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finace topic 4 - Coggle Diagram
finace topic 4
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OPENING AN ACCOUNT
before anyone can open any new account they must supply the provider with proof of their identity and address. providers need separate proof of identity and address so one document cannot be used to prove both. documents must be originals rather than copies or print-outs from internet, sites. photographic identification documents must be current. if people apply for an account online, they may be asked to send documents by post, show them to the local branch or upload copies online.
the following are often accepted by providers as proof of identity: gas, electricity, water or phone bill that is less than three months old;
council tax bill issued within the current financial year;
driving licence issued in the UK;
current passport;
employer's ID card if the employer is known to the provider;
pension or other social security book;
medical card;
HMRC documentation;
insurance certificate issued in the last 12 months;
mail order statement that is less than three months old
providers can refuse an application to open an account. providers can also suggest that people open a different type of account
MONITORING TRANSACTIONS
it is important that people check their current accounts to ensure they have sufficient money to pay transaction that are due, that they are keeping to their budget and that mistakes have not been made. people can use statements that are provided to monitor their transaction.
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