Opening ISA fixed rate account, 14 January at 3:14PM in Savings & investments 7 replies 422 views

callisto30

Hi there,

I wonder if this has happened to anybody else or if anyone knows what this will mean. On Wednesday I submitted an online application for a 5 year fixed rate Cash ISA with a building society.  I was required to send in certified documents to confirm my ID which I sent by post today. (I needed to find a professional to sign the papers which took a few days to organise. ) I have now discovered looking at the BS website that they are no longer offering this type of account. 

They are closed too as it is the weekend.

Does anyone know if this mean my application will be voided or honoured as it was mid-process subject to ID. 

Thanks

Band7

Only the Building Society you applied to can answer your question.

refluxer

If your application for the account was approved subject to an ID check then the chances are your application will proceed as you would expect, once they've confirmed your identity.

If you think about it, accounts get introduced and then withdrawn all the time so banks would come under a lot of fire if they did what you are worried about and cancelled applications that were midway through being processed at the time of withdrawal.

frugalmacdugal

Hi,

callisto30 said:

 (I needed to find a professional to sign the papers which took a few days to organise. )

that doesn't seem normal, just to open an account.

callisto30

Thank you very much for your response, I hope you are correct. It does seem that they should as one is applying for a particular account at a particular rate having been accepted in principal. To think of it another way I can hardly be accepted for an account  and associated conditions  that no longer exists! Will have to wait and see. 

refluxer said:

If your application for the account was approved subject to an ID check then the chances are your application will proceed as you would expect, once they've confirmed your identity.

If you think about it, accounts get introduced and then withdrawn all the time so banks would come under a lot of fire if they did what you are worried about and cancelled applications that were midway through being processed.

 

refluxer

callisto30 said:

Thank you very much for your response, I hope you are correct. It does seem that they should as one is applying for a particular account at a particular rate having been accepted in principal. To think of it another way I can hardly be accepted for an account  and associated conditions  that no longer exists! Will have to wait and see. 

The key thing though is that it existed at the time of your application. I really wouldn't worry about it.

Why did you need to provide certified copies of ID documents, BTW ? I've never had to do this so was just curious what circumstances would require this.

Bridlington1

Last week I sent off an application form for a Mansfield 90 day notice tracker account a day or so after it was withdrawn and they still opened the account so you should be fine, though it was postal application.

Bigwheels1111

Coventry building society wanted lots of id from me, I questioned it. As this has never happened before.
Turns out their computer did not run the digital checks on me.
From reading the post on here it is happening more and more.