Credit Union asking for personal information

LegacyUser · 21-01-2021 05:24AM #1

Hi all
Hope you can help me. I've with the credit union for years but only recently started saving regularly a few years ago. For the past year I've been saving about 400 a month. The last few times I've went in I feel like they think I'm sketchy. First they asked me twice for proof of address, then they took a photocopy of my driving licence but now they are asking for my pps number? Is this normal? She even called me after I'd left to ask me to bring my pps number next time I come in. I feel like a criminal walking in there and it's really putting me off saving with them!

Any help much appreciated

Yellow pack crisps · 21-01-2021 09:09AM

It’s not personal information. Every financial account must have a photo ID and pps number. It’s all to do with money laundering laws. What they are asking for is pretty normal.

Hannibal_Smith · 21-01-2021 09:13AM

Proof of ID and address is all part of their 'know your customer' requirements as part of their anti money laundering compliance process. They would be asking everyone for it. I didnt think they could ask for your pps number unless you were taking out a loan or were paying tax through them? But you can check that with either Revenue or the Dept of Social Welfare.

sydthebeat · 21-01-2021 09:26AM

It's not unusual to be asked for this

https://www.creditunion.ie/about-credit-unions/joining-a-credit-union/

Older accounts may have insufficient "identity proof" data, so the CU are just being the account up to speed.

AFAIK the PPS number is optional.... Up to the point you look for a loan, or are using your CU account as revenue payment, then it is required.

marizpan · 21-01-2021 10:39AM

It’s for AML purposes.
They have to have the following on file:

Recent proof of address
PPS number (DIRT is being deducted)
Photo ID
Customer AML risk assessment document based on the above and their relationship with you.

LegacyUser · 21-01-2021 11:43AM

Thanks for replies. I know obviously I would have to give my id and proof of address but I've had my account since my first communion. I've never had them call me when I had just left the building and ask me for my pps number. I find this highly unusual.Does anyone know why they would need my pps number? It makes me uneasy

Hannibal_Smith · 21-01-2021 12:10PM

I think the KYC procedures only came in recently, 2017 or 2018 or something. You're actively lodging money to your account so they need to follow the KYC procedures. If there's an audit, or if you were lodging dodgy money, they need to show they carried out due diligence in checking you out. They can also be fined if there's an audit and they havent got the basics of proof of id and address.

If DIRT is being deducted, that explains the PPS number requirement. The easiest thing is to ring them back and ask them why they need it.

TheBoyConor · 21-01-2021 01:33PM

I have had my CU ask me as to the source of the funds when I lodge cash. I tell them it is money from my current account that i get as my salary and that i put savings into the CU from that. They accept that without further question.

Sure for all they know I could be a local drugs king pin, or making the money a massive international child sex trafficking racket.

So what is the point of asking that question? If you are making the money in a dodgy manner, then you are hardly going to tell them. You'd tell em you sold a car, or sold a purebreed show alpaca or something. It's pointless.

LegacyUser · 21-01-2021 01:52PM

Loveinapril wrote: »

Why does it make you uneasy?
Did you ask why they needed it?

I suffer from severe anxiety and avoid what I precieve will be an awkward situation at any cost. I usually just agree to anything a bank or reputable source is asking me to do. I'm nervous because I'm unemployed and I'm afraid somehow social welfare will find out and think "well they clearly dont need a help if they are saving" but the way I see it is, there are people who drink and drug their social welfare away. I dont do any of that just want to have some sort of fall back in case anything comes up

CivilCybil · 21-01-2021 02:06PM

Youarehavingalaughyeah wrote: »

Thanks for replies. I know obviously I would have to give my id and proof of address but I've had my account since my first communion. I've never had them call me when I had just left the building and ask me for my pps number. I find this highly unusual.Does anyone know why they would need my pps number? It makes me uneasy

They obviously didn't have your pps number on file and didn't realise until after you had left.
The law changed a couple of years ago and as mentioned by other posters, they need to have your PPS number, proof of address and current ID on file.
No need to over think it unless you are hiding something.
And with certain welfare payments, savings can affect the amount you're awarded or allowed but as far as I know the amounts are fairly substantial.
You can probably find the details for your particular payment in citizens information.

A quick check on citizens info for jobseekers allowance says that any savings under 20k are disregarded for means test.

TheBoyConor · 21-01-2021 02:19PM

Youarehavingalaughyeah wrote: »

I suffer from severe anxiety and avoid what I precieve will be an awkward situation at any cost. I usually just agree to anything a bank or reputable source is asking me to do. I'm nervous because I'm unemployed and I'm afraid somehow social welfare will find out and think "well they clearly dont need a help if they are saving" but the way I see it is, there are people who drink and drug their social welfare away. I dont do any of that just want to have some sort of fall back in case anything comes up

The social welfare do not care what you do with the money you are entitled to. Once you are entitled to legally claim the benefits, then there is nothing they can do to take it away, regardless of if you piss it up the wall, or save it, or just your day to day expenses. There is no need to be worrying about it, it will be fine. So just relax.

However, you need to stop and think satisfy yourself that the people who ask you for this information are legitimately from the bank or CU. If someone rings you up claiming to be from a bank or CU i would be wary of that. Do not give any information over the phone. Tell them that you will give the information, but you will do it in person in the branch. Be wary of scammers.

Aisling(",) · 21-01-2021 02:44PM

TheBoyConor wrote: »

I have had my CU ask me as to the source of the funds when I lodge cash. I tell them it is money from my current account that i get as my salary and that i put savings into the CU from that. They accept that without further question.

Sure for all they know I could be a local drugs king pin, or making the money a massive international child sex trafficking racket.

So what is the point of asking that question? If you are making the money in a dodgy manner, then you are hardly going to tell them. You'd tell em you sold a car, or sold a purebreed show alpaca or something. It's pointless.

Depending on the amount it might have triggered a STR (Suspicious Transaction Report).They have to ask about the source of the income and log the answer. They don't do anything but the information is then available to Revenue and the Gardai afaik. I know a woman who lodged huge chunk into the bank on sale of her deceased mothers home.It triggered and STR but nothing was done about it because they could see it was paid into another account through the legal firm.

LegacyUser · 21-01-2021 03:11PM

Just standard if you've held the same account since you were a kid, nothing to worry about

22-01-2021 08:45AM

Honestly that you're worried about something so absolutely simple and straightforward for me is a red flag.

Seriously consider investing some of your savings into some counselling to learn ways to deal with your anxious thoughts. It sounds like you are a prisoner to your anxiety. If you haven't been to your GP yet about it I'd go tomorrow.

freshpopcorn · 22-01-2021 07:47PM

Yes, OP these things happen.

Try and not over think these things. Now I do know some staff in places can make you feel like dirt.

If you ever apply for a loan they'll ask for the same stuff again.

wiggle16 · 22-01-2021 10:49PM

Mod

As there is no other advice to be given other than confirming that this is standard documentation sought by financial institutions, and this has been given, I am locking this thread.

Thanks all who posted.

Credit Union asking for personal information

Comments