Financial Product Applications

sydney9676

Is there anyone else out there having the following issues as myself concerning applications for financial products?

I have fully embraced the world of paperless banking, utility bills etc. But every time I apply for a new finance product I am asked to supply a wide variety of evidence to support each application this generally involves supplying the original documents.

Obviously as I don't do paper I don't have these documents and the institution won't accept anything other than the originals. It's a crazy state of affairs and is driving me insane.:mad::mad::mad::mad::mad:

Other than switching the paper bills back on, or paying the banks and utility companies for evidence I am stuck. Who makes up these stupid rules?

CharlieBilly

I think its to do with money laundering, its getting increasing hard to open new bank account etc without a whole wealth of paperwork ID etc Its getting ridiculous

sydney9676

I accept the point about money laundering but it feels like we're on the road to ID cards for me.

Moggles_2

May I ask whether you're on the electoral roll at your current address?

sydney9676

Hi Moggles,

Yes I am on the electoral roll, registered for that online, been on the list for over three years at my current address and my previous addresses as well.

To support a recent savings account application although I already bank with that institution I had to send a verified copy of my passport and two utility bills. For a credit card application I am being asked for my original P60 and three months of bank statements.

Hence the reason for my frustration......

Moggles_2

sydney9676 wrote: »

Yes I am on the electoral roll, registered for that online, been on the list for over three years at my current address and my previous addresses as well. To support a recent savings account application although I already bank with that institution I had to send a verified copy of my passport and two utility bills. For a credit card application I am being asked for my original P60 and three months of bank statements.

Sorry to labour the point, but have you looked at your credit files recently to make certain your electoral status is recorded correctly? Mistakes happen.

jonesMUFCforever

Re ... the credit card application - I think this is more about them having doubts about your quoted salary rather than an ID issue.
If you have a passport and driving licence and are on the electoral roll usually that is enough for most institutions.

Moggles_2

For a credit card application, I am being asked for my original P60 and three months of bank statements.

IME, this is not a common occurrence.

Most credit decisions are computerised and lenders give instant decisions and credit limits, provided that your identity, available credit and so on can be verified electronically via the CRAs, which in turn collate data from public records such as the electoral register.

More importantly, because of the sheer volume of applications received, some lenders routinely reject applicants whose identity cannot be verified electronically. Also, banks tend to start asking for certified copies of everything before they'll contemplate so much as an internet savings account!