Saving Accounts...do they run a credit check against you??

k8vin

Due to money laundering regulations most banks building societies will credit check you, but i may not show up on your file as loan ect.

wigginsmum

It won't be a credit-check as such; it'll be identity verification and (possibly) to confirm the source of funds. The antimoneylaundering regulations don't require a credit-check but they do mean institutions must know who they're dealing with and where the money's coming from.

kevker

Just to throw a spanner in the works, they must do a check. I am bankrupt and no bank will give me a savings account. Other bankrupts have also posted similar experiences on here. So in order for them to find that out, they must have carried out a check. Maybe I'm wrong, but I don't see any other way.

regularsaver1

I'm just trying to think how they would know kevker - unless the account is opened and then checked later - then closed.

banks/socities open savings account everyday and credit checks are not really done - after all it is not credit

wigginsmum

Hmm - maybe you're right, kevker, unless they happen to use Experian or Equifax as part of their AML process. I'm not really familiar with the retail sector as I work in corporate banking where this doesn't really arise.

Jarlawuk

I applied for a cahoot savings account and got credit checked.

regularsaver1

but do cahoot ever turn someone down for a savings account?

kevker

Cahoot turned me down

amy21_2

wigginsmum wrote:

Hmm - maybe you're right, kevker, unless they happen to use Experian or Equifax as part of their AML process. I'm not really familiar with the retail sector as I work in corporate banking where this doesn't really arise.

i work in retail banking sector, yes both agencies are used, when open a savings acc. well for my workplace anyways

regularsaver1

they don't credit score where i work

how odd