First Direct and 30 minutes of snooping

[Deleted User]

YorkshireBoy wrote: »

I think you mean £250? Or have you found a loophole?

Apologies, yes, £250. Also opened FD RS last week and it was £300, hence confusion. FD one opened online in about 50 seconds. :beer:

GingerFurball_2

Looks like nobody in this thread is familiar with Know Your Customer processes.

GingerBob_3

GingerFurball wrote: »

Looks like nobody in this thread is familiar with Know Your Customer processes.

On the contrary, I think probably all contributors are familiar with it. The process is concerned with knowing the identity of the customer, not his inside leg measurement - which is getting towards how FD view it!

masonic

GingerFurball wrote: »

Looks like nobody in this thread is familiar with Know Your Customer processes.

GingerBob wrote: »

On the contrary, I think probably all contributors are familiar with it. The process is concerned with knowing the identity of the customer, not his inside leg measurement - which is getting towards how FD view it!

KYC is a complete red herring. This is a simple case of risk management. A creditor would be pretty irresponsible to afford a continuing line of credit to an individual with no up to date information about their financial circumstances.

If you aren't willing to provide this information, close your current account or switch it elsewhere. It's not a question you will need to answer if you hold only savings accounts with a bank... or, open the RS account online.

ronbell101

I have just opened my second Regular Saver in 2 years online with no questions asked at all

Ballard

GingerBob wrote: »

On the contrary, I think probably all contributors are familiar with it. The process is concerned with knowing the identity of the customer, not his inside leg measurement - which is getting towards how FD view it!

KYC is more than knowing the identity of the customer. It's about knowing their business. What sort of turnover is likely on an account, for example. If it's a restaurant, how many covers does the average day provide and at what average bill. Banks are supposed to monitor for unusual activity and notice if their takings increase significantly.

For an individual they may need to know the salary and other income in order that they can judge whether they are operating the account in a way that's reasonable with their total income. If, for example, they're depositing £2k cash per week and rarely withdrawing then something looks fishy.

These two examples are very basic but they give an idea of what the banks are required BY LAW to know.

Having said that, FD do seem to be taking a very strict definition of the rules. It's their choice, though. Us customers can open accounts elsewhere and terminate the relationship. That's our choice.