What banks do?

mickyfree

I'm in the process of getting my Santander ISA account authorized. Now the bank wants me to pop in and let them take photocopies of my payslips. I just want to know if that's normal. I know they usually take photocopies of passport, driver's license etc... but is it safe to let them keep records of my payslip?

juicyjude

Hubby tried to open an online account with A & L (now good old Santander)! but had to supply further id. No prob, we thought! Went into branch and took originals, ie passport,utility bill, bank account statement. They photocopied these and stamped them to authorise them, they said they would go the head office in the internal mail, so would be SECURE! Great we thought, Wrong, he got a letter this weekend to say that the account was no longer available and anyway he hadnt provided the further ID within 2 weeks anyway!!!!!! This letter was written after nearly a month of waiting. Upshot is, the girl who took the docs in branch will ring him back today but we are very concerned as to where these docs have gone!!!! Just a warning to you let them know your concerns, they are very inefficient as plenty on this board will state.

mickyfree

Yeah I get what you mean. I'm thinking now a photocopy of a payslip is not as invading as a passport or birth cert in terms of personal security. I guess I just need to trust them.

juicyjude

Hmmmmm!!!!!!!!!!!!!!!!!!!!!!!

p00hsticks

Just a guess, but as you say that it's an ISA you are opening, it may be that they want independent verification that the NI number you have given them is correct, and sight of your payslip is probably the easiest way to do this.

JamesU

p00hsticks wrote: »

Just a guess, but as you say that it's an ISA you are opening, it may be that they want independent verification that the NI number you have given them is correct, and sight of your payslip is probably the easiest way to do this.

I do not understand why it is necessary to provide a payslip, driver's and passport number to open a savings/ISA account where no credit is required. Why? Any ideas?

JamesU

juicyjude

Money laundering, you have to do this nowl with all savings/ISA accounts.

JamesU

juicyjude wrote: »

Money laundering, you have to do this nowl with all savings/ISA accounts.

As mentioned by Poosticks, I can understand need for NI for ISAs (although just giving the number used to be sufficient). Similarly council tax bill +/- another proof of address for money laundering purposes. But is the rest really required by all providers or just Santandarus? Certainly when I opened a B+B savings account before Xmas online, passport and driver licence details were requested, but not obligitory (said: application may be denied but in reality was accepted without the info). And B+B was effectively part of Santandarus at that point so the same sort of procedure being implimented.

But what would be useful to know is if this is a Santander requirement or is it now a general requirement with all providers to show passport and driver licence details? Hope not or things are getting a bit out of hand really.......

JamesU

PC_Gabriel_Kent

If a bank let somebody open accounts or took a loan out in your name and did not take any ID then i am sure you would be fuming with the bank for not taking ID in the first place.

joegib

JamesU wrote: »

But what would be useful to know is if this is a Santander requirement or is it now a general requirement with all providers to show passport and driver licence details? Hope not or things are getting a bit out of hand really.......

JamesU

I think it's a Santander thing. Their policy on ID checks is stated here:

http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1210607011792&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

That page is what you're linked to from the Bradford & Bingley legacy site as regards ID requirements. I believe that even if you already hold an existing B & B account, you'll still have to go through the ID rigmarole again if you want to open another one.

That is certainly true of Alliance & Leicester accounts. I already hold 2 online A & L accounts and wanted to open another under their latest issue. Not possible online — their response letter insisted on certified copies of 2 ID documents without even the option of visiting a Santander branch.

Conversely:

(a) Kent Reliance — Bond account opened on the basis of original paper driving license plus utility bill and fully funded within 10 days.

(b) NS & I — 3-year bond taken out online, funded via DD and no ID check, only a requirement to send a signature specimen (presumably for redemption). I assume they verified me from the Voters List.

All these exchanges/transactions have occurred within the last 5 weeks. I fully understand the need for security in relation to money laundering but what irks me is the inconsistency in implementation. Why is a government institution (NS & I) able to do this with minimal hassle as against a private sector outfit like Santander?

Joe

dzug1

Banks are obliged to verify WHO you are and WHERE you live. It's totally up to individual banks as to how they choose to implement it.