Commonwealth Bank - Can They Insist on Getting Employment and Source of Income Information?

anthony t on 12/09/2022 - 15:57
Last edited 12/09/2022 - 16:10 by 1 other user

I've had a few reminders from Comm Bank - Help Us Protect Your Account :

'In line with our commitment to become a simpler, better bank we need you to check and confirm your personal details are correct.'

Fair enough, but do they have the right to consider my information 'incomplete' unless I tell them my employment status and source of income (2 drop down boxes, no 'opt out choice)?

I tried to contact them, but it replies 'technical problems', and the robot thing is, as everywhere else, completely useless for anyone but the bank. Don't even ask about their 13xxxxx number! Life is too short already. I do not think they need this information to achieve 'protection' or 'simplicity'.

Anyone else have this problem?

Financial

Related Stores

Commonwealth Bank
Commonwealth Bank

Comments

  • [Deactivated] on 12/09/2022 - 16:05

    i've only come across one bank that requires this information. it has nothing to do with protecting your account, they just want more info about you.

  • alvian on 12/09/2022 - 16:08
    +3

    https://www.austrac.gov.au/business/how-comply-and-report-gu…
    https://www.legislation.gov.au/Details/F2022C00716

    These 2 documents set out the minimum requirements.

  • netjock on 12/09/2022 - 16:27

    unless I tell them my employment status and source of income (2 drop down boxes, no 'opt out choice)?

    Tell them stuff that doesn't make sense. Serves them right. Why worry. I always put down always put year of birth as far back as they would let me (not for the important stuff obviously) and I can assure you I make more than $1m (billions were not an option) on all the questionnaires and have 10+ kids.

    • [Deactivated] on 12/09/2022 - 22:17

      Their response will be to close your account. Banks have a legal requirement to know their customers are sourcing their funds legally, anything remotely suspicious and if they don’t get satisfactory answers they close your account and won’t tell you why.

      • [Deactivated] on 13/09/2022 - 03:58

        it's not like it's hard to open a new account with a different bank, most don't ask for this info anyway.

        • [Deactivated] on 13/09/2022 - 08:32

          None (including the CBA) do unless you have suspicious transactions. I’ve never been asked by the CBA. But legally they all have to know their customer so you can expect all of them to ask if whatever triggered the CBA to ask happens again.

          It’s typically large cash deposits or transfers that triggers this.

      • netjock on 13/09/2022 - 16:51

        Their response will be to close your account

        From people who haven't worked at a bank. I did 10 years in global banks. If they really wanted to know you they'd give you a call and put you on the spot. In the branch everyone is trained to ask you questions (sometimes you might not know it). You know the bank can report you to AUSTRAC even if you transactions are under the threshold. If they give you drop down boxes that doesn't make sense it is more likely a marketing exercise.

        KYC is just IDing you. AML is to avoid involved in your money laundering. CTF is to avoid getting involved in your funding terrorists. There is also sanctions lists and PEPs (politically exposed persons, to avoid corruption). There is so much stuff going on in the background. There is no way that two drop boxes would wash the bank's hands clean if things go wrong.

  • dtc on 12/09/2022 - 16:36
    +7

    Depends what kind of account you have. If its a business or trust account, then there are know your client requirements/anti money laundering laws the bank has to meet

    if its a personal account then its more limited, unless you have a bunch of 'suspicious' transactions (like random $10k+ deposits and withdrawals). Links were given earlier in the thread

    This is all legislated, the bank doesnt have a choice

    Outside of the above, then its probably for their own records. If you put down something incorrect and no one picks it up or asks further questions, then you will quickly figure out whether it was for a legislated purpose or a marketing purpose

  • PissLUR on 12/09/2022 - 16:47
    +4

    yeah this must be the KYC?

  • Hardlyworkin on 12/09/2022 - 16:57
    +1

    Maybe it's easier to find out if you're dead so they can charge for more services.

  • AustriaBargain on 12/09/2022 - 17:00
    +1

    Maybe they just want to know how much you are worth so they can upsell you on other services later on.

  • elgrande on 12/09/2022 - 17:05

    Just change banks. Commbank did this to my businsss account. Was a 30 min phone call asking the same question 10 different ways.

