I would love to be able to download a stamped proof of bank account letter online Rather than ask in the chat as this is a self service item I think
I’ve highlighted the bit I think is important. As I understand it, it has to be physically stamped, you cannot just print off a version with the stamp included.
You can download or ask chat for stamped. You can’t do both.
The whole point of a stamped document is that someone else verifies its authenticity.
That’s literally the only point to it. How on earth could that be “self service”?
You may as well give the company requesting one a piece of paper with “Bronny is who they say they are” scrawled on it in biro otherwise.
To be fair, Bunq statement downloads have a very realistic looking stamp on them. Maybe it is common in some banks.
This sounds very old fashioned and I hope would have changed by now.
The fact you self-served through the app means you are a Monzo account holder so a digitally stamped letter should be fine.
It’s not like these aren’t easy to mock up yourself anyway. Anybody can stamp anything as anything they want with Word, a printer and a bit of home crafting.
Technically yes, very easy to do.
But policy wise I’d imagine the physical check is a big part/responsibility of the bank here. Not sure if there are FCA guidelines mind you.
I guess my point is that the recipient of this letter isn’t doing any checks for authenticity so why manually stamp something when a system can do it for you. Like you mentioned though, could be an FCA guideline.
It’s like companies asking for bills as proof of address, anybody could have whipped them up in Word
The recipient of the letter should be checking though, given they are typically a policy driven/governed institution too? If it looks fake it’ll get knocked back. Plus typically it’s not just the stamp that helps the validation…
But if they’re contacting the bank to confirm the stamp is genuine then why not get rid of that step and contact the bank to confirm the customer is genuine?
(Edit) seems they’re either trusting a stamp that anybody could have put on there or they’re not trusting the stamp and contacting the bank anyway
Onus is on the customer to the work this way (with stamp) not the bank itself (without stamp)???
You’ve lost me
I just can’t see what physically stamping something is gaining for anybody
Why don’t more lenders use open banking to check income & expenditure, this is rather old fashioned.
Agreed. This is something Monzo wanted to innovate on, in the early days. Being a central point to prove a user’s identity.
The problem with open banking access is that it gives out way too much information. You might be fine providing a proof of account ownership letter or 3 month’s worth bank statement (from which you can redact sensitive things if needed as long as the amounts themselves are intact), but you might not be fine giving them full access to your entire account history including transaction metadata which contains location.