ISA transfers proving identity issues
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Mary_Mouse
Posts: 4 Newbie
Due to current ISA interest rates I have become a "savings tart" and as such have to chase around looking for the best deals when my ISAs mature. New ISA providers ask for documents to prove identify of new customers. The problem occurs when high street banks refuse to co operate by confirming the photo ID is you unless the investment is with that bank. My husband who has banked with lloyds for nearly 50 years was refused this service by a lloyds bank. TSB where we also have accounts also refused and suggested we could ask a doctor - I politely suggested doctors are rather busy healing the sick and it was up to the banks to offer a service. Eventually my bank Nationwide agreed to our request in a very polite way and with minimum fuss but I suspect they only agreed because we were transferring ISAs from nationwide and it would not look good if they refused to co operate with the transfer process. What a waste of time and energy. Can someone encourage the banks to be more cooperative on this issue. Rant over! Mary
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Who is your new provider who's expecting you to have ID certified? Haven't come across this for a non-credit facility....0
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New ISA providers ask for documents to prove identify of new customers.
Most will use the electronic methods and only revert to documents if you fail the electronic method.The problem occurs when high street banks refuse to co operate by confirming the photo ID is you unless the investment is with that bank.
Which is understandable. Why should they take the liability for something when you are placing business elsewhere?Eventually my bank Nationwide agreed to our request in a very polite way and with minimum fuss but I suspect they only agreed because we were transferring ISAs from nationwide and it would not look good if they refused to co operate with the transfer process. What a waste of time and energy. Can someone encourage the banks to be more cooperative on this issue. Rant over! Mary
They should have still refused. You got lucky.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes I needed to get the photo page of my passport certified so I could apply for an account (not an ISA) for my mother on PoA. It didn't even occur to me that my bank (Lloyds who I have been with for 40+ years) would say no, unless it was for their purposes. I tried Santander - same thing, but a person behind the counter overheard me and suggested a solicitor just across the road would do so for £5. As I passed Nationwide I did just try there, but no they wouldn't either.
So I went to the reception in the solicitors and saw a solicitor within a few minutes who did it in another few minutes for £5/copy. I told him I'd tried the banks and they'd all said no. He said he couldn't vouch for me any more than the bank could. I said well they could as a customer of the bank for 40 years! Oh well. It was done. Frustrating though.
I already had a bank certified copy of my mother's passport that I got when I did the PoA on her account. The manager simply did an additional copy whilst doing it for themselves.0
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