Credit Card Applications

Cabaal

So I've had a credit card with BOI along with a current and savings account for years and years and recently saw the new Credit Card as outlined here http://www.boi.ie/personal/day_to_day/credit_card/clear_credit_card/index.html

As the APR is lower then the standard BOI credit card I'm on I figured I'll sign up for it, so I put in my application on-line and two weeks later I get a letter asking for a recent util bill and a copy of my passport.

Now I'm abit annoyed about this as I've had a BOI credit card for about 7-8 years now, I've had it renewed once and had fraud trouble with it this year and they replaced it no bother so I gave them a ring and they advised me they are required by law to look for a recent util bill and drivers license as part of my account records.

Now I see this as suspect considering their letter says they need these details to properly assess my credit, nothing about requirements by law.

any thoughts?

Hitchhiker's Guide to...

think they would have to tell you that they wanted it for credit checking purposes and not that it is required "by law". Otherwise that would just be lying.

they will probably credit-check in any case. either against their own internal records or against an outside agency (it is almost definitely in the small print). they don't need your utility bill and drivers licence to do this credit check - they already have all the information they need.

Cabaal

Roundtower2 wrote: »

they will probably credit-check in any case. either against their own internal records or against an outside agency (it is almost definitely in the small print). they don't need your utility bill and drivers licence to do this credit check - they already have all the information they need.

This is what I thought, they have my a/c details etc and they would have done a credit check before on my previous details, I'm annoyed that they'd state its required by a new law when it clearly seems to be for their credit check procedures

They say they don't have these details on file, but then how did they previously do a credit check?

wyndham

Could be just an extra layer of security as the application was made online?
Perhaps they want to verify that you are still living at the same address as there have been instances where new occupants of a house interfered with the post of the previous occupants and used it to open accounts, etc.

I don't see anything wrong with it tbh, just procedure.

Cabaal

wyndham wrote: »

Could be just an extra layer of security as the application was made online?
Perhaps they want to verify that you are still living at the same address as there have been instances where new occupants of a house interfered with the post of the previous occupants and used it to open accounts, etc.

I don't see anything wrong with it tbh, just procedure.

But they can easily verify the legitimacy of such a request by calling the contact numbers on the account records, they have both my mobile and landline number already on record.

Given I'm a banking 365 customer could they then also not verify such details against these login details or my current credit card number.

Mitzy

They are not being awkard. They have to ask for updated details when you open a new account even though you have existing accounts with them. It is the law (Money Laundering Act). If you get a top up on an existing mortgage with your current lender you have to provide this information. They are not victimising you - they have to have it for the Financial Regulator.

dahamsta

It is required by law, sorry. Under money laundering legislation they're required to get a picture id and proof of address periodically on request of a new credit facility, account, etc. By periodically I mean that if they receive a new request and it's been n years since the last time they got these details from you, they need to get them again. It is a legal requirement. I'm not sure what n is.

adam

Cabaal

From a customer standpoint would it not be better to clearly explain this to customers either on the phone or in the letter they send me.

All they'd have to say is we require recent util bill and passport etc as part of our standard credit check and as required by money laundering legislation.

Better then saying some law when I ring them and not mentioning any law in the letter, comes off as a excuse when its done this way and sounds like there own internal requirments

Mitzy

Cabaal wrote: »

From a customer standpoint would it not be better to clearly explain this to customers either on the phone or in the letter they send me.

All they'd have to say is we require recent util bill and passport etc as part of our standard credit check and as required by money laundering legislation.

Better then saying some law when I ring them and not mentioning any law in the letter, comes off as a excuse when its done this way and sounds like there own internal requirments

Yes they should have. I would have expected that they would have quoted all the documents they require on the credit card brochure & application form. We all know what it's like dealing with some bank call centres. You are dealing with some people who basically don't know why these documents are required. Bad staff training on their part but they will still need it.

board om

tbh i would be quite happy to hand over that information. with all the card skimming and data theft going on currently i would rather they asked me for that information when i was requesting a new credit card than for them to just set it up without checking any identification first. otherwise it could be anybody trying to set up a credit card in your name. i am sure it is more to do with security than anything.

put it this way, if you got a phone call telling you that someone had set up a credit card in your name and you now owe €5k, the first thing you would probably say to them is "why the hell didnt they ask to see some identification before setting up the credit card?". so it might seem like a bit of hassle now but better to be safe than sorry.

mik_da_man

Strange I was not asked for this information when opening may last 2 credit cards.
One was with MBNA and a photo ID was enough - no bill needed, the other was with AIB a similar card to the one in question where you had to apply online. I have been an AIB customer for a good few years and have had other cards before. No ID needed just fill in the form and got the card.
It took more time to cancel my previous one !

craichoe

How about you ringing up about your current card and see if they will reduce your rate to match ?

MysticalSoul

It has been standard practice for a few years I thought, that for every account and/or card you set up with any bank you had to provide them with these.

Stepherunie

I've set up a card on my parents cc account and a separate cc for myself with BOI and have never been asked for any ID or statements.

I have more issues getting off the MBNA mailing list, with whom I've never had a card....