NatWest Savings -Credit checks!!!!

Bosie

I applied on-line for a First Reserve savings account with NatWest, I checked with Equifax and they had done ID money laundering check. Got paper work through, signed it sent it back etc. Today I received an alert from Experian to say a new search had been done.
It was NatWest, and it's coming up as an enquiry? Surely they can't credit check if you're putting money in!
Any ideas please, is the person from NatWest available?

Thanks

PROLIANT

Bosie wrote: »

I applied on-line for a First Reserve savings account with NatWest, I checked with Equifax and they had done ID money laundering check. Got paper work through, signed it sent it back etc. Today I received an alert from Experian to say a new search had been done.
It was NatWest, and it's coming up as an enquiry? Surely they can't credit check if you're putting money in!
Any ideas please, is the person from NatWest available?

Thanks

Its not a credit check, it is a money laundering check and most banks carry them out even for a savings account, it doesnt appear as a search to other lenders so it will not impact on your credit score, I have had several of these carried out over time so dont worry about it.

Bosie

Thanks Proliant, when my hubby applied for a Citibank Savings account the reward account, the check on his Experian file came up as a ''Generic'' check?
Sorry I'm getting neurotic:rolleyes:

Bo

snowwonder

i recently opened an isa, that showed up as a generic check

PROLIANT

Dont worry they are just ID checks, they have to comply with money laundering regulations etc.

Jonnno_2

We dont credit score for savings, anyone can have 1, I open them for customers who have been made bankrupt.

jonesMUFCforever

Jonnno wrote: »

We dont credit score for savings, anyone can have 1, I open them for customers who have been made bankrupt.

All money launderers please queue here then.

I don't think this is completely right but what do I know?

Jonnno_2

jonesMUFCforever wrote: »

All money launderers please queue here then.

I don't think this is completely right but what do I know?

If large/unusual payments are credited/debited to the account it will be investigated. You cant pre check for money laundering when opening an account for anyone.

There is no credit score done due to the savings accounts not having any facilities.

Bosie

Hi JonnnoThanks for answering, can I ask on applying online it does this 'laundering check' with Equifax - it comes up as that on the search.I sent the forms back signed and another check listed as an enquiry is then done with Experian?Also, do you do an internal check before it goes to a CRF?Thanks

PROLIANT

These are not held in the credit search section on your files, they are only visible to you, the experian enquiry is the same, it is not visible to lenders doing a search.

Bosie

HiI know they are not credit searches, I just wondered why they have checked twice! My only credit check was for a basic account with LTSB, I got a no for that.