Name Bank/BS which do full search for opening SAVING accounts.

adindas

It is something quite frustrating to knowBank/BS is doing search on your file for opening a SAVING account. I could understand if this is Mortgage, Credit Card, Current account with overdraft. But this is to open a saving account

I have "anti money laundering search" marked on my credit file when I opened certain SAVING account. They do not really care as they have nothing to loose and will not effect them at all. They do not really care what impact on people credit file.

Good to name these Banks/BS so the people will be more vigilant.

For me these two BS are doing full credit search therefore have marks on my credit file when I was opening saving accounts:
- Monmouth shire Building Society
- Loughborough Building Society

I have open/close several other saving accounts, but only two of these BSs are doing full search.

The_Boss

Just posted this elsewhere but will need convincing that an 'anti money laundering' search is as negative as you suggest.

adindas

The_Boss wrote: »

Just posted this elsewhere but will need convincing that an 'anti money laundering' search is as negative as you suggest.

It does not have negative impact on the bank but to people as this is recorded on the file. A novice underwriter might see that the person is untrustworthy and cheeky.

The_Boss

adindas wrote: »

It does not have negative impact to the bank but to people as this are recorded on the file.

I realise you are talking about a person and not a bank. What I've not seen is anything to back up your claim. Could you expand on this please?

adindas

The_Boss wrote: »

I realise you are talking about a person and not a bank. What I've not seen is anything to back up your claim. Could you expand on this please?

A novice underwriter might see that the person is untrustworthy and cheeky.

The_Boss

adindas wrote: »

A novice underwriter might see that the person is untrustworthy and cheeky.

Not all credit applications are seen by an underwriter, let alone a novice. Even a novice would be trained to recognise what they are.

Are these searches even visible to lenders? I don't believe they are.

This thread just seems to be unnecessary scaremongering.

Thrugelmir

adindas wrote: »

A novice underwriter might see that the person is untrustworthy and cheeky.

Underwriters aren't novices.

adindas

The_Boss wrote: »

Not all credit applications are seen by an underwriter, let alone a novice. Even a novice would be trained to recognise what they are.

Are these searches even visible to lenders? I don't believe they are.

This thread just seems to be unnecessary scaremongering.

It is recorded on your file .... It is about opinion

Thrugelmir wrote: »

Underwriters aren't novices.

You will sometimes see people applications for credit card, loan were declined but once appeal and got approved.

Not to mention got rejected in on credit card but get approved on another similar credit card.

YorkshireBoy

The_Boss wrote: »

Are these searches even visible to lenders?

No they're not.

OP, just visit the Experian website and enter "unrecorded enquiries" in the search box...and read.

YorkshireBoy

adindas wrote: »

You will sometimes see people applications for credit card, loan were declined but once appeal and got approved.

The computer declined the initial application, but it was overturned my a human (underwriter)...if I understand your statement correctly!

Not to mention got rejected in on credit card but get approved on another similar credit card.

That's a different thing altogether. Each lender will have their ideal customer profile.

[Deleted User]

Stop whining.

An anti money laundering check is exactly what it sounds like - an anti money laundering check, not a credit check.

It is a legal requirement for banks to take reasonable precautions to ensure that new customers are not attempting to launder money. You often wouldn't get one of these if you open a savings account with a bank you already have a relationship with.

I am not an expert but as far as I am aware, these checks are not visible to other lenders - the same as 'soft' searches.

Do you seriously believe that an underwriter - a person whom financial institutions trust to judge risk - doesn't know what a AML check is? Are you smoking crack?