difficulty opening a bank account

J

jonniecash

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Yesterday I visited three different banks trying to put an EBS cheque for 20K in a high interest bearing account. I returned home with the cheque in my pocket after wasting an afternoon. My own bank Ulster Bank which I have been with for the last 14 years insisted on me producing the same paperwork as if I was opening an a/c for the first time, I refused to do this as I hade already done all of this when I first opened the a/c and they had 14 years of history .The other two, EBS and First Active "needed to set up a meeting" before they would accept my lodgement. I have active savings accounts bearing paltry interest at both banks but was attempting to avail of higher interest rate accounts.
With the attitudes I encountered yesterday these guys deserve to crash and burn. Anyone else experience such bureaucracy whilst attempting to open saving/deposit accounts recently? I am au fait with money laundering requirements for banks but if one already has accounts with them you would think it would be simple. Not!!!!!!!!
 
Re: who wants 20K euro??

Have variable rate savings accounts with Halifax, and rang them up last week Monday to transfer all of the money to their 1year fixed rate account and add some to it. Application arrived promptly and I don't need to supply all the documentation I did a year ago when I first opened an account there. All I had to do was signed an application which had already been filled out with my details and add a cheque.

Nevertheless, I'm not surprised about your experience.
 
Re: who wants 20K euro??

jonniecash said:
Yesterday I visited three different banks trying to put an EBS cheque for 20K in a high interest bearing account. I returned home with the cheque in my pocket after wasting an afternoon. My own bank Ulster Bank which I have been with for the last 14 years insisted on me producing the same paperwork as if I was opening an a/c for the first time, I refused to do this as I hade already done all of this when I first opened the a/c and they had 14 years of history .
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Did you ask why they needed this documentation, you were effectively opening up a new 'savings' account with them ?

You may have a history with them *but* they may have to comply with regulations which require them to have current/recent proof's of identity/etc (maybe to protect from money-laundering - who knows)!
 
Re: who wants 20K euro??

If the account you had with Ulster was opened 14 yrs ago then there is probably no i.d. on record as that was pre Money Laundering. Unfortunately the money laundering legislation is very strict and also the financial regulator rules about factfinds for customers to make sure they know what they are doing when they tie up their money for any length of time. It's like using a sledge hammer to crack a nut, in order to spare a few people putting their money into the wrong account for their needs everyone else has to be treated as though they dont know what they are doing either. Believe me, its a pain for the staff too.
 
wants 20K euro??

I always have the same problem with INBS, and i would move money with them lots of times in a year. They say thats its law brought in by the Financial Regulator, and any bank who does not follow this procedure is breaking this law.
 
Re: who wants 20K euro??

I have 5 different accounts with IN. and if i wanted to open another one I have to bring in identification and a utility bill. You know it is stupid and so do I but i just laugh and bring the stuff into them. Go with the flow. It wont kill you.
 
Having read jonniecash’s post and based on my own experiences I think the interpretation of the money laundering legislation can vary from bank to bank and even from person to person within a branch.

One example is a bank (mentioned in this post) who had staff in a college last September promoting student accounts. My son signed up and details of his college ID were noted. He was told he would be contacted to provide the additional ID. The next contact he had was a letter telling him his account was set up and he received his ATM card and PIN shortly afterwards. He was never requested to provide any ID beyond his college ID card (which does not have his address on it).

In my own case I phoned my bank to enquire about an additional account. The clerk I dealt with told me there would be no need to provide ID as I already had accounts there. On the day I went in to open the account a different clerk refused to open the account unless I provided the full range of ID. I called in with it the next day, dealt with yet a different clerk and no ID was asked for.

I think though, as phanteon said, if you really want a particular account it’s not a big deal to bring in the ID - even if the inconsistency and bureaucracy can be frustrating by times.
 
I bank with UB and once arrived in to draw down a loan which was previously agreed and it couldn't be done because I didn't have the full coterie of ID which was a little insane as it was going to be lodged by them into an existing account, its a little bit irritating the first time but I guess you learn to bring even more documents than you imagine they may require for any bank visit after that.
 
Hi JohnnieCash,

The anti money laundering rules are fairly strict and most banks won't take funds until they establish who you are. Once you have done this once however, you shouldn't have to do it again with the same institution.

Postbank are an exception, they will take your lodgement at time of opening the account. They hold it in suspense until your AML checks out, when this occurs they back value it to your account. They will give you 4.5% for €20k in their premium saver account. Open a current a/c also (no cost) and you will have online access. I find them good.

But no matter where you go you will need to bring the appropriate ID and proof of address to open a new account.
 
I opened a fixed rate account with Halifax last week and I must say I found the experience very pleasant :eek:

I just went in off the street, didn't need to book an appointment, they were able to help me immediately.

I did bring all my documentation*, but I didn't seem to need it as I already have a few accounts with them.

* As I'm one of those people who tends to chase high interest rates, I open accounts frequently, so I keep a folder separate with all the necessary docs, I recommend everyone to do the same, with a little bit of organisation, it doesn't take much effort.

BTW I also find AIB to have a good experience, you can open their online savings accounts through online banking if you already have a current account with them. It literally only takes a second to open one of these accounts, you don't need to talk to anyone or send in docs and you can transfer money to the opened account almost immediately.

Pity AIB and other banks don't offer more of their accounts in this fashion.
 
brian1 said:
I opened a fixed rate account with Halifax last week and I must say I found the experience very pleasant
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My experience with Halifx was also very good.;)

Also helps that they're open on weekends as well.:D
Had all the AML ready. Fast, efficent and to the point.
 
i applied for a second account with ptsb without any documentation. the same with postbank. i had to show id and proof of address though when opening up a second ub account. i guess all banks are different. it doesn't bother me in the slightest.
 
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