Banks Unable to Verify Nominated Account/Identity

Arnie22

I have recently made online applications to several banks/building societies to open a savings account. After submitting the applications I get the response that they are unable to verify my nominated account and require me to send them a hardcopy of a statement, as proof.
By the time I have done this the offer may have closed and I'll have to go through the process again.
Has this happened to anybody else and does anybody know what is causing it?

fourmarks

It's happened to me a couple of times in recent months, I think with Yorkshire B.S. and Virgin Money. I put it down to a recent change of address and my temporary absence from the electoral roll. None of the other banks etc I approached had the slightest problem. Who knows?

Daliah

Arnie22 said:

By the time I have done this the offer may have closed and I'll have to go through the process again.

In my experience, any verification of a nominated account occurs after the savings account has been opened. So you wouldn't lose out on any offer.

Which bank(s) in particular did you have to verify your linked account with, and which did you have problems with? The only one I recently opened which required verification of the linked account was Gatehouse, though this didn't involve sending them any bank statements.

Arnie22

Aldermore, Charter and Kent Reliance have all been unable to verify. The linked accounts I have nominated are with YBS and Halifax.

Daliah

Arnie22 said:

Aldermore, Charter and Kent Reliance have all been unable to verify. The linked accounts I have nominated are with YBS and Halifax.

Of those, I only did Charter recently, beginning of September. I did not have the send them anything but I had to wait for them to post me a verification code for my nominated account before I could make a withdrawal. The outstanding verification did not stop me from making deposits into Charter.

Are you sure your nominated accounts are current accounts? AFAIK, YBS don't do current accounts, unless you have a very ancient one with them. If your nominated accounts aren't current accounts, that might be a reason for them not finding them?

adindas

Arnie22 said:

I have recently made online applications to several banks/building societies to open a savings account. After submitting the applications I get the response that they are unable to verify my nominated account and require me to send them a hardcopy of a statement, as proof.
By the time I have done this the offer may have closed and I'll have to go through the process again.
Has this happened to anybody else and does anybody know what is causing it?

No surprise.

recently happened to me TSB;  In fact I already have 4 active current account with them that I have had it for the last ten years.

In the Past, Scottish BS. Also I had saving account with them in the past.

dunstonh

Has this happened to anybody else and does anybody know what is causing it?

Common reasons for failing to pass electronic IDs are
1 - insufficient information in the database about you (in particular not being on electoral roll)
2 - conflicting information in the database. .e.g. different dates of birth
3 - house name rather than house number or house number with letter sufffix. e.g. 2a.  These are prone to playing up.
4 - Multiple databases for you at the same address.

Qyburn

It's worth checking what sort of accounts are acceptable.  Nationwide only worked if I linked a current account, not something that was stated in advance.

Arnie22

Thanks for your replies. My linked accounts are not current accounts but they do allow electronic transfers in and out and I have used them in the past as linked accounts. Thanks for your suggestions.

eskbanker

Arnie22 said:

Thanks for your replies. My linked accounts are not current accounts but they do allow electronic transfers in and out and I have used them in the past as linked accounts. Thanks for your suggestions.

The fact that they've been considered suitable for other institutions before is unfortunately irrelevant - as above, you need to check what's deemed acceptable by the institutions you're now opening accounts with.

Kent Reliance, for example, are quite clear about the need to link to a current account:

How do I set up a nominated bank account?

You must provide details of a valid UK bank/building society current account for your nominated bank account. We’ll electronically verify that this account is held in your name (or in the name of the first applicant in the case of a new joint account application) and you may be requested to provide additional evidence (e.g. an account statement) if we’re unable to verify this information electronically.

Qyburn

Same here. Marcus, AA, Paragon, Shawbrook and Santander all linked to my Lloyds saver. Nationwide would not verify, it only worked with the current account.