Updating income


#1

When I first signed up it asked for income details so I put some of my income and now can’t change it .


#2

I’m not sure what you mean @Joe_Jones, was this when you signed up for a Business Account?


#3

The figures you enter when you open a business account are not something you have to stick to, its just to give Starling an idea of the types or transactions and amounts that could be expected. No business knows exactly how much it will make so no business can enter the correct details.

Your account isn’t based on the information you enter, so if you put in more or less, it’s not going to make any difference.


#4

No I didn’t open a business account it’s an personal account


#5

I can’t even think what i put (Sorry Starling lol), I just presumed it was because their spiel says that if your turnover is under a certain amount you get free banking, but in future they intend to charge for larger businesses with multiple employees and higher turnovers (although obv not relevant atm with the single director rules anyway), it was such an amazingly quick process i can’t even really remember doing it!


#6

I haven’t opened a business account so that Part don’t apply to me sorry


#7

I believe Starling do ask for income on personal accounts.

Regarding changing this we will need @StarlingSupport to advise on this.


#8

Come to think of it, I too recall inputting some financial data during the setup process. There’s certainly no way of changing that within the app. I assume it’s purely a form of data collection, giving them an idea of the general financial situation the majority of their users are in. Perhaps it contributes somewhat to the overdraft offering also. Would be nice to know for sure.


#9

The majority of banks want income figures, you can put anything in there, there is no way they can ever check it without you providing wage slips etc.


#10

It also might relate to some sort of future budgeting system if Starling ever improve the current offering.


#11

Would it be not part of the (not) Credit checking? If you say to Starling your annual income is £500k, and according to National Hunter you told HSBC you earned 12k when applying for a loan last year, clearly there could be trust/fraud issues and perhaps a reason to not open an account for someone. Perhaps i’m overthinking it, but i always suspected (without any evidence at all of course) that this sort of thing may be the root of the issues people were having opening accounts, not that they had bad credit as such.


#12

Yes and no, National Hunter only will record it if its a substantial difference, they work in income bands. So providing you always report within an income band then you won’t have a problem, each band gives a few thousand leway, because you could have got a bonus etc since last time you applied, so your income might be different.


#13

It’s probably used to determine whether you can use Pay at Pump when buying fuel. :stuck_out_tongue_winking_eye:


#14

Interesting! As i say, that was purely a theory based on nothing, I defer to people like you who clearly know what they’re talking about!


#15

I’m pretty sure you need to be able to pre-auth at least £50k’s worth of fuel to use Pay@Pump… although to be fair, with petrol prices these day’s £50k is about 2/3 of a tank…


#16

I don’t remember submitting any income details when I opened my personal or joint accounts, just my business one.


#17

Yes, I remember being asked and submitting my income details when I opened my personal account last September.


#18

Yup and now they are saying I can’t change it


#20

A lot of foreign banks do, but they expect you to update it annually


#21

But the point some of us are saying is do you actually need to? If i fill out a form and it says ‘occupation’, i cant go back later and ask to correct it if i change careers. If it’s an ongoing record i may be able to update it, but if it’s a record saying ‘at the time @l8n_me filled in the form his job was Professional Drag Queen’, then at that time i was a Professional Drag Queen and that’s that. It makes no difference that i am now an Astronaut because it wasn’t a request for an evolving record charting my various careers, but a snapshot of what i was doing at the moment i filled in the form. If they’re not letting you update it, i would suggest that this may be the reason, it’s not something that people are referring back to but a one time record.