Sainsburys Savings Acct.

So a few months ago I opened online a Sainsburys instant savers acct with 6.25% interest rate, really good at the time. The site said because this offer was so good, they were behind in the paperwork they had to send out, but go ahead and deposit money and start earning interest. so fastforward a month and I contacted customer service and was told that I was not eligible for the account but they could not tell me the exact reason why.  She said the company they employ to do the identification checks/money laundering checks could tell me why, but I would have to write them a letter.  She also said that Sainsburys had written to tell me all of this, but to this date I have received nothing in writing from anyone and the account has been closed and money transferred.

I have no idea what this is about I am not a money launderer   Has anyone had a similar experience with sainsburys or others?

Sounds like you failed their credit check.

I would write to the company and ask why.  And I would complain in writing about not receiving any information on it by mail from Sainsburys.

Sounds like you failed their credit check.

I dont have bad credit.  And it was not a credit check, it was an Identity check to make sure I am not a money launderer.

I'm not saying you have bad credit. My understanding is there are lots of reasons why someone might fail a credit check ... not having much credit history in the UK, not being on the electoral roll, not being at your current address very long ... .  What identity documents did you show them? Some banks seem to have difficulty with non UK passports. In any case, Geeta is right, they should notify you properly of the reasons.

i was declined accts at nationwide & norwich/peterborough- i have good credit here- but i'm not on the electral roll.  tried to fight it- no luck.

I forgot to say, in case it wasn't clear, the id check and credit check are all part of the same thing.

This sounds similar to my experience with HSBC

http://talk.uk-yankee.com/index.php?topic=38083.0

Except in my case I received a letter which specifically said that my address verification documents were too old.

Perhaps your letter has been lost/delayed due to the postal strikes?

It is all just a pain the butt

New money laundering regulations will be in force the end of this year, so banks are probably trying to get their processes/knowledge up to speed.