    • Soluble on 12/09/2022 - 18:05
      +1

      Happened to me as well, except i didnt get the letter telling me to call them so they locked me out of my business account one day out of the blue!

      • dtc on 12/09/2022 - 18:54
        +1

        except i didnt get the letter telling me to call

        For my CBA business account I received about 5 letters, a couple of emails and it was on my account in box multiple times including a warning flashing up when I logged on. Eventually I got the idea.

        Took about 3 months before I responded and they still hadnt suspended the account.

        You must have a very suspicious account to suspend after one letter and no other warnings…

        • Soluble on 12/09/2022 - 20:18

          All they did was confirm the details they already had(company/ family trust structure). Absolute joke. Account was 6 years old, this was maybe 4 months ago.

    • [Deactivated] on 12/09/2022 - 22:15

      All banks are required by law to know their customer and follow up suspicious transactions. Ironically the more you change banks and the less history you have with them the more likely you’ll be probed by them for certain transaction patterns, so this is bad advice. But if you don’t answer them they’ll close your account and not tell you why.

  • cookie2 on 12/09/2022 - 17:42

    Robobank had something like this when I tried to open an account a few years ago. They said something about it being a gov requirement.

  • DingoBlue on 12/09/2022 - 17:50

    Citibank for ages continually threatened to close my account because they needed some info. Then it just stopped one day. Shrug.

  • Rako on 12/09/2022 - 18:45

    I've had a few reminders from Comm Bank - Help Us Protect Your Account : How are you getting these reminders? If it's by email or SMS could be a scam?
    Is that really from CommBank?

  • ihbh on 12/09/2022 - 18:50
    -2

    Of course they can't - you can go elsewhere.

  • JimmyF on 12/09/2022 - 19:13

    Fair enough, but do they have the right to consider my information 'incomplete' unless I tell them my employment status and source of income (2 drop down boxes, no 'opt out choice)?

    Is it a loan account at all?

  • payless69 on 12/09/2022 - 21:24

    Any RED government will place restrictions on private ownership.
    South Africa was perhaps one of the most discussed places. The entire middle class got robbed to pay for the corrupt pollies. Then they robbed AUS by doing a weird deal with BHP. For anyone in the know, when France had socialist Hollande, much of its wealth has left the country!
    Maquarie Bank is now No2 . They are known to shut accounts from people that made big crypto profits.
    ANZ is now pesting me for a $2.74 that they think I have to explain how we made that legally! Guess they have to buy Suncorp to give the govt less admin to restrict private ownership.
    Combank has to ask by law. Citi has just taken out withholding tax without asking and they have my TFN.
    Our new PM is removing irresponsible lending laws. He thinks that creates new employment.
    Biden started it, the middle class got to pay for all the new wars. Others will follow him blindfolded, 1st Germany, then AUS.

    • [Deactivated] on 13/09/2022 - 03:59

      what does RED stand for in this context?

  • anthony t on 13/09/2022 - 11:01

    The pop-down boxes don't offer any options except CBA's choices, so no latitude for creativity! I do have business accounts with them, but have never personally had problems with mine or the company's. My own account is about 40 years old. Plenty of quite large cash deposits/withdrawals but I've been doing these for at least 20 years. It's not a loan account, and I don't have any loans with them anywhere. (Or any crypto!)
    'Maybe they just want to know how much you are worth so they can upsell you on other services later on'.
    I think this is very likely, but don't like the sneaky/deceptive way this info is 'obligatory'.
    I cannot imagine legislation that requires one to provide these two types of info.
    'All they did was confirm the details they already had(company/ family trust structure).'
    This was true for me too, except for the additionally-'required' info.
    I only opened the business account about 2 years ago, and only because I wanted the government guarantee on part of the balances, so many other bank/building society options weren't good for this for one reason or another (eg being owned by one of the banks I am with).
    It doesn't seem a scam, as the only way to provide the info is to sign in to my own account, using my usual sign-in process.
    Mention of the AUS gov and BHP reminds me of the 'theft' from the Aus. people of a cool couple of billion to gift to Qantas. Different subject, I know, but no wonder LNP didn't want a federal ICAC! It will be astonishing if the Labor-introduced ICAC has enough power and funding to actually do a good job - governments everywhere of all persuasions HATE oversight, but love the 'appearance' of it.

Login or Join to leave a comment
Login Join