Identity checks for existing customer

naedanger

I am a long standing member of the Yorkshire Building Society with existing accounts. I am now trying to open a new regular savings account but I am being told this will only proceed if I supply three documents to prove my name and address. 

This new account is only available to existing members and it showing (in a pending state) when I log in. So it is not as if YBS don't realise I am an existing account holder.

Can anyone with inside knowledge of banking/building society regulations confirm whether or not this is actually a regulatory requirement. 

This requirement makes no sense to me since YBS should know my identity already from my existing account, and I cannot pay any more to this new acccount than I can already pay to my existing account.

grumbler

I don't have any inside knowledge, but I have 6 accounts with YBS and have never supplied any documents. Neither has my wife (3 accounts).

Can you try closing your new account and re-applying? Or just re-applying?

Do they do current accounts? If not, 'Savings' board is a better place to ask. All my accounts are savings.

GeoffTF

What is the problem? Why cannot you just provide the documents?

Middle_of_the_Road

Had the same recently with YBS. It looks like they're becoming more cautious, even if you save with them already. I have held a number of accounts with them for just over a year, and had never had to supply ID, until recently opening the six access loyalty saver. 

35har1old

naedanger said:

I am a long standing member of the Yorkshire Building Society with existing accounts. I am now trying to open a new regular savings account but I am being told this will only proceed if I supply three documents to prove my name and address. 

This new account is only available to existing members and it showing (in a pending state) when I log in. So it is not as if YBS don't realise I am an existing account holder.

Can anyone with inside knowledge of banking/building society regulations confirm whether or not this is actually a regulatory requirement. 

This requirement makes no sense to me since YBS should know my identity already from my existing account, and I cannot pay any more to this new acccount than I can already pay to my existing account.

I'm a member 
Have just opened another account which opened immediately with no further checks
I could have added money but I skipped that.
The account was visible with account number available but was pending but this is normal and it would be active the next day usually 

Cloth_of_Gold

I recently (about a month ago) opened an instant access account with them. I was not an existing customer but all he asked for was my driving licence. My partner ( a long-standing customer) opened an Isa with them a few months ago and an instant access account at the same time as I opened mine and was also only asked for a driving licence.

Descrabled

I had this ID requiremen and passed my documents to YBS through a branch. It still took over a week for the account to be open for a deposit. Obviously the back office at Bradford is not up to the workload.

We both applied for the loyalty account but Ms Descrabled was not asked for ID; only Mr Big here.

400ixl

Yes, under the Know Your Customer requirements they will need to do random checks, which is why some will have been asked and others not.

Just send them what was asked for and your new account will be opened.

MEM62

naedanger said:

Can anyone with inside knowledge of banking/building society regulations confirm whether or not this is actually a regulatory requirement. 

Financial institutions do have regulatory duty to identify the individuals that they do business with.  I cannot see that this would necessarily extend to new checks on clients that already have products with them - particularly given the experience of those responders that have not been subject to further checks.  Either way the question is moot as, if they will not open the account without it you will need to provide it whether it is a regulatory requirement or not.  

General_Grant

I have had to take in ID to a branch (as not willing to send even copies in the post and a branch is in convenient location).
This extra ID checking has been going for more than a month and is sending more people into branches and giving extra work to the branch staff which isn't really welcome.

35har1old

GeoffTF said:

What is the problem? Why cannot you just provide the documents?

If you have to submit them by post you then have to get them certified buy a list of approved  persons which usually means there is a cost involved.each society have different  approved persons lists