Problem with virgin money savings account (warning to potential customers)

SarahD92

@YorkshireBoy
Virgin money are asking for pay slips, banks statements, utility bills, as well as one form of ID like a passport. I don't know about you but I simply don't feel comfortable providing all of that, God knows who might get their hands on my info, or what they might do with it.

I think most of the replies are ignoring one major issue, and that is the fact that the monies paid into the Virgin money savings account came from my current account, so obviously my bank has done all the necessary checks when receiving the my current account. If the source of the savings were cash deposits, or some current account in Nigeria then that would be cause concern.

YorkshireBoy

YorkshireBoy wrote: »

Not all of them surely? It's generally one proving name and one proving address.

Indeed, here's the Virgin document detailing said documentation...

https://uk.virginmoney.com/virgin/downloads/nonfacetofaceid.pdf

Are they asking for something over and above that?

Expanding on this, since you haven't, today I received a credit card statement (List . A few weeks ago I received a HMRC notice of coding (List A). Both of these were delivered to me by...guess what...post. Now what's wrong with putting them back in the post and sending them to Virgin Money (in the pre-paid envelope they'll send you)?


EDIT: You have expanded now. What did Virgin say when you asked them why they wanted more information than they say they do in the published policy on their website?

SarahD92

@colsten
If you're interested in finding out more the scam I mentioned earlier just do google search for "Feezan Choudhary"

Why should paying customers put themselves at risk, by providing excessive amounts information, when these scams are taking place. Bank employees are some faultless angels, they are normal people that can be bribed to do wrong.

YorkshireBoy

SarahD92 wrote: »

Virgin money are asking for pay slips, banks statements, utility bills, as well as one form of ID like a passport. I don't know about you but I simply don't feel comfortable providing all of that

I wouldn't send a passport or a driving licence. Nor would I pay for certification of a copy of same (fortunately I wouldn't have to anyway). Some people don't have either anyway...that's why they offer alternatives (on List A)...the aforementioned Tax Coding letter for example.

bowlhead99

SarahD92 wrote: »

I think most of the replies are ignoring one major issue, and that is the fact that the monies paid into the Virgin money savings account came from my current account, so obviously my bank has done all the necessary checks when receiving the my current account. If the source of the savings were cash deposits, or some current account in Nigeria then that would be cause concern.

Unfortunately it is absolutely no defence for Virgin against a charge of assisting a money launderer or failing to counter terrorist financing , that, "oh well the money came from another UK bank account so they probably checked out the ultimate source of funds so we didn't think we should bother getting any proof of who we were dealing with".

Clearly, 'obviously my bank has done all the necessary checks' is not necessarily something Virgin can rely on. For example, you imply that your other bank has never asked you to provide documentary evidence of who you are or whether you are the really the person who says they live at your address. So, given your other bank has not even taken that evidence from you, how could you expect Virgin to be able to say they have fully identified you? And if they can't say they have identified you, they shouldn't move your money.

SarahD92 wrote: »

Virgin Money are asking for various forms of ID and payslips and bank statements to be posted to them, because.....I really don't know why.

All the while, London properties are being bought by Chinese, Russian, and middle eastern hot money, wish Virgin Money could do something to stop those transactions.

You are being a little ridiculous. You are talking about Chinese, Russian and Middle Eastern 'hot money' buying up London property and you wish Virgin Money could stop those transactions somehow? Well, how could they, if you don't even think it's appropriate to let them take documentary evidence of who the people moving money through Virgin Money accounts actually are?

SarahD92 wrote: »

@bowlhead99
They're not just asking for two forms of ID, they also want bank statements, pay slips, and god knows what else they'll ask for once they receive these.

Probably once they have seen reliable proof of your identity and source of wealth / source of funds they will have discharged their responsibilities under the anti-money laundering / CFT regulations and will not need anything else.

2. Takings my savings and reaping the benefits of possessing it,

You have also been reaping the benefits of them holding it, given you moved it to them to earn interest and presumably that interest has been credited.

I don't think that paying customers should be so badly treated ever

As a 'paying customer' have you identified exactly how much did you pay for the service? They were paying you, right?

SarahD92

YorkshireBoy wrote: »

I wouldn't send a passport or a driving licence. Nor would I pay for certification of a copy of same (fortunately I wouldn't have to anyway). Some people don't have either anyway...that's why they offer alternatives (on List A)...the aforementioned Tax Coding letter for example.

They didn't provide any specific information over the phone, the virgin money employee said either reply to the letter or you won't have access to your money, this seems like extortion to me!

I think the bottom line is that if they needed these documentations, they should have asked for them before opening the account or before accepting deposits over a 6 months period, or at least within the 1st month. I also can't get passed the fact that they're claiming that they've sent me 6 letters, I have been at this address for 8 years, I have never had any letters or packages go missing.

Sceptic001

From Virgin's list of acceptable ID:

Check the relevant section below and send us one document from List A plus one further document from List B, using the pre-paid envelope provided. Alternatively, you can take these documents to your nearest Store.

So no need to post. Does this solve your problem?

EachPenny

SarahD92 wrote: »

My main issues with Virgin Money is as follows:
1. Their dishonesty in saying that they have sent letters to me, which is obviously a lie, when have 6 letters sent on different occasions all been lost!

Do you have evidence this is "obviously a lie" - evidence that would stand up in court? Be careful posting stuff on a public forum.

You cannot know that they didn't post the letters, you only know you didn't get them. Have you considered the possibility you have given them the wrong address, so your letters have gone elsewhere, and because the address details you gave don't match the databases Virgin are checking to prevent ID fraud it has flagged your case up for extra checks?

And before you say it, the fact you've had publicity material from Virgin doesn't necessarily mean anything. It could have been sent out by a publicity department with no access to the details you used when setting up your account.

SarahD92 wrote: »

...so I'm quite familiar with the banking processes.

I really think that they should be asking for these documents before taking people's money, and then restricting their account.

If you were, you'd know that they are obliged to verify who you are before operating banking facilities for you. Most of the time I've had to provide documents, of the kind you're objecting to, before an account is opened, but sometimes accounts are opened provisionally subject to ID being verified. The T&C's you agreed to will have explained this and said you are required to provide the necessary documents if requested. They haven't taken your money, you gave it to them.

It appears something has gone wrong and Virgin are asking you to help them sort it out by providing evidence of who you are to confirm the money is yours and can be rightfully returned to you. Why don't you help yourself by just helping them?

Plus

bowlhead99 wrote: »

As a 'paying customer' have you identified exactly how much did you pay for the service? They were paying you, right?

To be fair, we pay banks by lending them money (depositing it), and them lending it out to somebody else at a higher rate. What we pay is the difference between the rate they pay us and what we could have got elsewhere - part of that covers a rather complicated structure that (is supposed to) prevent us losing out if things go bad for them. We don't pay them in cash, but they do make a profit out of us.

So it isn't necessary for us to tug our forelocks at their generosity - it's strictly business for both sides.

SarahD92

@bowlhead99
Thanks for getting back to me Richard Brandon

Do you seriously think Virgin Money is some charity holding onto my money and paying me a whole whopping 1% interest out of pity? Well, I have got breaking news for you, they make money off of my money while they have it in their possession and then pass a tiny bit of it, contrary to popular belief, UK banking is not free, it has never been.

You think Virgin Money just wants to make sure everything is legitimate? I think that's actually great idea, they should do carry out their check and balances before opening the account not 6 months after opening the account taking all my savings.

It think you misunderstood my point about hot money, what I was trying to convey is that there thousands of transactions using hot taking place probably every week, banks in general including Virgin Money should concentrate their effort on those, not UK citizens with small savings.