Financial questions - am I getting paranoic?

[WendyS]

I've just abandoned an online attempt to open a 10% Regular Saver account with my bank (with whom I've banked all my life) because they were asking for details of my income and the value of our house. I know Money Laundering regulations have been updated but for heavens sake, they've been getting my business for 40 years and I was going to give them some savings, not asking for a loan. Will we soon have no privacy left? They'll be asking for my bust & waist measurements next !!

[erimus1]

What you have to remember is that these questions are there to get information that they may be able to use in the future to sell you one of their other products
Regards,
Steve

[Ethel]

Wendy - you could be right about the waist measurement. That is increasingly being used by insurance companies as a health indicator.

If you are with Barclays - bail out. That is the very worst bank in terms of low interest rates and high charges.

I have just successfully opened two current accounts paying 5%, each with a regular saver account paying 10% with Alliance and Leicester.

Unfortunately banks have to be so careful now. You could be asked for ID to pay cash into an account you've had for years, if it is an unusually large transaction.

It's a sign of the times, sadly.

[gammaray]

Often the questions are to determine your suitability for targeting with their "special offers" and actually nothing to do with opening an account. When I opened a saver account with a popular (now spanish) building society I was asked similar questions about house value, mortgage outstanding etc. within about three weeks of opening the account I was contacted by their mortgage specialist to see if I wanted to switch my mortgage. More than just a coincidence!!

[WendyS]

erimus and gammaray - you could well be right. I would write to my bank and complain - if only I knew who to write to. They only seem to have call centres these days.

Perhaps I should write to my local branch, tell them I want to open one of these accounts, remind them that I've been a customer for 40 years but don't see why I should disclose personal details such as salary and house value and ask them if they still want my business. The reply might be interesting !

[gammaray]

If you want to get their atention write to the chairman (you don't necessarily need to know who he/she is) care of their registered office. Details of their registered office will be printed on the bottom of all correspondance (usually very small print). This is the address to where "official" correspondance from companies house, inland revenue and customs and excise will generally be sent when they contact the company, so the letters will often by-pass the usually unhelpful and patronising customer service departments.