Documents to open a NIB a/c

I'm currently thinking of moving my current account to NIB. I talked to my local branch and they said bring along ID, a utility bill which I was fine with.

However he then said to bring along payslips and my last 3 bank statements of the bank I"m with at the moment. I questioned him on this as I dont see why they would need that, is that normal practice or can they refuse me if I dont want to give them those. My feeling is that they just want to see what else they can sell me based on my earnings. Its not like I want to get a mortgage off them

Last time I opened a new current account (a long time ago but while the current money laundering/id regulations were in) I was asked for similar stuff. If you don't like it then shop around. I suspect that most or all banks will ask for something similar especially for a current account possibly with an overdraft, ATM/Laser/Cirrus card etc.

For money laundering all I think they need according to the IFSRA site is proof of ID i.e. passport, driver's license and some sort of utility bill as proof of address.

I like NIB's current a/c offerings so I guess I might have to put up with their requests! I'm just paranoid about personal data on computers even if it is meant to be protected by the data protection act

Have you asked them if/why the stuff they requested is necessary and mentioned the IFSRA list to them?

they mentioned money laundering and also said it was part of their regulations, which seemed like fobbing me off.

Thats why I've done a bit more research into it and looked up on the IFSRA site so I'll ask them again about. Probably will ring a couple of other NIB branches too see if their consistent in their answers.

AFAIk, all that is necessary is the ID to comply with money laundering regulations. I opened a current account with bank of ireland about 3 years ago, and was only asked for the above ID.

its strange alright as I mainly want the account as they have better online banking than BOI and free charges with less conditions. I dont plan in the short term to get a NIB credit card, loan or something that they would need proof that I have income to pay it off.

When I tried to open an account with Rabo Direct they required an original PPSN document with name and address, a bank statement, car insurance certificate and copy passport. So no other bank requests PPSN?

Wonder if the PPSN is requested because I have a "foreign" surname.

marco said:

its strange alright as I mainly want the account as they have better online banking than BOI and free charges with less conditions. I dont plan in the short term to get a NIB credit card, loan or something that they would need proof that I have income to pay it off.

Click to expand...

Maybe an overdraft would count as a loan and requires proof of ability to pay it back?

I presume that individual financial institutions are entitled to have their own id/documentation requirements over and above the mandatory ones? Where a potential customer baulks at such additional requirements then they might want to shop around and open an account elsewhere where the documentation requirements are not so onerous.

ClubMan said:

I presume that individual financial institutions are entitled to have their own id/documentation requirements over and above the mandatory ones? Where a potential customer baulks at such additional requirements then they might want to shop around and open an account elsewhere where the documentation requirements are not so onerous.

Click to expand...

I think people are overly sensitive about this issue based on a number of recent threads. They're not exactly asking for the sun, moon and the stars and these things are a once off...if the account/product saves you money a minor inconvenience has to be worth it.

Yeah - but if some people feel strongly enough about it then they should act on their own principles and shop around for an account and opening process that meets their specific needs. Personally other than when I was opening accounts for the first time years back and was surprised that they needed the mandatory and sometimes additional docs it has never really bothered me. And I always tick the no junk mail boxes on forms so rarely get any.

Banks are private companies. You can apply to open a/c's with them but that doesn't mean they HAVE to open an a/c for you. People do forget we're not a public service !

If you're moving from another bank they may want to see that you've had a healthy a/c there ie see your statements. They mightn't want your business if you've a bad record. Some customers cost a bank more than the a/c is worth so they won't really want to take on new a/c's in this vein.

Mandatory money laundering requirements have to be met but any institution can add on it's own requirements. It's a free country so you can always go elsewhere if you don't want to comply.

Re the Rabo request: There are stricter requirements for opening an Interest Bearing a/c which I presume is the type you were opening there. You have to sign a form if you do not have documentation showing your PPS no.

On a final note. We are very strictly regulated & you need never worry about any of your personal information being passed on to third parties. We cannot even pass on info to other companies within our group without your permission. Compliance is such a major issue nowadays & any staff found lacking in this regard will get the boot very quickly - we've been told this in no uncertain terms.

Perplexed said:

We are very strictly regulated

Click to expand...

Who exactly do you mean by "we"? NIB? Rabo? Banks in general?

Yes, all banks. We all answer to the Financial Regulator.

I work for BoI & the rules that apply to us would apply to all financial institutions. Perhaps how they apply them varies?

Speaking from my own experience we definitely follow the regulations very strictly. If I break the rules in any way & am taken to task for it, my organisation makes it very clear that I am on my own in not following policy & that they will not back me if it came to a dispute & more than likely will fire me for it.

If you are worried that they will use info like salary etc. to target you for direct marketing, you have every right to opt out. It wouldn't really bother me handing over such information to be honest.

Rabodirect have slightly different (statutory/regulatory) requirement to other banks as far as I am aware, or so they say in a recent post, hence the need to ask for a PPS number etc.

Same info was requested off me when I opened an account there a year or so ago, again asked the same questions, talking to the manager he gave me the ole good cop bad cop routine, I see your point but head office etc etc
Anyhow, I wasn't going to cut off my nose as I was seeking free banking
Since opening the account everything has been very smooth, no fees, no junk mail, good internet banking and I've not been back to the branch since,

This happened a few years back when I opened an account with BOI. I was told when I asked at customer services (the counter in the branch) that I would not get laser or cheque book for 6 mths. This was unacceptable as we were getting married in a few months and needed to be able to write cheques etc. So I rang customer services instead and they asked our salaries and said that as long as I provided 6 mths statments and proof of salary (could be included on statements as credit transfers) that there shouldn't be a problem.
But without proof of ability to repay they won't be happy to hand you a chequebook or laser card. Kinda makes sense too.

Is NIB much better these days. That move to BOI was from NIB because they were so bad. Didn't pay our mortgage for us twice because my hub's salary had only been in their clearing house for 4 out of the 5 required days (bad timing with a bank holiday). Wouldn't mind if it was an automatic thing but I was told that a person had made the decision to reject the dd. This is despite that fact that it had gone thorough before in a similar situation, and every month without fail the same transfers had always been made. We still have to explain those failed payments to the mortgage people any time we deal with them. I also lodged CASH once into a different branch to my own and was told it would take 5 days to clear (how do you clear cash??). So is it any better these days since the takeover? Considering moving the mortgage..

Perplexed said:

I work for BoI & the rules that apply to us would apply to all financial institutions. Perhaps how they apply them varies?

Click to expand...

Thanks - I didn't realise that you worked for BoI. As mentioned above I presume that individual financial institutions are perfectly free to ask for additional documentation over and above the minimum money laundering requirements?

CCOVICH said:

Rabodirect have slightly different (statutory/regulatory) requirement to other banks as far as I am aware, or so they say in a recent post, hence the need to ask for a PPS number etc.

Click to expand...

Is this because they are regulated by the Dutch Central Bank or something?