Frustrated trying to open savings accounts

bpred

If you are like us - temporarily between homes with a large amount to invest from house sale it is almost impossible to deposit with the leaders in the best savings accounts. The ID requirements e.g paper bank statements only - ICICI bank or incompetent companies like Kent Reliance who do not read accompanying letters seem designed to stop you saving with them.
We obviously have a limited range of proof of current address having only been here 1 week. As requested we sent Kent Reliance our tenancy agreement to prove address and a printed copy of a bank statement for August - old address but it confirmed the bank account we wanted linked to their account. We sent an accompanying letter explaining we were between homes hence the large amount we wanted to invest. We had been resident for 27 years at previous address.
Kent then said they needed more - additional evidence of name and certified bank statement. customer service on phone then asked for certified passport.
Anyone else in this situation. BM seem to have accepted us.
Why when almost every bank and utility company wants us paperless are the money laundering regulations set in the last century?

dunstonh

The ID requirements e.g paper bank statements only

A pdf statement that you can print locally is fine as long as the layout is the same as the full statement. What they dont want is browser page prints or mini statements. However, many banks allow you to download a statement that actually looks like a statement.

Why when almost every bank and utility company wants us paperless are the money laundering regulations set in the last century?

Most use electronic ID checks. In your case, the issue is that you have just moved. So, your driving licence, national database, electoral roll etc wont be updated yet. So, you have to revert back to the manual method in this situation.

badger09

OP

I realise hindsight is a wonderful thing, and I am not criticising you:o.

Presumably you knew some time ago that you would have a large sum to save (rather than invest?). It would have been simple to open the account or accounts of your choice while still at your old address.

Hopefully others searching for advice on 'what to do with £xxx from my impending house sale/inheritance/lottery win' will plan ahead and avoid the problem you're now faced with.

Good luck finding a home for your money.

bpred

you are correct i have realised that i should have started this a few weeks ago but we only had 10 days between exchanger and completion so things got a bit rushed. I did send a printed copy of a downloaded statement from pdf format to Kent Reliance but to no avail. ICICI state that only a printed statement from bak will suffice not a print from download.
Someone suggested that as banks know of the problem they prefer not to change the system so they can charge you £25 for a printed statement. Maybe I'm just getting too cynical?

Archi_Bald

Which bank charges £25 for a statement?

It seems you are making a mountain out of a molehill.

bpred wrote: »

you are correct i have realised that i should have started this a few weeks ago but we only had 10 days between exchanger and completion so things got a bit rushed.

What stopped you from opening the appropriate account(s) once you had decided you want to move? Just face it, you created a problem for yourself, and you are now trying to blame others for it.

dunstonh

I did send a printed copy of a downloaded statement from pdf format to Kent Reliance but to no avail.

If it had the domain name and date as a header/footer then it would normally be rejected. The printed statement from the internet has to be the full version and not contain anything that indicates it was downloaded. Some banks give pdf versions which are identical to their printed version.

Someone suggested that as banks know of the problem they prefer not to change the system so they can charge you £25 for a printed statement. Maybe I'm just getting too cynical?

That person is a plonker. No bank charges £25 and very few people are required to provide paper evidence. Those that are typically use copies of their passport or driving licence or a utility bill or council tax. Bank statements require the sort code, account number and account holder on them. Often the name on the statement isnt a good match (maybe only initial rather first name). Its only good for an address check and verifying the account details.

System

You usually don't suddenly find yourself with unexpected house sale proceeds on your hands. The solution is to plan the whole process, including setting up savings accounts well in advance while you still have a verifiable identity.

In my experience Kent Reliance are excellent. I opened a savings account online, my ID was verified within minutes, and the money paid in shortly afterwards. It was just as easy withdrawing it later.

Missus_Hyde

Clifford_Pope wrote: »

In my experience Kent Reliance are excellent. I opened a savings account online, my ID was verified within minutes, and the money paid in shortly afterwards. It was just as easy withdrawing it later.

I must admit I've had no problem with Kent Reliance either. I was able to open a joint a/c for myself and my husband with no problem (and they were the first to credit any interest into our bank a/c! )

I've opened a few savings a/c's lately and the only very slight verification problem I had was with Shawbrooks (although we'd had our bank a/c for the last 40 years, they were unable to verify it electronically.) However, I rang them and spoke to a very helpful girl, who asked me to send them a blank paying in slip with our names on it, which I did and thereafter had no further problem. She explained that the verification problem was probably because we'd had the a/c for so long ( although none of the other savings a/c's I opened had any trouble, so I guess it was just something in their system.)