Minimalist bank statements for ID checks?

david72

Here's a thought..

Pretty much the only reason that I still opt to receive printed bank statements for my current account is in order to have one of the necessary proofs of identity/address/etc immediately available when I need one (eg, opening another new bank account, starting a new tenancy, etc, etc).

I'd much rather be able to do without as much of this generally unwanted paperwork as possible, but when I do need it, I tend to need it pretty much immediately, so waiting for the bank to print and post a statement can often be too much of a delay (eg, if you're about to rent a flat, you need to have everything agreed and signed up before anybody else beats you to it).

So why don't the banks offer you an additional option to opt-out of full printed statements, and instead agree to issue you with "minimalist" printed statements (containing basically only your name, address, account number and balance on date of issue) every 11 weeks? (I mention an 11 week period so that you always (bearing in mind the inherent postal delay) have a statement "less than 3 months old" available when needed.)

This would reduce statement printing/postage costs by around 3/4 and would similarly reduce the amount of paperwork that you have to deal with, file and shred in due course.

At the same time, banks should be required to make statements available to you online for at least 7 years in case you need to refer to them for tax reasons, etc. Computing storage costs are continuously getting cheaper, so there is surely no excuse for the very limited online statement history that many banks offer.

innovate

Nationwide allow you to print your own statements any time you like. It says "duplicate" on the statement but I never had any problem having it accepted.

Would be nice if others did that too, but if the only need is for proof of address, you can use a host of other documents. Such as utility bills (some of which you can print off yourself, similar to Nationwide statement), HMRC notices and Council tax bill.

jonesMUFCforever

The statements have to show transactions going through them not just an opening and closing balance.

samwsmith1

You could always setup a standard savings account with your bank, set the the statement frequency to quarterly and then just pay £1 in & out again to generate a statement each quarter.

(Something Like the HSBC Flexible Saver offers this)
http://www.hsbc.co.uk/1/2/savings-accounts/flexible-saver

Shazaaym

Because they're only a 2nd choice form of ID, which will be most likely disallowed soon. It's already very close to the point that you're a persona non grata unless you have a passport or driving license anyway.

Stompa

Shazaaym wrote: »

It's already very close to the point that you're a persona non grata unless you have a passport or driving license anyway.

In very rare cases perhaps, but not for the vast majority.

RetiredInThailand

innovate wrote: »

Nationwide allow you to print your own statements any time you like. It says "duplicate" on the statement but I never had any problem having it accepted.

All my banks specifically mention that home-printed downloaded documents will not be accepted. Which is totally understandable as they are absurdly easy to falsify.

They do however accept any sort of original bank or HMRC document showing name and address, not just statements.

RetiredInThailand

jonesMUFCforever wrote: »

The statements have to show transactions going through them not just an opening and closing balance.

No, they don't.

MoneySavingUser

I have a Barclays cash card account - they only send a statement every 3 months - so I use that

innovate

RetiredInThailand wrote: »

All my banks specifically mention that home-printed downloaded documents will not be accepted. Which is totally understandable as they are absurdly easy to falsify.

I don't think "downloadable" statements include full statements - they are more likely talking about screenshots and csv files.

If a bank provides a full statement to download, nobody can tell where is was printed - unless, of course, it would say so on the statements, which it doesn't.

JuicyJesus

RetiredInThailand wrote: »

They do however accept any sort of original bank or HMRC document showing name and address, not just statements.

Not true. Every bank I've seen will only accept a statement showing an active account, with transactions.

Were what you're saying true then any marketing mailshot from a bank could be used as proof of address.