First Direct want proof of identity years after account opened: anyone else affected?

masonic

GingerFurball wrote: »

What if a customer has indicated to their bank that they don't wish to be contacted for marketing purposes?

Well, quite. Although I don't think a marketing opt-out prevents interest rate updates being sent out as a key purpose of those would be to inform you about the products you currently hold.

CKhalvashi

masonic wrote: »

Well, quite. Although I don't think a marketing opt-out prevents interest rate updates being sent out as a key purpose of those would be to inform you about the products you currently hold.

I think that putting 'We're reducing your interest rate from 5% to 1%, but here's an account paying 4%' should be allowed, even to customers that have opted out of marketing, as part of their statement.

It would require the customer to be proactive, however it would also be in the interests of the customer, especially one that is loyal to a particular bank, to be able to get the best rate for them.

masonic

CKhalvashi wrote: »

I think that putting 'We're reducing your interest rate from 5% to 1%, but here's an account paying 4%' should be allowed, even to customers that have opted out of marketing, as part of their statement.

I think they are. I'm opted out of marketing and get an annual leaflet summarising the interest rates on all FD accounts.

Reddisa

Do I really have to do this? Read through the many posts on this forum about FD's request for proof of identification and verification of address. I find it bizarre that FD would be seeking more proof when their ongoing records already cover the information now requested from income and outgoings (pension/ medical insurance, etc.

Just telephoned FD - their operators must be absolutely weary: sharp intake or breath - you could almost hear 'not another one asking why'.

I will definitely not pay for certification and asked whether I could take the documents in to an HSBC branch for certification. Answer: 'can't suggest this because it is the prerogative of individual bank staff to certify or not'.

Their solution is that I telephone the FD ID Team (Monday/Tuesday 8am to 8pm or Wednesday to Saturday 8am to 5pm) to arrange a video call when apparently no certification of documents will be required. Tomorrow will tell!

slopemaster

I closed my a/c with them, and opened one with HSBC. No proof of ID/address needed for the new account, all done electronically.
A little ironic when FD are owned by HSBC.

masonic

slopemaster wrote: »

I closed my a/c with them, and opened one with HSBC. No proof of ID/address needed for the new account, all done electronically.
A little ironic when FD are owned by HSBC.

I thought I'd gotten away with it at HSBC too when I opened an account with them earlier this year. However, a couple of weeks later they demanded I made an appointment to visit a branch with ID documents. I was told that all new customers needed to do this, regardless of the outcome of electronic checks.

slopemaster

Oh !!!!.....

Herbalus

Reddisa wrote: »

Do I really have to do this? Read through the many posts on this forum about FD's request for proof of identification and verification of address.

I presume that means you also read the posts that explained why they are doing this.

They are required by law to have up to date records for you, and presumably you didn't supply these records when you opened the account 20 years ago, as/or they weren't necessary at the time. As you've recognised from talking to FD, they probably hate doing it as much as everybody else. It's not through love of bureaucracy!

You don't have to do it, but the consequence will likely be they'll close the account as they're entitled to (just as you can close the account any time you wish).

Herbalus

slopemaster wrote: »

I closed my a/c with them, and opened one with HSBC. No proof of ID/address needed for the new account, all done electronically.
A little ironic when FD are owned by HSBC.

Probably due to different account opening process. Opening a new account means HSBC will perform a search for you, including a credit check. I'm given to understand that the process of checking identity is inseparable from the credit check at HSBC (though not sure why), which is one reason they can't suddenly do these identity checks on existing customers.

So you could be perfectly able to be identified electronically, but some system process inability prevented FD from doing this retrospectively.

GingerFurball_2

CKhalvashi wrote: »

I think that putting 'We're reducing your interest rate from 5% to 1%, but here's an account paying 4%' should be allowed, even to customers that have opted out of marketing, as part of their statement.

It would require the customer to be proactive, however it would also be in the interests of the customer, especially one that is loyal to a particular bank, to be able to get the best rate for them.

Which is marketing.