Banking - Opening a bank account - Internet accounts |
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Opening a Bank AccountTo open a bank account you will need to produce 'proof of identity'. The most commonly accepted forms are Passports, Driving Licences and Utility bills which include your name and address. Banks usually ask for a number of these items and may also require a letter from an employer.Banks have a strict vetting procedure and will ask a multitude of questions to find out your current credit situation. Questions include family details, current and previous addresses, outstanding loans, and credit card balances. The bank may also approach other companies to check your credit history. If the bank is satisfied that you do not appear to be a credit risk they will probably allow you to open an account. |
British Banking TermsDirect Debits - is an automatic payment which transfers funds from your account to settle your bills as instructed. The company you are paying has full control over the amount but must give you notice of any changes.Standing Orders - enable you to make regular fixed payments from your account. You have more control over these as you set them up and can adjust them to suit. Overdrafts - this is a facility offered by the bank not a loan. It allows you to go overdrawn on your account within an agreed limit. As this is a facility that the bank offers it can be withdrawn if the bank is not satisfied with the way you are handling your account. In some instances banks may charge for the facility. Bankers Draft's - is a cheque which guarantees to pay the recipient the sum stated. They are used as a way to pay for large items such as cars. Once a banker's draft has been issued and handed over for goods it cannot be cancelled. Secured Loans - This allows the lender to protect the loan by obtaining a legal charge or hold on an asset. The asset could be something like your house. If you fail to pay the loan the asset may be sold off to repay the debt. Outstanding offer for New AccountsComing Soon |