Potential Employer -Bank Statements

CoolroeMan

Been offered a job

Potential Employer has asked to see last few months Bank Statement just to check to make sure there is normal activity on it

Is this normal?

Todd Gack

No, not at all.

I'd request to know why they want this and irrespective of their answer not take the job. I'd have huge reservations about any prospective employer that would make such a request.

FloatingVoter

I'd be tempted to ring the cops if this were requested of me by an employer. As for opening my accounts, it isn't happening.

Valetta

Ask them what they mean by "normal activity", and then ask to see the companies bank accounts.

CardinalJ

It's such an odd request if think it was a test to make sure you've some element of cop on.

CoolroeMan

It is for a Financial Services company so I am wondering if they ae checking to see am I a gambler or if there are large lodgements or withdrawals from my account

FloatingVoter

A financial services company that fails to realise you could have several accounts . Most people involved in nefarious activities have a walking around a/c. Dole momey in, ESB out etc. The offshore accounts relating to protection rackets in the Urals....they're not to hand.

gandalf

CoolroeMan wrote: »

It is for a Financial Services company so I am wondering if they ae checking to see am I a gambler or if there are large lodgements or withdrawals from my account

I have heard of Financial Services companies asking people for these details before. Personally I wouldn't give that information myself but I do not work in that field.

Stheno

Are they doing a credit check as well?

CoolroeMan

Stheno wrote: »

Are they doing a credit check as well?

Yep...

seventeen sheep

I would have no interest in working for a company like that.

By the way, I work in financial services and have never heard of this being requested from an employee. It's certainly not the norm.

Youngblood.III

A quick call to data commissioner will tell you if it excessive or not.

SoftMicro

Bizarre request. I've worked a couple of jobs in financial services and I've been requested to accept a credit check alright but never to disclose private information such as personal bank statements.

Mr. Loverman

I agree with the others...

These sorts of companies only get away with this because people comply.

daheff

I've also heard of one particular german bank operating in FS in Ireland asking for 3 previous salary slips too. I absolutely wouldn't give it to them. They don't need it.

I'd been told that the reason they want this is because they want to make sure the salary you told them you are on in your current role is true. They are a bit paranoid that people are inflating their current salary to get a bigger salary in a new job.

Geniass

daheff wrote: »

I've also heard of one particular german bank operating in FS in Ireland asking for 3 previous salary slips too. I absolutely wouldn't give it to them. They don't need it.

I'd been told that the reason they want this is because they want to make sure the salary you told them you are on in your current role is true. They are a bit paranoid that people are inflating their current salary to get a bigger salary in a new job.

While I'd not be happy giving bank account details, I'd not see an issue with being requested to prove the salary you said you were on.

SoftMicro

Geniass wrote: »

While I'd not be happy giving bank account details, I'd not see an issue with being requested to prove the salary you said you were on.

Surely if an employer is aware of the market rate, they'll pay in or around it regardless of people having to prove anything. That doesn't make any sense at all.

threebagsfull

If they'r worried about your current salary they should ask for payslips (if that's allowed) but bank statements is just excessive.

Pie and Mash

Absolutely no reason for such a request, very odd in fact.

Geniass

SoftMicro wrote: »

Surely if an employer is aware of the market rate, they'll pay in or around it regardless of people having to prove anything. That doesn't make any sense at all.

They may want to prove you are at the level you say you were at. It's an addition to a reference. There will be no information on a past payslip that you will not have already told them or will tell them as an employee.

aaakev

Geniass wrote: »

They may want to prove you are at the level you say you were at. It's an addition to a reference. There will be no information on a past payslip that you will not have already told them or will tell them as an employee.

But they could use it to try beat you down and offer less than the job is worth if you have been earning less

Geniass

aaakev wrote: »

But they could use it to try beat you down and offer less than the job is worth if you have been earning less

Or catch you out in a lie. Are we to work on the assumption employers have no rights?

MarkAnthony

This is another manifestation of there being no proper credit referencing system in Ireland. Many UK and US employers run credit checks, the rationale being, inter alia, an employee in massive debt is more likely to engage in dishonest conduct.

I'd wager most people don't even know it's been done as it's part of a bog standard disclaimer in relation to a background check. I had one done for a part-time job in a call centre.

Probably an over zealous nonnative HR department at work.

Clauric

If it's the FS company I'm thinking of, I had the same issue when they offered me a job. I simply emailed the person responsible for the onboarding process and told them my concerns. I suggested I'd be willing to send them the bank statements but only after I'd blacked out the financial details (amounts), but it'd leave the actual transaction types and descriptors alone. They were willing to accept this.

The reason they want to see this information is multifold. Partly it is to make sure there is normal transactions going on in the account (eg mortgage, petrol, telephone, etc) and not a large amount of unusual transactions. Secondly, they want to ensure the account details you've given them being to a functioning bank account, that is not being accessed by people in foreign countries that may or may not be subject to sanction/additional reporting requirements (both the person and country).

Geniass

Clauric wrote: »

the onboarding process...

The what now?

Youngblood.III

Clauric wrote: »

If it's the FS company I'm thinking of, I had the same issue when they offered me a job. I simply emailed the person responsible for the onboarding process and told them my concerns. I suggested I'd be willing to send them the bank statements but only after I'd blacked out the financial details (amounts), but it'd leave the actual transaction types and descriptors alone. They were willing to accept this.

The reason they want to see this information is multifold. Partly it is to make sure there is normal transactions going on in the account (eg mortgage, petrol, telephone, etc) and not a large amount of unusual transactions. Secondly, they want to ensure the account details you've given them being to a functioning bank account, that is not being accessed by people in foreign countries that may or may not be subject to sanction/additional reporting requirements (both the person and country).

