no checks when opening savings account

book12

I have opened a savings account. The customer advisor just asked for ID, address, and the opening deposit. I just realised that the customer advisor didn't check the electoral role and CRA to match the information provided on the form and documentation (ID and address) provided....

Is this a flaw?

dunstonh

How do you know if they have checked the electoral roll or not? Its done electronically behind the scenes.

If the ID you produced was satisfactory, there should be no reason for them to use the electronic method. Assuming they use the method at all.

isofa

Just as dunstonh says, if you provided all the required ID (was it passport/driving licence and/or bills?), then obviously it's all fine!

duchy

Money laundering laws don't require electoral roll checking specifically

book12

dunstonh wrote: »

How do you know if they have checked the electoral roll or not? Its done electronically behind the scenes.

If the ID you produced was satisfactory, there should be no reason for them to use the electronic method. Assuming they use the method at all.

I checked my credit file for all three CRA's. No 'footprint' was left on the credit file. Therefore, no electronic checks have been made.

oldagetraveller

You're not applying for credit, so no "footprint" presumably.
When I've applied for savings accounts there is sometimes a reference to checking credit agencies for identity etc. but it will not show. I would lay odds that you have been checked!
So - no flaw as has been advised.

dunstonh

You're not applying for credit, so no "footprint" presumably

There is a footprint.

I use the electronic method from experian and it places an non-credit enquiry on your record.

exel1966

book12 wrote: »

I have opened a savings account. The customer advisor just asked for ID, address, and the opening deposit. I just realised that the customer advisor didn't check the electoral role and CRA to match the information provided on the form and documentation (ID and address) provided....

Is this a flaw?

No, provided your ID matched those details held on the electoral role (which would most probably have been checked whilst you were sat with the CA as they do have that data readily available to look at), no further checks are required except to possibly ask how much funding you will make to the account and by what means generally.

With savings accounts the emphasis is on establishing ID to comply with anti-money laundering regs rather than credit checking per say.

steady__eddie

Being a believer in the benefits of mutuality, I have opened literally dozens of accounts over the last few years and my name does not appear on any electoral register due to my sofa surfer status. I always opened my account in person at the branch, this would appear to verify previous comments of dunstonh, "If the ID you produced was satisfactory, there should be no reason for them to use the electronic method. Assuming they use the method at all."
An incident in the bank this morning amused me however, a couple of my reg savers had matured and I was paying the cheques in. The teller had excused herself on the pretext that she needed to "Authorise the deposit" ? She returned with a suit job who enquired when the last time that I had had a review was ? I thanked him for his concern and explained that I did not participate in such things with tied agents. He then tried to push a credit card. I informed him that I was not interested and in any case my application would probably be unsuccessful due to my sofa surfer status which the bank was aware of. He replied that this did not present any problem whatsoever as my card would be delivered to the branch and I could collect it from there.
Given a high enough credit limit, I can see myself following in the the steps of the Rt. Hon. member for Walsall North yet.