quick question: do you have to have a ATM card with FA when having a regular saving acc/e-saving?
It's the law under money laundering legislation, not First Actives fault, it has to be provided again, regardless of how many accoutns you have with them
I had an SSIA with First Active, now closed, and an active demand deposit account, still open.
I called in to one of their branches today to open a new investment account, same branch as other accounts, and I was asked to produce new photographic I.D. and a utility bill.
If my I.D. is already on record for my other accounts why do they need to see new I.D. for a new account.
Is this the norm?
Incidentally the person in the branch won't be opening your account and your ID is not even likely to be held there, it is all sent off to a centralised processing facility and is probably then available subsequently to the branch via their own systems.
The Criminal Justice Act 1994 lays down the basic requirments and this has been added to down through the years by various other means, such as the EU 3rd directive on Money Laundering. I suggest you try the Irish Financial Regulator (IFSRA) site for more details.
Originally once you had opened one account, ID at that stage was deemed to be sufficent, however most financial insititutions have tightened up in recent years and now interpret the law as the same requirements for all accounts, no matter whether you are an existing customer or not. There is some logic in what they are doing, people's appearance changes over time, as does the signature they have for you on file, it's debatable if they have gone over the top
Incidentally the person in the branch won't be opening your account and your ID is not even likely to be held there, it is all sent off to a centralised processing facility and is probably then available subsequently to the branch via their own systems
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