As a digital bank, we use an online tool, and information provided by Credit Reference Agencies (CRAs), to check that your bank account is registered to your name and address. This helps us confirm your identity and protect against fraud and money laundering.
When submitting your nominated current account details, it’s important you check that:
• Your bank details are correct
• The bank account is registered in your name and at your current address
• Your bank accepts faster payments
Although some companies offer alternative ways of verifying details, such as bank statements, we’ve made the conscious choice to continue verifying our customer’s details 100% online. This helps us keep costs low so that we can offer the best rates for our customers.
This also means, however, that if your bank account hasn’t been shared with CRAs just yet, we won’t be able to verify your details online successfully. This issue impacts a number of different bank accounts, partly because the industry standard for current account details to be shared with CRAs was only introduced in 1998.
• If you’re an existing customer, it means you won’t be able to update your nominated current account using your new preferred details.
• If you’re a new customer attempting to open a Chetwood Bank savings account, it means we won’t be able to help you with a savings account.
This issue can sometimes be resolved by speaking to your bank directly and giving your consent for them to share your bank account information with CRAs. It can take approximately eight weeks for your bank account to show on your credit file, so we recommend waiting for at least this length of time before trying again.
