Requesting non redacted bank statements?

TooOrangeyForCrows

Hi. Is this a usual (and maybe recent) practice? I have tried to open couple of online 'bank' fixed rate saver accounts (specifically Raisin UK and VidaSavings) recently and both of them are now requesting that I upload non redacted bank statements to 'prove I own the account' and for 'proof of address'
This has never happened previously and I'm a little bit suspicious.

I have previously used Monument and Tandem and as I recall those 2 did not ask for any kind of bank statements to be uploaded.

Following on from this. Time is money, I really don't want to waste the 7-10 days requesting bank statements to then be sent to my home address for scanning. Especially as that money is now sitting in my regular bank account paying 0%.

Can anyone recommend a fixed saver account where I can open it and transfer money 'instantly' from my nominated account (via Truthlayer)?
I was able to do this for both of the previously mentioned app based accounts.

wmb194

TooOrangeyForCrows said:

Hi. Is this a usual (and maybe recent) practice? I have tried to open couple of online 'bank' fixed rate saver accounts (specifically Raisin UK and VidaSavings) recently and both of them are now requesting that I upload non redacted bank statements to 'prove I own the account' and for 'proof of address'
This has never happened previously and I'm a little bit suspicious.

I have previously used Monument and Tandem and as I recall those 2 did not ask for any kind of bank statements to be uploaded.

Following on from this. Time is money, I really don't want to waste the 7-10 days requesting bank statements to then be sent to my home address for scanning. Especially as that money is now sitting in my regular bank account paying 0%.

Can anyone recommend a fixed saver account where I can open it and transfer money 'instantly' from my nominated account (via Truthlayer)?
I was able to do this for both of the previously mentioned app based accounts.

It's not usual but it can happen. You might have piqued their interest in some way. A stockbroker once asked for my bank statement, I provided it and it was happy.

You shouldn't need to order a paper copy, one you download from internet banking showing the required data should be enough.

Albermarle

Asking for extra documents is not necessarily related to a specific provider.
For example I could try and open an account with Tandem and for some reason fail their automatic identity checks, and have to send more documents. Then open ten other accounts with other providers with no issues.
I think also there are some randomised checks.

TooOrangeyForCrows

Albermarle said:

Asking for extra documents is not necessarily related to a specific provider.
For example I could try and open an account with Tandem and for some reason fail their automatic identity checks, and have to send more documents. Then open ten other accounts with other providers with no issues.
I think also there are some randomised checks.

Nothing to do with Al Rayan then? (As I just noticed that's the name of the bank using "Raisin UK" as its front name.

masonic

TooOrangeyForCrows said:

Albermarle said:

Asking for extra documents is not necessarily related to a specific provider.
For example I could try and open an account with Tandem and for some reason fail their automatic identity checks, and have to send more documents. Then open ten other accounts with other providers with no issues.
I think also there are some randomised checks.

Nothing to do with Al Rayan then? (As I just noticed that's the name of the bank using "Raisin UK" as its front name.

Raisin is a savings marketplace. Al Rayan is a savings institution that lists its accounts there. The two are not related.

dunstonh

Hi. Is this a usual (and maybe recent) practice? I have tried to open couple of online 'bank' fixed rate saver accounts (specifically Raisin UK and VidaSavings) recently and both of them are now requesting that I upload non redacted bank statements to 'prove I own the account' and for 'proof of address'
This has never happened previously and I'm a little bit suspicious.

Yes it is very common as an anti-fraud measure.  Typically used with investment accounts and the newer cash savings providers where you nominate an account for withdrawals.   They want to see evidence that the account belongs to you.   

AlanP_2

dunstonh said:

Hi. Is this a usual (and maybe recent) practice? I have tried to open couple of online 'bank' fixed rate saver accounts (specifically Raisin UK and VidaSavings) recently and both of them are now requesting that I upload non redacted bank statements to 'prove I own the account' and for 'proof of address'
This has never happened previously and I'm a little bit suspicious.

