get the interest anyway. I'd suspect a way of confusing their inactivity rules would be to login, make a transfer to another of your accounts, then a few days later transfer it back again. If nothing else, it proves that the login and transfer facilities still work and that you know what the passwords are.

I've had both an ICICI and a Saga (Birmingham Midshires) a/c frozen due to inactivity. The ICICI one was just there to keep an account open with them as that makes opening a new account easier in case they ever get to the top of the interest rate league tables again. It only has 4p in it so I've just left it frozen ("dormant" as they put it).

The Saga one was annoying as I only discovered it was frozen when I went to withdraw the little that was in it 'cos I wanted to close it, and I had to go through their snail mail unfreezing procedure in order to be able to do so! They told me they freeze accounts after 3 years of inactivity.

I see TSB do the same: https://www.tsb.co.uk/inactiveaccounts/

As I have quite a few just-£1-to-keep-an-account-with-them-open accounts I've since added a "Last Action Date" column to my spreadsheet where the cells go red after a couple of years, and then I'll transfer a quid in and out to reset their inactivity timer....


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