Documents to open a NIB a/c

ClubMan said:

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

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Dunno-thought it was mentioned here but Perplexed has an explanation above:

Perplexed said:

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.

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I don't recall Northern Rock looking for PPS info, but it is a while since I opened an account with them.

What exactly is an "interest bearing" account? Is it different from a regular deposit or current account that pays interest or something?

Clubman.

An interest bearing a/c is any type of deposit a/c ie. any a/c that will pay you interest..

The anti money laundering requirements are a Government requirement & these are very specific re the types of id & proof of address we can accept.

Any other info requested would be precicely to ascertain if you would merit an overdraft facility, c/bk,cheque card etc. It's just common sense as a previous poster mentioned.

If you do not want to be contacted or receive marketing materials you just tick the box.

Thanks Perplexed.

RaboDirect's regulatory status (our primary regulator is the Dutch Central Bank) has nothing to do with the requirement to request a customer's PPSN. Banks are obliged by the Revenue to request a customer to provide original proof of PPSN when opening a savings account. To our knowledge Anglo Irish Bank, Northern Rock, Halifax etc require proof of PPSN when opening savings accounts.

It might provide some comfort to customers to know that the Data Protection Commissioner is very sensitive about the storage of a customer's PPSN and has specific regulations that must be followed in this regard.

The Financial Regulator has guidelines that all banks must follow with regard to Anti-Money Laundering. As RaboDirect we are stringent but fair in our application of these guidelines.

I trust this helps clarify the matter.

Regards,
RaboDirect

I visited my local NIB with the aim of opening an account to buy and sell shares. To do this I was advised that I needed to open a current to service the Custody account. When I got home and looked at the information that was requested on the form it put me right off. If I was looking for a mortgage I could understand the need for all the questions. Seems over the top. I have no problem with the need to prove ID as per the regulations

I believe the bank only has to request the PPS number ..the client does not have to provide the bank with it AFAIK.

Upstihaggity said:

I believe the bank only has to request the PPS number ..the client does not have to provide the bank with it AFAIK.

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Yes, but presumbaly the bank can then refuse to open an account for the customer if they don't provide the requested information?