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LADY__LUCK | Why do banks ask for your national insurance number when you're applying for a bank account? do they check |
Additional Details
the number, because i can't remember my number i think i got it right but now i'm not sure
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steffi
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Is this for an Isa? They aways need it for tax-free accounts, as they have to submit information to the Government so that people don't have more than allowed limits.
Banks also have to submit information on other accounts, as savers sometimes produce a signed form R85 to receive gross interest when they are not entitled to. A National Insurance reference makes it easier to check up on the account holder.
Lastly, with so much identity fraud, Banks have to be very careful. The Government is cracking down on people opening accounts in false names to avoid liability to tax, or in divorce settlements. |
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raged0800
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more than likely, banks have to be very secure. and it might help in future. if someone steels your money or id, you can prove you are the right owner of the account. and get money back.
and sue for steeling and id fraud |
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K B
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Ask them why they need it. They are not automatically entitled to any information about you unless they can demonstrate a need to know it, so if they can't then don't give it. |
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AK
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Well that number can tell them a lot about you. Banks have this system where all the banks are on. They can look up that number and see how your experience with other banks was. |
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shortbreadtin
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It could be to check you're resident in the UK |
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LB
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It's so they can check if you're paying your tax and national insurance and so they can tax your interest on the account |
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Allison L
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The reason you need lots of proof of person/address (inc. NI number) is simply to establish you are who you say you are. It helps in the fight against identify fraud, money laundering and also multiple bank accounts opened with the sole intention of defrauding or running up debt. Someone said you should ask your bank why they want your NI number and that's good advice, you should always check what people want and why and how the information is stored. |
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bloodhound
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I have opened a couple of bank accounts in the past couple years and have never had to up a national insurance number. I would question the bank on that one unless it is a really new thing. |
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kinvadave
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Banks have a lot more scrutiny on accounts now mainly due to European money laundering legislation.
And they cross check any other accounts you have because there is likely to be so much bad debt around. |
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devonian2001
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The bank will be checking that you are who you say you are. There is a lot of fraud and money laundering going on so they need to be extra careful. |
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Les
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It's a unique number that stays with you for life so they can check with any other finance house that has got your number in their data. I don't think they do routine checks, it's more about if you are a uk citizen or not. |
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sweetie
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yes |
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