Irish Nationwide - procedure to open an account

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wigwam

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FYI - if you're an existing customer of Irish Nationwide and you're looking to set up a savings account, you have to supply them with a utility bill verifying your address. Even though I'm an existing customer!! Makes no sense to me
 
Re: Irish Nationwide

I've been told by several banks that nowadays the rule is new account = new evidence of ID. I don't think this is exclusive to Irish Nationwide.
 
Re: Irish Nationwide

Or Anglo irish Bank from their website -

If you're already a customer of Anglo Irish Bank, you don't have to provide proof of identity or address.
 
identity requirements for account

The Act does not require these procedures from existing customers, who do some financial institutions require this hassle?

As an existing customer I could open a new account with BOI by just dropping into the branch and signing a form. I then went to the EBS, an organisation I partly own, and they wouldn't talk to me without an appointment and without proof of address etc. This from an organisation that hold the deeds to my house! In present times it is surely in the interest of the owners of the EBS (i.e. me) to have more depositors, yet the management of the EBS are making it more difficult for depositors to open accounts, even where the identity of the depositor is not in any doubt!

Irish Nationwide seem to have the same bizarre policies.
 
If I was a customer of some the more lax institutions listed, I'd be happier if they expected me to go through a few minor hoops to open an account - less change of identity theft surely?

I could have opened the initial account years ago, someone else comes claiming to be me, has some details and all of a sudden I have a second account to my name, use for money laundering or similar.

ardmacha, in what sense was the 'identity of the depositor is not in any doubt' - who verifyed the identity and how did they do it?
 
I would expect a financial institution to take steps against identify theft. But having established that I am Mr Ardmacha, with whom the EBS have been doing normal business for 20 years, I expect to then be able to open the account without having to go off and get an ESB bill or make an appointment. Had I wanted to withdraw a large sum of money from my account I could have done so by producing my driving licence and by signing my signature, but I could not open another account!!
 
People's details change. Perhaps they need to do this to keep things up to date? I've certainly noticed differences between how different institutions deal with such situations - e.g. the INBS versus Anglo cases mentioned above. It can be inconvenient and those more exercised about privacy issues than I might complain but it wouldn't really stop me chasing the best deals to be honest.
 
identity requirements

Yes people's details change. However I was proposing to open an account using the same address that EBS had provided me with a mortgage for, I see no point in further validation of this address. Perhaps if I was proposing to use another address then they could have asked me for something, this would help prevent identity theft.

My point is that in the present environment additional retail deposits are desirable. The EBS is making it difficult for existing customers, its owners, to open such accounts. This suggests to me lazy and bad management as much as anything else. With two accounts offering a similar rate of interest I would certainly choose the one offering better customer service.
 
Re: identity requirements

ardmacha said:
Yes people's details change. However I was proposing to open an account using the same address that EBS had provided me with a mortgage for, I see no point in further validation of this address. Perhaps if I was proposing to use another address then they could have asked me for something, this would help prevent identity theft.
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Verifying that your previously recorded address is still your current address also protects against identity theft!
 
How was this established?
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It was established by my offer of a driving licence and staff id card with my picture, by my signature and my having my ATM card with its associated pin number. Plus of course I'd have been happy to answer any other questions relating to my previous dealings with the EBS, e.g. what accounts did I have? when was my mortgage granted? where did I live before my previous address? and any other reasonable question of this nature.

My identity was not in dispute, but the procedure is that everyone is dealt with the same, whether they never heard of you before or whether they have had many normal dealings with you. This is not management.
 
Re: identity requirements for account

ardmacha said:
The Act does not require these procedures from existing customers, who do some financial institutions require this hassle?

As an existing customer I could open a new account with BOI by just dropping into the branch and signing a form. I then went to the EBS, an organisation I partly own, and they wouldn't talk to me without an appointment and without proof of address etc. This from an organisation that hold the deeds to my house! In present times it is surely in the interest of the owners of the EBS (i.e. me) to have more depositors, yet the management of the EBS are making it more difficult for depositors to open accounts, even where the identity of the depositor is not in any doubt!

Irish Nationwide seem to have the same bizarre policies.
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Ardmacha- if you 'partly own' EBS as you so declare why dont you sack the board of the company who would not roll out the red carpet for you when you wanted to open an account!

Get real man- every insitution is drowning in compliance issues that they have to meet such as requesting proof of ID and address.

If your EBS is so bad you should sell it and trade with another bank! Maybe you could 'partly own' them too!
 
Re: identity requirements for account

I am an existing INBS customer. I popped into the O'Connell Street branch on Friday with my application form, passport and PPSN document and got a new account open in about 10 minutes. Can't see what the big deal is to be honest. The requirements were clearly specified in the account brochure.

On a separate topic I always find it quaintly anachronistic the way that INBS do things - e.g. a big hand written ledger for recording notice of withdrawals on notice accoung, the fact that they issue pass books for all (?) accounts etc.

Oh - and, as ever, the O'Connell Street branch was as quiet as usual. While I was there was one customer ahead of me and before I left one other came in.
 
Re: identity requirements for account

As an existing customer, tried to open a new account in the O'Connell St INBS with only my existing passbook. Was refused. Went accross to the Grafton St INBS who had no problem opening new account. Both branches then, as always, were empty!
 
Get real man- every insitution is drowning in compliance issues that they have to meet such as requesting proof of ID and address.
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I am perfectly real, the institutions that do not ask for additional information of this sort when opening accounts are in full compliance with the legislation. Money laundering is based on "know your customer", it makes no sense to treat existing customers exactly the same as ones you haven't dealt with before.
 
ardmacha said:
I am perfectly real, the institutions that do not ask for additional information of this sort when opening accounts are in full compliance with the legislation. Money laundering is based on "know your customer", it makes no sense to treat existing customers exactly the same as ones you haven't dealt with before.
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Its like Clubman says, peoples details change, you might have wanted to open an account with the address you purchased 20 years ago from the same insitution that gave you the mortgage, but think about it, 20 years ago did you have to supply XY and Z to open anything? Little or no compliance back then, You could still own your property but treat it as a BTL, and be living somewere else, they are just trying to verify your information is still accurate.

I find it very unlikely they are setting out to make peoples lives more difficult. Do you really think the staff on the counter want to be copying utility bills and taking complaints if they didnt have to?

You would be more angry with the same insitution if your account was subject to fraud because your details were not verified from a mortgage taken out 20 years ago and they didnt request proof of address! At least if shows they are running a tight ship for account openings!
 
I actually think they are not running a tight ship, good practice requires discretion and judgment, not simplistic blanket policies. They are simply taking the lazy approach by having everyone send in the the same stuff so that if something happens then they can say then it not my fault without a real interest in fraud prevention or money laundering. This is not a question of the staff on the counter wanting this, they don't make the policy they just get grief. You can talk about accounts being opened 20 years ago before certain procedures are in place, but in this case it doesn't matter whether your account was opened yesterday or 20 years ago it is still the same. And whatever about opening a simple account in the past, there was a significant amount of information collected when granting a mortgage.

As for my being more unhappy if fraud was committed on my account, this approach is not directed at fraud nor do I feel insecure in those banks who did let me open a new account in a customer friendly way, they did establish my identity.
 
ardmacha said:
I actually think they are not running a tight ship, good practice requires discretion and judgment, not simplistic blanket policies. They are simply taking the lazy approach by having everyone send in the the same stuff so that if something happens then they can say then it not my fault without a real interest in fraud prevention or money laundering.
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Do you have any evidence to back this theory up or is it just a hunch on your part?
 
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