Opening a savings account

[mactwo]

I went down to my bank last week to open another savings account. I wanted a seperate savings account to show rental income received. I have been with this bank for 16 years have a mortgage with them, current account, wages paid in and also have an ssia account with them. The girl gave me a form to fill out and return which I did, then she informed me that I would need identification that I would need to re-establish myself, whats this all about? is this normal.....

 

[CCOVICH]

Yes, it is quite normal.

Banks are required to have proof of ID on file-in your case they may not have had any proof as you opened your account so long ago.

 

[BigM]

they may not have had any proof as you opened your account so long ago.

Most likely the reason. It's a pain but they are just following the law.

See here for Money Laundering details

 

[Perplexed]

There are extra regulations for "interest bearing a/c's". We do need to get new identification & proof of address.

Believe me it's as much of a pain for bank staff as it is for customers.

Compliance with Anti-Money laundering regulations is a major thing nowadays.