New to Vanquis ?

samtaylor99

Are Vanquis somewhat OTT when it comes to ‘New’ customers? Yesterday, I was helping my OH arrange a transfer from a maturing Moneybox ISA to the Vanquis current 1 year fix. The online application seemed straightforward enough, but moments after completion an Email arrived asking for documents relating to  ‘Proof of identity and proof of address’. There’s nothing in my OH’s searchable financial history to raise any red flags and all previous similar applications have completed successfully by the receiving organisation completing their online checks. Additionally, Vanquis require a ‘Certified copy’ of these documents sent to them by post. We have decided the delay, the amount of faffing around required and the extra expense isn’t worth the extra few points of Vanquis ‘s interest and have transferred elsewhere. The downside of this experience of course is the amount of information I have imparted to an organisation with whom I will have no future relationship.

PeskyBlunder

I suppose it all depends on what their online searches actually throw up. I've been with them for a few years but never had a request for proof of identity/address. However, I have been a customer of Santander for several years but when I tried to open a savings account with them last year they still requested proof of identity.

flaneurs_lobster

Vanquis have been subject to a recent sanction (a public disclosure notice for breaching counter-terrorism regulations) from the Office of Financial Sanctions Implementation (new one on me) - wasn't serious enough for a fine.

Anecdotally, whenever an institution gets a public slapping from a regulator then they become very correct and formal in their demands for KYC/anti money-laundering disclosures - copies and emails are no longer acceptable.

I've never needed/wanted a product badly enough to warrant paying for certified copies of documents or sending original documents by expensive postal service.

Albermarle

Seems a bit ironic to be so 'tough' on people wanting to send them money, when their main business is promoting credit cards to people with bad/no credit history.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81949667#Comment_81949667

With Vanquis I've always passed the automated, electronic checks but seems the OP's been unlucky.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81949667#Comment_81949667

Indeed, was remarkably easy to obtain their CC a couple of years ago.

£30 bribe for opening.

£900 credit limit.

Never used.

Yellowman

My recent Cash ISA transfer request to Vanquis went through without any need for additional ID.