Opening a bank account

mel.b

I am filling in paperwork to open a new bank account with ulster bank and can't believe the questions they ask all to open a regular account. They want pay slips for the last three months plus to know the account details (sort etc) of my main bank account, credit card details etc. is this normal? Personally I think it's a bit much for a standard current account. It's not as though I am applying for a loan. In oz all you need is to prove your ID A address. Do all banks ask for this much info when.opening an account?

jor el

They can ask for as much as they like. A current account can have a cheque book, debit card, overdraft facility, etc, so looking for pay information would not be unusual. Asking for your current bank info could be to move direct debits and so on across to the new account.

amcalester

I work for a bank opening current accounts and apart from the usual name, address DOB and contact details we ask for employers name, position, length of time working there and annual salary.

We would only ask for pay slips and main account details if the customer is requesting an overdraft.

corklady

Ya I've just found the same in Bank of Ireland! Myself and my partner already have separate accounts (both current and savings, no loans) with BoI and now that we want to open a joint account they want gross income, net income, housing situation (info on whether we are tenants, homeowners, living with parents, etc), our monthly rent/mortgage, employment status, employer. We don't want an overdraft, don't want anything other than a place to hold joint money. It seems ridiculous that they can ask for all that. We tried handing in the application form without the info but they won't process it!!! Does anyone have any suggestions?

amcalester

That seems a bit excessing considering you are both already customers. Try going into the branch and talking to them, say you are uncomfortable giving all this information and would like to what purpose it will be used for.

Banks are required by law to keep adequate information on customers (KYC - Know Your Customer) to prevent money laundering so maybe they are just trying to update their records to reflect your current situation.

Equally this info could be used for marketing purposes and thats why they want to know it.

Blackjack

It's KYC and AML (Anti Money Laundering).

Regulations are only getting tighter and tighter in this area, so they're just making sure they have all the bases covered.

The banks have been nailed for lack of regulation (rightly so) and are trying to correct this. The penalties for not taking the relevant precautions in this area are quite severe - they can no longer take the risks.

unclebill98

As said it's all about KYC.

If your worried abot marketing. Yes your info can be used for such. That's easily fixed just get them to flag your account for no consent to contact.