Why would Paragon send me this request?

rizla01 Posts: 7,256 Forumite
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edited 26 October 2016 at 10:52AM in Savings & investments

The bank that I nominated (Barclays)is the same bank that I used to pay monies IN! (My usual bank)
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  • System
    System Posts: 178,102 Community Admin
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    I can't read it - probably better just to give the gist of the letter anyway.
  • G_M
    G_M Posts: 51,977 Forumite
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    It's (presumably) a linked account.

    Standard procedure to ensure it's in your name (rather than some low-life child trafficker using Paragon to launder money.
  • george4064
    george4064 Posts: 2,817 Forumite
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    I would phone Paragon to confirm, make sure you use the telephone from their website NOT from that letter. (Check the company's website address using google, dont take it from the letter).
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  • Stevie_Palimo
    There looking to know about proof of funds and if it is a different entity from one bank but still under the same umbrella Company it does not mean they will talk to each other about funds held in different accounts.
  • dunstonh
    dunstonh Posts: 116,603 Forumite
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    For payments going out, it is normal for providers to seek proof of account ownership and numbers for it to become a "known account".

    If it was the same account paid into by cheque, then they can accept that as good enough as long as they kept a copy of the cheque to refer to (and they may not have). If they didnt or it was a BACs transfer, then a copy statement or void cheque will usually suffice.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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