Why does Marcus by Goldman Sachs want inheritance documentation for opening a 4.90% fixed bond?

masonic

I'd be wary of volunteering too much in the way of explanation without being asked.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82075468#Comment_82075468

I'm sure you are right, if you have the physical documentation. But what if you had substantial funds in a paperless internet account that's now closed, or worse still, app-only? I believe providers are only obliged to provide access to your statements for a limited period after closure.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82097166#Comment_82097166

You need to keep electronic copies of all your statements and contract notes. Make sure that you have at least two backups. One on-site and another off-site, e.g. on the cloud.

keiran

https://forums.moneysavingexpert.com/discussion/comment/82093035#Comment_82093035

Update - I sent in my source of wealth document, and a few days later they asked for the bank account from whence the monies had just previously come . So I sent in my bank statement covering just the period during which the £10k transfers had been done, and a few days later received an email to say that the "enhanced due diligence submission had been accepted". So no over-taxing proofs of bank account movements ad infinitum and relatively painless.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82101961#Comment_82101961

Lemfi seems a very curious savings institution if they limit inward bank transfers to £ 10k per day, and then ramp up enhanced due diligence procedures if you dare use that limit.

Certainly would be of no use to me, where I chop and change savings institutions frequently with significantly higher amounts.

The only institution that ( once) hit me with enhanced due diligence procedures was Oxbury Bank. This was in respect of a high 6 figure transfer into one of their 3 month fixed products, and they were satisfied with me just sending them copies of the Chase Bank deposit statement from which those funds had originated.