Goldman Marcus

jrsga

Hi


Can someone give me the facts on what happens when you apply for a savings account with an institution. In this example it would be the savings account paying 1.5% with Marcus.



Is it just an ID check? If so what exactly is that?

Does an ID check have any adverse effect on ones account or credit record?
Is there a credit check and if so soft or hard?
Would there be anything else to be aware of when applying for this account?


thanks in advance

dont_use_vistaprint

No Searches were done when opening my account, and no associations were created - none that are showing within 2 months of opening anyway. I think because its savings they dont need to. They will absolutely verify your identity and suitability as a customer, but who knows how they do that !

eskbanker

jrsga wrote: »

Is it just an ID check?

Yes.

jrsga wrote: »

If so what exactly is that?

Verifying that the personal information you provide corresponds to a known entry on credit agency records, cross-referred to the electoral roll, etc.

jrsga wrote: »

Does an ID check have any adverse effect on ones account or credit record?

No.

jrsga wrote: »

Is there a credit check

No.

jrsga wrote: »

if so soft or hard?

Not applicable.

jrsga wrote: »

Would there be anything else to be aware of when applying for this account?

As always, ensure you familiarise with the Ts & Cs of the account.

Reluctantpensioner

Marcus has to link with a UK bank account, I'm guessing they use the fact that this account has been checked to certify theirs. So nothing is asked for. (Post Office Savings was the same).
However, if you tell them the source of the money is a legacy rather than earnings/savings they will insist on paperwork you are unlikely to have. You cannot change your mind once stated.

RG2015

dont_use_vistaprint wrote: »

No Searches were done when opening my account, and no associations were created - none that are showing within 2 months of opening anyway. I think because its savings they dont need to. They will absolutely verify your identity and suitability as a customer, but who knows how they do that !

An ID search from TRACESMART-GOLDMANSACHSINTERNATI appeared on my Equifax report via Clearscore on the same date that I opened my Marcus account.

There were no searches on Experian or on TransUnion/Callcredit

short_butt_sweet

jrsga wrote: »

Would there be anything else to be aware of when applying for this account?

nothing much, apart from the small print which says you've signed away the life of your firstborn to feed the vampire squid
details, details ... let's concentrate on the big picture: 1.5%

Biggus_Dickus

short_butt_sweet wrote: »

nothing much, apart from the small print which says you've signed away the life of your firstborn to feed the vampire squid
details, details ... let's concentrate on the big picture: 1.5%

That’s the main reason I signed up for an account,...but unfortunately no movement yet. :mad:

I may give Marcus a call today and ask them to expedite matters.