Yes it is very common as an anti-fraud measure.  Typically used with investment accounts and the newer cash savings providers where you nominate an account for withdrawals.   They want to see evidence that the account belongs to you.   

I had to provide an unredacted statement to Vanguard before they would let me make a regular monthly contribution. 

Rather annoying as they were quite happy with the account when I made 2 lump sum payments from it.

The unredacted is the bit that gets on my goat, not only that the statement needs to show transactions and the balances. I initially used the end page from our monthly statements (paper at the time, online now) which shows statement sequence number, date, name, address, account number, sort code but is essentially Ts&C's telling you interest rates etc. so no transactions. They wouldn't accept that even though they told me it was to confirm name and address and account details.

masonic

There will likely be a requirements around what can be accepted. A document that shows clear signs of being altered would be problematic to say the least. As would part of a document, which could have been obtained opportunistically.

Open Banking can be used for this purpose and is superior to a paper document or pdf (non-digitally signed). Redacting a digitally signed pdf would render it non-verifiable (although so would printing it out).

The purpose of obtaining the document will not be to confirm name and address and account details, it will be used as evidence that the person whose details you have provided is in fact you.

TooOrangeyForCrows

AlanP_2 said:

I had to provide an unredacted statement to Vanguard before they would let me make a regular monthly contribution. 

Rather annoying as they were quite happy with the account when I made 2 lump sum payments from it.

The unredacted is the bit that gets on my goat, not only that the statement needs to show transactions and the balances. I initially used the end page from our monthly statements (paper at the time, online now) which shows statement sequence number, date, name, address, account number, sort code but is essentially Ts&C's telling you interest rates etc. so no transactions. They wouldn't accept that even though they told me it was to confirm name and address and account details.

Indeed. It seems more like snooping than anything.

I mean if I have access to the account I am paying from then I can print a statement from that account. How on earth could that be deemed proof of address?
 
Anyway, I am pretty sure they want to see scanned copies of physical bank statements, no (all four corners?)?

"Please provide a Proof of Address by submitting the following document to verify the account:

• The Bank Statement from the account you nominated upon registration for transfers to and from your Raisin UK Account.  The statement should be dated within the last three months, registered in your name at your account address and have all four corners of the document displayed, with no redacted information present within the document."

bootneck8901

I just had the same request from Raisin....it contravenes their own published advice 

"

• Raisin does not ask for confirmation, verification or changing of your personal details, password or mTAN by email!"
  
  
  they have all my info on file, all they need to is ask me to log in to my account and verify that the info they hold is still correct
  
  As it is I shal be looking for alternative providers.

cloud_dog

AlanP_2 said:

dunstonh said:

Hi. Is this a usual (and maybe recent) practice? I have tried to open couple of online 'bank' fixed rate saver accounts (specifically Raisin UK and VidaSavings) recently and both of them are now requesting that I upload non redacted bank statements to 'prove I own the account' and for 'proof of address'
This has never happened previously and I'm a little bit suspicious.

Yes it is very common as an anti-fraud measure.  Typically used with investment accounts and the newer cash savings providers where you nominate an account for withdrawals.   They want to see evidence that the account belongs to you.   

I had to provide an unredacted statement to Vanguard before they would let me make a regular monthly contribution. 

Rather annoying as they were quite happy with the account when I made 2 lump sum payments from it.

The unredacted is the bit that gets on my goat, not only that the statement needs to show transactions and the balances. I initially used the end page from our monthly statements (paper at the time, online now) which shows statement sequence number, date, name, address, account number, sort code but is essentially Ts&C's telling you interest rates etc. so no transactions. They wouldn't accept that even though they told me it was to confirm name and address and account details.

Regarding the 'unredacted' bit , this is where I find having a little used bank account quite useful on some occasions.

Call me paranoid if you like but...they are out to get us!