Entitlement of bank to ask for details of reference on transfer

peteb

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Three weeks ago I set up an N26 and transferred about 400 from my current account with Ulster Bank to the N26 account. I put in a reference so i recalled what it was for - so "wedding and ABC", ABC being Mrs Peteb's name.

Ulster bank call me 3 days later as the money has left my account but not gone to N26 and tell me that the transaction has been randomly picked for a check and could I explain what the reference meant. They then ask what my wifes DOB and address were, which I gave. And then when i got off the phone I felt a little annoyed at myself that I gave that information so readily. Anyway the money arrives next day in N26 (these are one day international transfers).

I tried another 2 transfers and they went through next day no questions asked. Then two week agos I try to transfer a smaller amount of €20. Leaves my bank account, no sign of it an N26. Contact UB on webchat, they say they can't see a problem but ring telephone banking, I check first with N26 and they said its not them and they need UB to raise an investigation on it.

So after chasing UB I finally get a call on Thursday. Jigs and reels, person rings back today and tells me that my transaction has been randomly picked out! Turns out the person that i gave details to originally didnt put anything on the file and she wants to ask me the same questions. This time though I tell her I'm not prepared to to give the information. I explain i was annoyed at myself last time and won't do it now.

Long story short are they entitled to this info? To be clear, these are 4 transactions under €1,000 in total.
 
It is good in one way that this is happening, that said, if you have followed the UB process in making the transfer then I would agree with you, failure to provide the info cannot stop the transfer, especially a small transfer, you verified that the transfer was at your request after they called you, tell them to follow your instructions, that is why they have a mandate from you after all.
 
Crazy level of excessive control of outbound money by Ulster Bank.

They do random checks, that means you can indeed be asked to provide details for any number of transactions, one after another in some cases. Not excessive about it, that is the whole point of it being random.
 
Unless Mrs. has an account with UB (or unless it's a joint account) they can't verify that you gave them the correct DOB. Consequently, asking you for that information isn't a suitable way of verifying that the transfer was initiated by you. Next time they call I'd just confirm that the transfer is legit and leave it at that. Giving out more personal data than is necessary or required is never a good idea.
 
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