Banks and information required?

[Janarita]

I recently got a call from Hellenic Bank saying I had to update my Passport information. I duly went into the bank to give them this information. During the meeting I was asked where I worked and how much I earned. I said that I felt that information was not relevant to them. I do not have a mortgage with them or loans only opened the account for myself to have a small amount of money in 'just in case' around €500.
This morning I received a call from the branch Manager asking for same information as I had no right to decline to give it and if I did not give the information then he would have to close the account ?

I have looked on all banking sites that I can think of including the Hellenic and now where does it publish the rules and regulations or questions you must answer. Surely if this a legal reguirement then we should be able to find out what their legal requirement is for these questions.

I do have a job and income which goes into a bank and I have provided that bank with all the relevant information so I am not adverse to giving the information when I consider it relevant.

Does anyone know or have any information relating to these questions as it seems to be a very grey area !

Many thanks

[Dominic]

If you already have a bank account where you get paid, why bother with a second?

[ApusApus]

I received a similar request yesterday when I logged onto my Bank of Cyprus account & promptly had to update their records before I could proceed with any transactions!


Shane

[Dominic]

Probably something to do with anti-money laundering measures, I would imagine.

[bromerzz]

I have been going through a similar verification process with HSBC for the last month, so its not just here. Currently my UK bank accounts are locked! The postal system of them sending final reminders seeking information which have been taking 2 weeks to get here, then me being off island for 10 days, coming back replying with the information is a royal pain in the butt. Even phone calls to the Call centre which unlocked my accounts, to find yesterday yet another reminder for the info which i sent 8 days ago to find my bank accounts locked again this morning. Good job I don't need the money.

[PolemIan]

This is perfectly normal and part of anti money laundering procedures, we did the same with Alpha Bank a couple of years ago and when setting up a business account last year. It also helps the banks with security measures - one of the questions will be an estimate of how much money will be paid into the account per annum and likely cash flow out. This helps the banks identify unexpected patterns of activity to alert you to potential fraudulent activity. It totally familiar with local banking legislature but I imagine this is also a link to data for Gov in terms of tax deductions.

Ian

[Janarita]

Hi thanks for replies. I understand the money laundering etc but this is such a small account with little movement. Usually birthday or Xmas money gifts from family I put in this account so that I don't just fritter it away and can try and save some.
No worries, now have withdrawn the small amount and they can close the account.

[WHL]

I recently opened a Bank account in the UK, it took over an hour and a half, sitting with a Bank worker and having to sit through three videos explaining things..I cant remember how many forms the wife and I had to fill..trust me opening a Bank account in Cyprus ia a walk in the park.

[WHL]

Just tried to log into my BoC online account, and they need to update info etc, passports no problem, but they want to know how much dosh we expect to put in how much we intend to keep etc etc....logged out and Il get my wife to fill it in later, too much for my brain to cope with first thing in the morning

[Poppy]

Is it because it is a business account or maybe a fixed term savings account as we paid nothing when we closed our account earlier this year.

[trevnhil]

If your SIL takes out all the money except for a few euros and then closes the account, where will they get the 200 euro charge from ?

[WHL]

Thank goodness for wives and attention to detail, eh? All we have to worry about is where the next meal (and pint) is coming from

Talking of banks I suggested to my s-i-l earlier that he ditches his BoC account, as he hates dealing with BoC. He said "I can't ...there's a €200 fee for closing an account".

There's a way round most things in life and I can't believe there's not a way around this. Anyone know of one?

Got to say Ive found the BOC to be excellent my branch are all very helpful, big smiles all round and if the manager spots me allways invites me into his office for a medrio.

[kansas]

Our BOC account is joint but when I log in it brings up the questionaire in my name only. This OK but it requires me to enter the amount of annual credit to the account and then asks me for my tax number. This is potentially awkward as the credit amount is joint but will me associated with my TIN, so any "official" scrutiny would raise the question of why I pay no tax, when "my" income is far above the €19,500 threshold.

Has anyone else considered this?

[J B]

Just logged into my Bof C account and no questions asked.

[Dominic]

Thank goodness for wives and attention to detail, eh? All we have to worry about is where the next meal (and pint) is coming from

Talking of banks I suggested to my s-i-l earlier that he ditches his BoC account, as he hates dealing with BoC. He said "I can't ...there's a €200 fee for closing an account".

There's a way round most things in life and I can't believe there's not a way around this. Anyone know of one?

Got to say Ive found the BOC to be excellent my branch are all very helpful, big smiles all round and if the manager spots me allways invites me into his office for a medrio.

The one in Polemi is excellent too. Always very helpful and friendly.

[Poppy]

No I never had to enter my tax no or answer a questionnaire either however it seems to me that perhaps only one of you had applied for Internet banking so if your wife applies as well then this may rectify your situation?