Ulster Bank - Requesting information by subterfuge

[Bronte]

There is new legislation alright. I’ve received a letter from Permanent TSB regarding US citizenship. If I didn’t reply to the letter they were going to close my account within 30 days.

On what basis?

 

[Bronte]

Hi Candy crush. I'd call into your local Garda station and have a chat with them. Scammers could have got hold of your bank details.

The fact it's a +44 number plus the line of questioning and account details would lead me to believe it's not a scam.

 

[Peanuts20]

Banks have a legal obligation to "know their customer" under AML legislation. Hence why they asked for ID and proof of address. They have to keep this up to date and to be frank, we are all going to see more requests like this for ID etc in the future. If you don't provide it you run the risk of your bank closing your account. UB went through a major clean up of accounts with no ID a couple of years back and I heard they closed thousands of accounts where records were not kept up to date.

The survey is something completely different and I've not heard of this before. It does suggest that they had some suspicions about your banking behaviour or that you were simply selected at random. I quite regularly get robot calls from Ulster asking me to verify credit card transactions done on line. I don't have an issue with that, it is simple a security check. Its possible also it was a marketing ploy but if you are not happy, your first port of call should be to raise a complaint with the bank. As for getting asked for ID numerous times, to me, that is just standard Ulster incompetence driven by out of date archaic systems.

 

[RedOnion]

This is getting a bit ridiculous.

It's quite obvious that the questions are in relation to anti-money laundering. Not only does the relevant legislation give a bank the right to ask for this information, but an obligation in certain circumstances. The bank has specifically queried 3rd party lodgements to a personal bank account.

The data cannot be used for profiling / marketing purposes, and any attempt to do so would be a breach of GDPR.

The agent won't know anything about legislation. They're qualified to answer the phone and enter data. It would be a criminal offence, under AML legislation, for them to explain exactly what has triggered additional monitoring, or to tip-off a customer that an investigation is occurring on their account.

The piece around US residency is completely separate, and is under FATCA legislation. It's illegal for a bank to open an account without a declaration, and refusal to provide such a declaration forces the bank to close the account, or face criminal prosecution. But it's a completely different area of legislation.

 

[Drakon]

On what basis?

New tax agreements between the IRS and Revenue. It's written in the letter. If you get one you'l be able to received it your self. When I was with Campbell O'Connor they'd send me such a form every three years and my account was suspended (apart from debiting the annual account fee) until I complied.
But that was equities. This is for a current account. My sister's with PTSB and she received the same letter.
I have a current account with BoI too but they're a far more relaxed bank than PTSB.

 

[Drakon]

Yeah, that's it. FATCA.
Back in Ireland of the 80ies being a dual US/Irish was seen as an advantage. The circle has turned, though.

 

[Candy Crush]

Thank you for that Drakon. That makes sense. I fully understand banks’ need to maintain up-to-date records. That is why, within two days of receiving the first (of three) requests for identification, I presented myself, my passport, my driving licence & my electricity bill at my local UB branch.

Your reply does not, however, address my concerns about how this information was sought. I would have thought that a simple letter/email along the lines of “Dear Candy Crush, in order to comply with new legislation (link, or specific reference to the actual law) Ulster Bank are requesting the following information:- Details of all accounts held with all financial institutions, and the balances therein”.
The manner in which this information was sought from me reeks of subterfuge - hence the title of my thread.
For the record, I am NOT laundering money, each and every transaction can be accounted for in full.

 

[cremeegg]

Early in the summer I received a letter from UB asking me to present myself at my local branch with personal ID and a household utility bill, as they were updating their records. Within 2 days I did so.

There is your problem right there. Bank says jump you said how high. It must be nice to be able to take the time to travel to the bank at the drop of a hat like that.

I phoned that 0044 number again this afternoon & robustly requested a reason why they were seeking this information. The girl was unable to answer me, other than to say that under 'new legislation' UB were entitled to know all about their customers financial affairs. I requested details of the legislation to which she was referring, but she was silent.

Thats better. But seriously we are all too ready to accept the dictates of big business, if you don't push back they just keep pushing forward.

 

[Candy Crush]

Thank you for your input Cremeegg, but I’m not going to apologise for complying with what I understood to be a reasonable request for confirmation of my identity from Ulster Bank. I received a similar request from my local Credit Union last year, to which I also responded to promptly. I produced my documents, they photocopied them, and there the matter rested.

 

[cremeegg]

Thank you for your input Cremeegg, but I’m not going to apologise for complying with what I understood to be a reasonable request for confirmation of my identity from Ulster Bank. I received a similar request from my local Credit Union last year, to which I also responded to promptly. I produced my documents, they photocopied them, and there the matter rested.

I am certainly not asking you to apologise, but I cannot see how you can suggest that this is a reasonable request.

Early in the summer I received a letter from UB asking me to present myself at my local branch with personal ID and a household utility bill, as they were updating their records.

Quite apart from the fact that most people simply cannot afford to take time off during banking hours and travel to a bank branch, why on earth should the bank not send someone out to you on their time. It is their request to meet their objectives, while they may suggest that it arises from a regulatory requirement it appears to include a large element of marketing.

 

[Candy Crush]

I can’t disagree with you there. But I’m an obedient, obliging soul. I complied. Had I known where all this would lead to, I certainly wouldn’t have been so bloomin’ compliant.

 

[Bronte]

There is your problem right there. Bank says jump you said how high. It must be nice to be able to take the time to travel to the bank at the drop of a hat like that.



Thats better. But seriously we are all too ready to accept the dictates of big business, if you don't push back they just keep pushing forward.

Well how are they going to expect me, abroad, to show up in a branch in a few days. Ironically enough I did last month to sort out a standing order, so-maybe I won’t get a letter. Maybe my husband will.