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Make it easy to open a bank account

Comment 3rd August 2010

Reduce the amount of paperwork needed for small businesses and personal customers to open bank accounts.

Why does this matter?

I fully understand why you need proof of who someone is before they open a bank account.  What I don't understand is why they need credit checked when opening a bank account without an overdraft or credit card. 

All too often banks hide behind the "money laundering regualtions" or "data protection" to acquire ludicrous amounts of information when one simple form and proof of ID and address should be suffucient.

The process now takes up to 6 weeks to open even the most straightforward bank account which delays new businesses and frustrates existing customers. 

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