We discuss what sorts of documents are required if you wish to open a personal bank account online and you have bad credit. The Financial Conduct Authority (FCA) require that financial institutions including the banks and building societies must verify the identity and address of potential customers. This is to prevent things like fraud and money laundering that is often carried out by terrorists and the criminal fraternity.
What process is used to identify and prove the address of an applicant?
Nowadays, it is possible to apply to open a bank account online with bad credit so this has speeded up the application process considerably. In fact, some financial institutions are able to complete the account opening procedure within minutes.
When you complete an application form for a current account for bad credit with a financial institution that offers a guaranteed bank account you will be asked for certain personal information. This will include such things as your name, address and date of birth. If you have lived at your present address for less than 3 years you will be asked for your previous address.
The company with whom you are applying to open a current account with bad credit will usually then carry out an electronic check of your identity and address. So, normally, there is no need to provide any documents to apply for a bank account online with bad credit.
What happens if electronic identification/address verification is not possible?
If this were to happen, an option open to the company is to ask you to provide certain paper documents to both prove your identity and confirm that you live at the address you say you reside at. You would be asked to provide original documents.
For instance, to prove your identity for an adverse credit bank account, you could be asked to provide one of the following: –
- Current valid UK Passport
- Current valid paper full driving license
- Current valid UK full or provisional photographic driving license
- Current National Identity Card
To prove your address you may be asked for one of the following: –
- A mortgage statement issued in the last 12 months
- A bank statement issued in the last 3 months
- A utility bill (gas, electric, water) issued in the last 3 months
- A council tax bill issued in the last 12 months
You will need to post the required documents to the company who will return them to you and, hopefully, arrange to complete the process to open a bank account online with bad credit.
We hope that the above has proved of benefit. Feel free to look at some of the other useful articles on our website relating to accounts for people with bad credit.