Requirement for Bank statement when opening a savings account.

mohecan

I have been asked to provide bank statements (B.S) to 2 banks recently.The first where i have been using the same linked account with that bank for several years. The second where i wish to open a new savings acc in a new bank.  Supposedly this is for money laundering prevention.
Bank No 1 I refused.
Bank 2, as it looks like im going to have to comply at some stage, im thinking about.
 Q. What constitutes a bank statement?  What is the minimum i need to supply in order to meet with their NEEDS not wishes?   

molerat

You need to provide what they ask for and only they can tell you that.  What they want and what they need are the same thing effectively, if you don't give them what they wish they can refuse your application.  There is no laid down documentary need, banks are pretty free to interpret the rules as they see fit. Are you trying to hide something from them ?  Your attitude to providing documents may come across as that to the bank.

mohecan

 Thank you Molerat, for your thoughts. Of course, it is their game and if we want to play, in that game. We have to abide by their rules, otherwise they may take the ball away, It's their prerogative I fully agree.  Though, hold on a mo, as their game is not the only one in town. I too have prerogatives, there are other games in which i can apply to take part. Also If enough of us object to disclosing personal information about our payments to supermarkets, friends relations, eBay or perhaps "French err, night classes" Information which in many cases would earn you £10 or the likes off your next shopping bill. They may have to change their stance. The information supplied on an average statement is information which can be extrapolated to gather more information, about not only when and where you shop but, once you start joining the dots info you would not believe.
For example if your statement shows.  Brought Dog food local to your home address and Petrol twice once at a local station and then another 200 miles from home = Did you go on holiday and make sure there was enough food for the pets which you left at home? Statement shows you Paid "Fun Park and the McDonalds both in Scarborough = you had kids or Grandkids with you perhaps? Simply stuff you would not believe can be found from a simple bank statement but once you look more deeply. Do you have a standing order to your Stock broker or are you are being paid by Tesco's. Does this lead YOU to picture a particular type of person? of course it does. What about that payment to the Jewellers for 10 grand?   The more info you have the more precise that picture. The banks are saying its to stop money laundering, I suspect it may be a bit of that and then some wiz has said whilst we are doing that we could also.... I suspect a case of information gathering and done on the cheap too. Yes! I’m trying to hide something ..anything i can that i feel it is not necessary for them to know in order to safely & lawfully conduct their business and not something which is mine.  

born_again

If you think that banks care what you spend you money on then you are way off the mark.

FCA set the bar on what is required. banks can interpret this in different way. 

We went through this a while ago to make sure data was up to date. Amazing the number of people that said No, as they had been there years. Soon changed their mind when cards were limited & the thought of losing the account. Any that did not found a nice 60 day account closure letter.
Even as staff we had to comply & prove our identity if the now required data was not held. Due to the change in regulations.

You have 2 choices. Agree, or go elsewhere.

Bank statement is one of them things that has your account details & name/Address on it.

mohecan

Hi born_again. I fail to see why it should be amazing that those who as you suggest have been with a bank for years said "no" Why would it be necessary to "prove" you're bank is the one you use if it has been the one you have been using for years. If for instance. The customer has had made payments to and received them from the bank using the same linked bank account, what difference will it make to send the bank a statement, from that bank with exactly the same name, account and sort codes as the one which has been used over the years? If they are not interested in where or what i spend on then, why would my name address and bank details not be adequate?     

elsien

When I’ve supplied a bank statement for a new account it’s just been to show the date and the name and address. 

Always redacted the spending information and no one has ever had a problem with that.
As far as I was aware they use it as a form of identification, not to see what you’ve been spending things on.

mohecan

Hi Elsien & thank you. What you say and especially what you did makes sense. It is my intention , If I can get them to answer the phone, to speak to the bank with exactly that idea in mind. I WILL REPORT BACK ON MY success or other.    

MalMonroe

Maybe the bank needs to see exactly how much is paid into your account each month? For instance when I applied for a current account last year I had to provide proof that over £1k goes in each month. I don't have any paper statements for anything - bank, energy, BT account, it's all online. So they have to accept either a print out or a screenshot.

I really don't care if a bank sees my statement - hopefully they have better things to do than scrutinise and question my spending choices. Nothing to do with them, whatsoever. I'm not laundering anything and my income is peanuts. I redacted nothing. No point, especially when they want to see how much goes in. 

If I really want the account an organisation is offering, I'll jump through the hoops. That's really all there is to it. The more accounts you apply for, the more hard searches will appear on your credit reports and the more lenders will think that you've been continually declined and that you're credit hungry.

It's not worth trying to fight the system - just go with the flow, you'll get there in the end. Or you won't, it's really entirely up to you. That ball of which you spoke, is well and truly in your court. There's not much point in being awkward because you'll gain nothing and they'll just dismiss you and move onto their next application. 

mohecan

Hi Malmonroe, thanks for the comments. I cant see why one bank, No 2 should need to know what is being paid into my other bank No1. When im opening a savings account at No 2, if i dont have the money i cant pay it in eh! 
I admit i did not consider that they may want to know where the money in my No1 account came from. Is that though not something bank 1 is responsible for and assuming i have passed the exam for bank 1?
My credit rating is as good as its possible to obtain. I'm not being awkward im being very careful about what i tell and who i tell it to if the need for the info is genuine no prob if though its a scam, yes banks have scammed too!