Warning re. Investec

Blackval

I tried to open Martin’s recommended easy access savings account with Investec this week only to be rejected because, even though Investec know the government extended driving licenses which were due to expire last summer, they won’t take that extension into account.  Very bad practice.  I can’t use my passport because it expired this year too and I don’t want to pay for a new one when I won't be using it for some time, thanks to Covid 

dunstonh

I tried to open Martin’s recommended easy access savings account with Investec t

Martin doesn't make recommendations. 

only to be rejected because, even though Investec know the government extended driving licenses which were due to expire last summer, they won’t take that extension into account.  Very bad practice. 

Inconvenient yes but not everyone knows about the extension.   The AML guidelines indicate that any dated evidence must be current and not past expiry.   There isn't any provision for coronavirus extensions.  Common sense could be applied but the larger the firm, the more likely they will stick to a defined process for all staff to follow.

 I can’t use my passport because it expired this year too and I don’t want to pay for a new one when I won't be using it for some time, thanks to Covid 

So, its really down to your choices then.  

bowlhead99

Blackval said:

 the government extended driving licenses which were due to expire last summer, they won’t take that extension into account.  Very bad practice.  I can’t use my passport because it expired this year too and I don’t want to pay for a new one when I won't be using it for some time, thanks to Covid 

At the end of the day, they want some reasonably-up-to-date government issued identification to help them identify their new customer when opening an account. You choose not to have any current government issued identification, because your passport and driving licence of over a decade ago have expired and you don't wish to get any more. So, you are where you are.

I don't know that it's an example of 'very bad practice'. It seems more an example of a company offering to provide a financial service to a client who provides them with ID dated in the last ten years, but this particular potential client who does not want to do that because he doesn't need newer ID to be able to drive a car and doesn't want to travel or do anything else for which having a passport would be convenient.

They are willing to offer you a decent instant access savings account if you provide them with certain recent identification dated in the last x year, and you don't want to have that identification because it is a faff or an expense, so they won't give you an account. We can assume from your approach that the benefits of the account, to you, are not worth you getting some ID. For others, they might be. 

[Deleted User]

As bowlhead said, problem is between chair and the computer. Nothing to do with Investec. And while government allow you to use expired documents, not necessarily AML procedures have changed to reflect any of that. Investec simply need to stick to the rules they have.

MaxiRobriguez

I have some sympathy with the OP. If the driving license is still valid because govt. extended the validity period then he should be able to use that as ID.

I'm not sure I'd call it "very bad practice" but it would irk me a little too. 

colsten

Extending a DL is a complete doddle and even in lockdown times is completed in just a few short days. I know, as I have done it. Although I did have a valid passport, which eliminated the need for sending them a new photo as they could take the one from the passport.

The warning shouldn’t be about Investec but about people letting both their photo IDs expire.

Robert_McGeddon

IIRC a national identity card was proposed a few years back and dropped because of overwhelming public animosity. It seems to have been reintroduced via a back door.

eskbanker

Robert_McGeddon said:

IIRC a national identity card was proposed a few years back and dropped because of overwhelming public animosity. It seems to have been reintroduced via a back door.

Not sure I'm following what you mean?  Passports and driving licences remain optional, although having valid ones undoubtedly make it simpler to apply for financial products....

csgohan4

Saving some money on delaying renewal of a photo ID has come back to bite you. It seems it's false economy to let them lapse. 

Uxb1

MaxiRobriguez said:

I have some sympathy with the OP. If the driving license is still valid because govt. extended the validity period then he should be able to use that as ID.

I'm not sure I'd call it "very bad practice" but it would irk me a little too. 

I had a moan about one building society's practices on this sort of thing a fair few years ago
My passport was still in validity and my solicitor certified copy of it was done shortly after I got it.  This meant that the certified copy was as old as the passport - ie about 8 or 9 years and the B.Society would not accept it: the certification was "too old".  I had to get another newly certified copy of the same passport.

jamei305

Uxb1 said:

MaxiRobriguez said:

I have some sympathy with the OP. If the driving license is still valid because govt. extended the validity period then he should be able to use that as ID.

I'm not sure I'd call it "very bad practice" but it would irk me a little too. 

I had a moan about one building society's practices on this sort of thing a fair few years ago
My passport was still in validity and my solicitor certified copy of it was done shortly after I got it.  This meant that the certified copy was as old as the passport - ie about 8 or 9 years and the B.Society would not accept it: the certification was "too old".  I had to get another newly certified copy of the same passport.

Seems reasonable. Someone presenting an old certified copy of a current passport would arouse suspicions that  the passport may have been lost, stolen or revoked. Why else wouldn't you have been able to obtain a newly certified copy?