Identity checks for existing customer

[Deleted User]

Yes, it's a regulatory require to know your customer (KYC) - this will be new ones and existing customers.

Before they ask physical ID they will usually have run electronic ID checks and these will have came back as a fail or a manual referral.

As for dictating what and if/how you  provide the requisite ID - if you don't agree with their channels then they'll not open the new product and possibly close any existing products. They aren't providing a public service here. 

wmb194

As we've learned from other recent threads e.g., the person who moved to Spain financial institutions definitely shouldn't rely on KYC checks from years ago. I remember reading somewhere that KYC checks are only valid for opening new accounts for six months i.e. one KYC check could be used to open multiple accounts within six months after which they have to be completed again.

Saver73

I'm an existing YBS customer with several accounts opened/funded and when I applied for the 7% regular saver in September I was asked to provide updated ID.  I popped into a branch during my lunch hour, they were very helpful, all sorted and I was able to fund the account same day.

flo22

Yes it is regulatory.  I work for a bank and even I have to provide Know Your customer documents every now and again for my account.  

GrubbyGirl_2

I went into my lloyds branch to get some cash (more than I could get from a cash machine).  Of course I was asked for ID as I was taking out cash, but they said ooops it looks like we don't have your signature on file.  I've only been a customer for 45 years and over the decades wrote many cheques!  Fortunately they were able to check my signature against my driving license.

General_Grant

[Deleted User] said:

Yes, it's a regulatory require to know your customer (KYC) - this will be new ones and existing customers.

Before they ask physical ID they will usually have run electronic ID checks and these will have came back as a fail or a manual referral.

As for dictating what and if/how you  provide the requisite ID - if you don't agree with their channels then they'll not open the new product and possibly close any existing products. They aren't providing a public service here. 

One would expect that - the electronic check.  Having lived in my house for over 30 years and on the electoral roll all that time, I was surprised that it didn't work out.  I was then especially surprised when in branch, though I offered a driving licence as ID, the assistant checked electronically instead and all was well!

mar7t1n

I am a long standing YBS customer I opened a 7% regular saver last October and was asked for ID. They wouldn't let me fund the account until I did. I hand delivered this to branch. It took 10 days, they don't tell you it's done, but I spotted it as checking every few days. About 2 weeks later a letter arrives confirming. 

I tried to open their 6% Christmas 24 regular saver this month and get the same - we need to see your ID again! They cannot tell me why I keep being flagged for a check. Something about cannot verify my address. The very address they mortgaged!! It's not actually worth bothering with unless going into town and passing the branch as the interest difference is minimal. 

It feels like a deliberate delaying tactic to reduce the interest available. I get they need to check, but why not do digital ID, or post out a validation code to your home address if that's what needs checking. Other people have said the same happened to them. It must be creating an admin nightmare for the staff.

I won't be considering YBS again unless the gain is significant enough to justify a special trip.

friolento

mar7t1n said:

It feels like a deliberate delaying tactic to reduce the interest available.

How much interest did you lose as a result of ID checks?

mar7t1n

friolento said:

mar7t1n said:

It feels like a deliberate delaying tactic to reduce the interest available.

How much interest did you lose as a result of ID checks?

I think YBS have serious IT issues. They've recently updated, and made things worse (two steps forward and one back as is typical). They show some account rounded to the nearest £1, and ignore the pennies, and you have to go digging to find it. I tried a payment today and it errored, but the money appears to have gone!?

So it works out at 57p a day, so £5.70+ on the setup in the £500 7% October account. The 6% Christmas 24, I figured it was only worth £5.40 (before tax) difference vs. leaving the money elsewhere as you can only put in £150/month. So am not going to waste my time or petrol making a special trip into town for it.

Until they can find the issue and resolve, whether that is internal or a small typo correction on my details, then I'll just see them as a place that's not worth dealing with unless the gain is significant to make it worth my time chasing.