ICICI account - wanting employer info?

Pauper_Princess

Hiya,

Just a quickie, sorry of this has been answered before.

I've just been looking into opening an ICICI account (that one that Martin recommends - Hi Save?). It's asking for mine and my OH's employer details. Is this usual? Why do they need to know this? I don't remember giving ING these details

Thanks if you can help

Limes

Different orgs have slightly different KYC (Know Your Customer) requirements for anti-money laundering purposes in terms of supporting evidence and how they source the data - whether electronically via credit reference agency or manually via you sending in supporting documentation.

Some credit reference checks which are carried out on new accounts use employer information to verify identity - this is easily obtainable either electronically or them demanding a payslip from you as one of the forms of proof. Others will be happy with something else. As long as a financial institution can verify a) Identity of individual and b) evidence of permanent UK address, then it's really at their discretion as to how they wish to choose the appropriate way of having these proven. No two lists of supporting documentation are exactly the same between providers in my experience. . .

sashacat

I opened a ICICI account yesterday and they accepted " retired " without question...mind you this is the truth in my case...they said they would need to verify my identity though, and send something in the post for signature

ellanvannin_2

They've asked me for the following as they can't "verify" me -

"• Certified copy of your current passport or full UK driving license as a part of your identity proof
• Certified copy of a utility bill (less than 3 months old) or bank statement as part of your address proof.

These documents must be certified by any banker, solicitor, accountant, teacher or a GP and should include the name and capacity of the person certifying the document."

I've been asked for a copy of a bill and bank statement before but a passport, driving license & certification is going over the top I would have thought.

I don't think I'll bother for the extra 0.45%, I'll stick with my Cahoot accounts. ING never asked me for a thing (that can't be right either!!).

Happy_frank

Filled my employer details in and haven't been asked for any other verification. Just sent of my cheque for £1

Pauper_Princess

Thanks for your replies everyone.

ellanvannin, that sounds a bit much to ask for certified docs!

I understand they need to do stringent checks for the money laundering regs, but I really don't see why they need to know about my employer? And my OH'S?

To complicate matters I'm starting a new job in January anyway!

Been looking at the other one that Martin recommends (Landisbank? whatever it's called). Think I might try that one instead... perhaps they don't ask for employer info! I'll tell them anything at all they want to know about me but why does my employer come into it? Perhaps I'm just reading too much into it

I just want to get shut of my ING account now they've said they won't raise the interest rate

DocProc

I think it might easily or simply be something to do with

1. Your name. They might well have other customers with the same name and initials.

2. You might not be on the List of Registered Electors for the address you have given.

also

3. Do bear it in mind that this is an Indian bank and so I'm guessing they must have lots of customers with identical names. They need systems and checks in place to deal with this problem and have probably chosen to treat everyone in the same kind of way.

Limes

ellanvannin wrote:

They've asked me for the following as they can't "verify" me -

"• Certified copy of your current passport or full UK driving license as a part of your identity proof
• Certified copy of a utility bill (less than 3 months old) or bank statement as part of your address proof.

These documents must be certified by any banker, solicitor, accountant, teacher or a GP and should include the name and capacity of the person certifying the document."

I've been asked for a copy of a bill and bank statement before but a passport, driving license & certification is going over the top I would have thought.

I don't think I'll bother for the extra 0.45%, I'll stick with my Cahoot accounts. ING never asked me for a thing (that can't be right either!!).

All this means is that you need to photocopy the said item and get an accountant/GP/Policeman/Teacher friend to write on it that they certify it to be true and sign. . . it's not really that much of a fuss to sort out. . . as long as you know somebody in one of the listed professions.

ellanvannin_2

Limes wrote:

All this means is that you need to photocopy the said item and get an accountant/GP/Policeman/Teacher friend to write on it that they certify it to be true and sign. . . it's not really that much of a fuss to sort out. . . as long as you know somebody in one of the listed professions.

That's the problem, I'm disabled and don't get out much. I know no-one in the above professions that could vouch for me. My secondary bankers could probably do it but that would mean a car journey down to town (my main bankers are Cahoot Internet).

I was indignant at the request re the certification not the request for the copy documents. I've lived at the same address for 10 years and am on the electoral roll. I just don't understand why they can't "verify" me!!! I've decided not to bother with the account, the rate isn't that much more than the Cahoot Savings and I can transfer money in seconds on-line to my Current Account with Cahoot:-)

edda

Icesave don't ask for employer details

http://www.icesave.co.uk/