information and documents for opening account

b56c

Need to move money to new accounts as bonuses come to and end. Found a fixed one year with UBL and IBB which offer a decent rate and are covered by the £85000 guarantee. Looked into application and at least one is asking for name address and telephone number of employer as well as gross salary. Also require original ID, such as passport which I'd have to pay extra for to post as there is no bank nearby, or copy authorised by people of specific procession such as JP, dentist etc, all of whom I don't know socially. I have changed banks/accounts lots of times before and it has never been as complicated or as intrusive as this. Any idea why?

eskbanker

In general it's increasing levels of rules and regulations - you may have noticed that insufficient regulation of banks has led to one or two issues over the last few years!

However, each bank can effectively impose its own level of security (see the various threads about how much more stringent HSBC are than others) so if it's more than you're comfortable with then you'll need to vote with your feet and go elsewhere. But be prepared, last time I started a new banking relationship involved more ID checks and so on than I'd had to go through before, so I don't think it's an isolated incident....

ceredigion

I know exactly what you mean, finding it increasingly difficult to supply the required documentation. Not helped by the fact , currently don't have a valid passport , have an old style green driving licence, so no photo ID at all and most of the house hold bills are in the wifes name.
The other thing that winds me ,particually doing it on line , employment status , drop down menu , click self employed, next required field , employers name and address " just told you im self employed " drop down menu , number of years with present employer " just bl**dy told you , im self employed" . aaahhhhhhhh

dunstonh

Money laundering guidelines are left open to interpretation. The regulator fines firms for failing to do what it wants with those guidelines but it fails to tell firms what it wants. It lets them interpret them and then fines them for not interpreting them the way they wanted. Most normal people would say they should set rules and that would make things easier but that isnt how the regulator works.

So, you end up with firms not doing enough and firms taking it too far. Some firms havent done enough and now have to do more than other firms to make up for their original failure.

bigadaj

ceredigion wrote: »

I know exactly what you mean, finding it increasingly difficult to supply the required documentation. Not helped by the fact , currently don't have a valid passport , have an old style green driving licence, so no photo ID at all and most of the house hold bills are in the wifes name.
The other thing that winds me ,particually doing it on line , employment status , drop down menu , click self employed, next required field , employers name and address " just told you im self employed " drop down menu , number of years with present employer " just bl**dy told you , im self employed" . aaahhhhhhhh

All of great concern to a cardy, you're not known for spending it after all.............

ceredigion

bigadaj wrote: »

All of great concern to a cardy, you're not known for spending it after all.............

I'm most definitely a saesneg.

MobileSaver

b56c wrote: »

I have changed banks/accounts lots of times before and it has never been as complicated or as intrusive as this.

I've just had the same thing when trying to open an account for the max FSCS protection limit so have actually decided not to bother with Islamic Bank of Britain (IBB) after all.

Asking for "certified" copies of a passport or driving licence seems very shabby and amateurish to me in this day and age - every other organisation I've dealt with has been able to verify me electronically with no problems.