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Why Do Banks Need Your Existing Account Details?

the89er
the89er Posts: 19 Forumite
edited 24 December 2019 at 7:28PM in Budgeting & bank accounts
I currently have a Lloyds Bank account and am looking into opening a new bank account with Halifax.

Upon visiting their online application page, they need details (sort code, account number, debit card) of my existing bank account.

I found this a bit bizarre since I didn't choose their Switch Account service.

Does anyone know why they (or any bank) would need existing bank account details to open a new account?

Thanks.

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I would assume that their online application form is a fixed template. So even though you are not switching, their form still asks for the same standardised information.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

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  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Lloyds and Halifax are the same banking group - if you have a good credit file with Lloyds it may help you with Halifax should you want to apply for credit cards overdrafts and loans - if you allow them to share your data.
  • blue.peter
    blue.peter Posts: 1,369 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    the89er wrote: »
    Does anyone know why they (or any bank) would need existing bank account details to open a new account?
    I'm not certain, but I think that it might be an aid to identification for anti-money laundering purposes.
  • Sea_Shell
    Sea_Shell Posts: 10,238 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    They use your existing accounts to help verify your identity.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
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