Opening up a bank account in the UK

Well, given I haven't entered a blog entry in a little while, I thought I would take this opportunity to rant and rave against the UK banking system. I had heard rumours about the UK's inability to process new savings accounts but I thought these were unfounded and exaggerated. I mean this is the imperial headquarters of the British Empire, well known for their mercantile history. Why would their banking system be slow and antiquated?

Well, not so. I went a first time to see the process involved in opening up a bank account. They categorically denied me access to this service because I needed a proof of residence... "But I have a signed lease demonstrating my address..." No, that will not suffice. You need a bill that has been paid. "But my rent is all inclusive...". Well, if you can get one of your Canadian banks to send you a statement to your UK based address, it should be fine.

So, I went off and tried changing addresses from my Canadian banks to my UK address. I was denied from my banks given it is illegal to ship statements to a foreign destination. Given the firmness of their response, I didn't push it, so I did my second trip to the bank. This time, they were a bit more friendly and suggested I receive my official certification from the school with my new address.

So, I went to the computer lab and changed my mailing address and printed my official certification. Once that had been printed, I needed to go to the Student Service Center to get it stamped by LSE. Armed with this in hand, I made it to the bank for the third time. Well, third times a charm, you might say? I thought so... They allowed me in! I got to fill out a form and they happily photocopied my documents, and they came back saying everything checked out.

Unfortunately, I would have to wait 5 working days for the paperwork to get processed. I would get a statement by mail and I would have to come in to officially open the account. I waited for 8 working days and received nothing so I inquired (especially since a colleague of mine who had opened the account on the same day had already received his confirmation). This was my fourth trip to the bank. They checked in their system and found nothing. They told me not to worry and to come back in 2 days... Everything would be settled by then.

So, I came back for a fifth time to the bank. When I explained myself, the lady shuffled some papers and said she had to go back to check something out. After waiting for an additional 15 minutes, she came back with my photocopied application and said there was a mistake somewhere in the process and they would have to complete the application manually. I was asked to fill out the form a second time. She assured me that the account would be open for tomorrow morning.

I came back to the bank for a sixth time and when I went to deposit some funds into my account, I was told the account was still not active. So I went to the Natwest student centre once again and asked for an explanation. The bank officer recognized me from all the previous times I had come and took my ID and came back about 10 minutes later from the back with a printout and said: "He's your account number... Sorry for the delay but everything should be working... Your bank card will be ready... in 10 working days. In the mean time, please feel free to use our regular bank attendants". But at least, I could deposit the check...

However, a question was always nagging at the back of my mind... Why does it take 20 days to open a bank account and receive your bank card in this country? And why is the British government currently holding a royal commission on why 10% of the UK citizens do not have a bank account and access to financial services? It seems quite obvious to me... Perhaps Microfinance should be used in the UK?

It's raining in London... Bah Hum Bug :)