First time new account

Dan Steely

Do any banks allow opening of a new current or deposit account without the need to provide a passport as a form of ID?

L1011

You need governmental photo ID for any account by law. Realistically this is a passport or driving licence only.

Raichų

https://www.boards.ie/discussion/2058381969/first-time-new-account

edit

never mind OP, ML10 form stopped being accepted since October 2022. Depending on what bank you’re looking for an account with you could ask if they’ll take an age card or public services card?

The age card is about €10.

L1011

https://www.boards.ie/discussion/comment/122878907#Comment_122878907

They cannot take a PSC, PSCs are specifically limited in what they can be used for and banking is absolutely out.

Age cards are meant to solely be used for buying alcohol but there isn't an actual ban on it being used for other stuff; but I suspect snowballs and hell will come up in the chances of it being taken.

Dan Steely

It's an 18-year requiring their first account and the passport application is proving complicated.

Raichų

https://www.boards.ie/discussion/comment/122878926#Comment_122878926

I’m sure if the OP visits a local branch (or his son in this case) they will find out what is or isn’t acceptable. Things are not always done entirely to the letter.

Jim2007

https://www.boards.ie/discussion/2058381969/first-time-new-account

According to the EU directive, banks are required to satisfy themselves as to the identity of the customer, the purpose of the account and the source of the funds. It is a very serious matter for a bank or bank officials not to do this and in some case they can be charged with a criminal offence for failing to do so. So I very much doubt you'll find a bank anywhere in the EEA, not just Ireland, that will be flexible about this.

https://www.boards.ie/discussion/comment/122878987#Comment_122878987

In general we do a very bad job of educating young people about finances. This person is an adult and is fully responsible for their actions and this is a good opportunity for you to educate them on the subject of money laundering. They are young, inexperienced, need a few extra bucks and have a habit of finding more scams on the internet than the rest of us.

I've had three cases where young people got themselves into serious problems due to their ignorance and all fell for the same trick (2 in Germany, 1 in France). They were contacted by someone needing to make a payment, put there was a problem with their account and could you please make the payment for me, I'll send you the money before you have to pay it and I'll include 500 euro for you to keep. The kids assume it can't be a scam since they are being given the money before they have to pay out….

If you are helping a young person set up their accounts, for me there are a few things you should make sure they understand:

• They are now an adult and they will be held responsible for the financial transactions they enter into
• They need to read and understand the terms of financial product they are signing up to, because the will almost certainly held to them
• The need to understand money laundering and ways they can be dragged into it. For me a very good rule of thumb for them is never ever have any other person's money in or going through your account
• Make sure they understand how to track and check their account balance and in particular how timing differences can impact their balance.

coylemj

https://www.boards.ie/discussion/comment/122879015#Comment_122879015

In the case of enforcing anti-money laundering legislation, things are done to the letter. The days of a friendly local official bending the rules because she knows you or your parents are long gone. There is zero discretion in the branches to bend the rules. All of the documents you supply to support your application will be scanned and if the compliance auditors in head office see that rules were broken, heads will roll.

It's likely that opening the account will not be approved until someone senior in the branch or in head office studies the application and approves it. So you can forget about hoping to meet a local official who will not observe the letter of the law.