What's to stop you doing this with another bank account? Again still not a justification for excessive info request

Jim2007

CoolroeMan wrote: »

Been offered a job

Potential Employer has asked to see last few months Bank Statement just to check to make sure there is normal activity on it

Is this normal?

It entirely depends on what the job role is. If you are someone who has access to insider information then it is not unusual at all. And in fact you can expect it to par for the course, but otherwise I doubt it would be very common.

Clauric

Youngblood.III wrote: »

What's to stop you doing this with another bank account? Again still not a justification for excessive info request

Absolutely nothing, but that's the point. You only give them the details of the account that your wages will be paid to, nothing else. That's all they need to know.

Mrs OBumble

Youngblood.III wrote: »

What's to stop you doing this with another bank account? Again still not a justification for excessive info request

What's to stop you is that you're unlikely to have another account that has a normal pattern of transactions: rent / mortgage payments, regular withdrawals for shopping, bill payments etc.

No one can determine your salary from your bank account - tax credits can make things too complicated. But they can get an idea of reasonable persnal expenditure given the income you have.

There will be patterns they are looking for: not being in personal debt will be one of them, regular utility payments (with no declines) another.

_Kaiser_

daheff wrote: »

I'd been told that the reason they want this is because they want to make sure the salary you told them you are on in your current role is true. They are a bit paranoid that people are inflating their current salary to get a bigger salary in a new job.

My answer to that would be, "so??"

Just as an employer's aim is to get the best possible person they can for the role for as cheaply as they can, the jobhunter has every right to try and get the best deal for themselves as they can. Market rates will dictate what the salary should be in both cases.

And no, I wouldn't give them my bank statements either!

Uncle Ben

MarkAnthony wrote: »

This is another manifestation of there being no proper credit referencing system in Ireland. Many UK and US employers run credit checks, the rationale being, inter alia, an employee in massive debt is more likely to engage in dishonest conduct.

I'd wager most people don't even know it's been done as it's part of a bog

standard disclaimer in relation to a background check. I had one done for a part-time job in a call centre.

Probably an over zealous nonnative HR department at work.

I'd guess all of those high flying bankers and developers which crashed this country would have passed credit checks.

hillbloom

Definitely wouldnt give them a Bank Statement!

my teapot is orange

My two cents - They want to know how much you need this job. They're thinking do you have a years living expenses in savings? Will you therefore walk if the job is in some way more difficult or more unpleasant than you were lead to believe?

seventeen sheep

my teapot is orange wrote: »

My two cents - They want to know how much you need this job. They're thinking do you have a years living expenses in savings? Will you therefore walk if the job is in some way more difficult or more unpleasant than you were lead to believe?

If you had a years living expenses in savings, you'd hardly leave it sitting in a current account!

Greenmachine

Some employers are getting more and more blase in their request of potential employees. Passwords for facebook and social media, now they want your bank statements. Baffled that a number of people seem okay with this kind of stuff.

Panda_Turtle

Employer asking for bank statements? Tell them to eff off and take a hike, shower of ejits.

Berserker

I wouldn't waste another moment dealing with this company OP.

my teapot is orange

seventeen sheep wrote: »

If you had a years living expenses in savings, you'd hardly leave it sitting in a current account!

Obviously not. You wouldn't need to. If you're current account shows regular large transfers out to savings accounts or other investments, you've probably got cash.

daheff

SoftMicro wrote: »

Surely if an employer is aware of the market rate, they'll pay in or around it regardless of people having to prove anything. That doesn't make any sense at all.

Geniass wrote: »

They may want to prove you are at the level you say you were at. It's an addition to a reference. There will be no information on a past payslip that you will not have already told them or will tell them as an employee.

Geniass wrote: »

Or catch you out in a lie. Are we to work on the assumption employers have no rights?

In my experience an employer has a top level where they are willing to pay for a candidate. This is the price they value the position at...so this imho is what they should pay it at. But it looks like some employers are trying to lowball new employees because they earned less at another job. I think its a poor reflection on those companies & their recruiting staff that they would try to do that.

Personally if I am looking for a job I work out what I want/value the role at. My current/previous salary is then kinda irrelevant to the new employer.

_Kaiser_ wrote: »

My answer to that would be, "so??"

Just as an employer's aim is to get the best possible person they can for the role for as cheaply as they can, the jobhunter has every right to try and get the best deal for themselves as they can. Market rates will dictate what the salary should be in both cases.

I agree...but the employer should have already decided on the salary level they are willing to pay. My previous salary shouldn't have a bearing on their levels...just my experience and qualifications.

Berserker wrote: »

I wouldn't waste another moment dealing with this company OP.

I agree....unless people start standing up to this, it'll become common place and be to the detriment of all people working.**


**Its easy for me to say in a job...maybe not so easy for another person with no job, or in a situation where they have to move jobs.

Berserker

daheff wrote: »

I agree....unless people start standing up to this, it'll become common place and be to the detriment of all people working.**

**Its easy for me to say in a job...maybe not so easy for another person with no job, or in a situation where they have to move jobs.

That is true and I am in little doubt that some companies would use that fact that an individual needs the position to 'lowball' a new employee. I suspect that the employer here may be looking for the statements to see what the candidate is currently earning.

seventeen sheep

my teapot is orange wrote: »

Obviously not. You wouldn't need to. If you're current account shows regular large transfers out to savings accounts or other investments, you've probably got cash.

For all they know, the "savings account" could be a gambling account.

My own bank statement shows a large sum of money going into an account referred to as e.g. "Mary and John" i.e. my name and my partner's name, every month, as that's what I've set the account name as on the online banking system. This money is spent as it's received on bills and rent, however what's to stop me saying it's a savings account ... and they can hardly ask me to give them details of an account which is joint with a third party i.e. my partner.