Vanquis Bank

art123_2

According to the questions section on Vanquis website, once you make your initial deposit, you have up to a total of 5 business days to fund the account.  

jimexbox

Vanquis 1 year bond has been pulled. Still on their site, but if you hit apply you get 'due to high demand' message.

Hopefully anyone who applied yesterday will be honoured. 

eskbanker

jimexbox said:

Vanquis 1 year bond has been pulled. Still on their site, but if you hit apply you get 'due to high demand' message.

Hopefully anyone who applied yesterday will be honoured. 

If they're now declaring the product to be fully subscribed, and you've opened an account but haven't yet funded it, then I'd expect them to invoke the clause that I and another poster quoted, i.e. you wouldn't actually be able to pay anything in....

jimexbox

eskbanker said:

jimexbox said:

Vanquis 1 year bond has been pulled. Still on their site, but if you hit apply you get 'due to high demand' message.

Hopefully anyone who applied yesterday will be honoured. 

If they're now declaring the product to be fully subscribed, and you've opened an account but haven't yet funded it, then I'd expect them to invoke the clause that I and another poster quoted, i.e. you wouldn't actually be able to pay anything in....

I'll post when I find out. 

happybagger

Tried to open the 3 Yr Bond but at the end it required certified/original documents posted. I'll pass.

cricidmuslibale

happybagger said:

Tried to open the 3 Yr Bond but at the end it required certified/original documents posted. I'll pass.

Savings providers with up to date IT equipment really ought to be able to verify identity and address electronically for most applicants these days! Especially if they’re on the electoral register and haven’t moved house recently! This general requirement for certified / original documents should be totally unnecessary these days, and it is very off putting to a lot of potential savers in my opinion!

wmb194

cricidmuslibale said:

happybagger said:

Tried to open the 3 Yr Bond but at the end it required certified/original documents posted. I'll pass.

Savings providers with up to date IT equipment really ought to be able to verify identity electronically for most applicants these days! Especially if they’re on the electoral register and haven’t moved house recently! This general requirement for certified / original documents should be totally unnecessary these days, and it is very off putting to a lot of potential savers in my opinion!

Vanquis has never requested documentation from me so I'm guessing happybagger's been unlucky. It definitely isn't a general requirement.

eskbanker

cricidmuslibale said:

happybagger said:

Tried to open the 3 Yr Bond but at the end it required certified/original documents posted. I'll pass.

Savings providers with up to date IT equipment really ought to be able to verify identity electronically for most applicants these days! Especially if they’re on the electoral register and haven’t moved house recently! This general requirement for certified / original documents should be totally unnecessary these days, and it is very off putting to a lot of potential savers in my opinion!

My understanding is that savings providers do use electronic ID verification for most applicants these days - it's far less hassle for them to do so, as manual alternatives are labour-intensive and therefore expensive.

Such processes are far from foolproof though, and so there will always be exceptions that require manual processing, but that doesn't in itself signify a 'general requirement for certified / original documents' and hence https://www.vanquissavings.co.uk/pdf/Identification-Documents.pdf

Before you open an account with us we must check your identity and address. We do this by checking a number of electronic data bases. When we are unable to obtain a match we will need you to provide documentary evidence.

SPWaller

I submitted my application last night and they've requested paperwork that I was planning to send off tomorrow.

Does that mean I'm likely to have missed out? I don't really want to hang too much longer waiting for them to receive my letter and then them getting back to me, could be over a week or so.

eskbanker

cricidmuslibale said:

wmb194 said:

cricidmuslibale said:

happybagger said:

Tried to open the 3 Yr Bond but at the end it required certified/original documents posted. I'll pass.

Savings providers with up to date IT equipment really ought to be able to verify identity electronically for most applicants these days! Especially if they’re on the electoral register and haven’t moved house recently! This general requirement for certified / original documents should be totally unnecessary these days, and it is very off putting to a lot of potential savers in my opinion!

Vanquis has never requested documentation from me so I'm guessing happybagger's been unlucky. It definitely isn't a general requirement.

That’s very good to know, thank you, because from what other posters as well as happybagger have posted before, this requirement for documentation seemed to be quite a frequent occurrence with Vanquis.

That'll probably just be 'Trustpilot syndrome', i.e. a vocal aggrieved minority with an axe to grind are unlikely to give a balanced representation of the true situation!