Unbanked 'pay £500 extra a year' on bills

Nope genuinely couldn’t find anything in any handbook that told me, why

I can only go by what is said. As Monzo don’t verify address, only the person, that could explain the difference. Im sure they wouldn’t have said they were still trying to come up with a solution if it’s as easy as that

As far as i was aware, verifying the address was a requirement. You generally need proof of ID, and proof of address. It just so happens that a photo ID meets both of those requirements. Without proof of address I dont see how monzo could give out a UK bank account.

It’s what allows them to open accounts for those who live in boats or let people who have no fixed address to use a safe address to have a bank account

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You can do this with most banks, you give them your main address, so there’s no real difference here except maybe Monzo are extremely relaxed in checking your address.

I never understand why people don’t have passports or a provisional driving licence as a minimum. There are so many requirements to have valid ID these days that it makes sense to get one or the other or both.
Neither cost a great deal of money when you think the passport lasts 10 years and a driving licence is essentially open ended.
As for monzo needing it it’s just a verification process I’ve had to produce valid ID for a lot less than opening a bank account.

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A new passport is £75.50, and a provisional license is £34. That’s ‘not a lot’ but for the type of people this thread is about, the ‘unbanked’ who may be homeless or on very low incomes, its not easy to get that money.


It is a lot of money to get these things. Maybe not to you, but it will be for the very people the article is about.


Yeah that’s true they are however very important documents to own. And even at 75 quid over 10 years that’s £7.50 a year so ultimatly very worth it. I do believe there should be some sort of government insentive to get everyone a recognised form of ID either free or at a good cost for all

There are cheaper versions of id. I wrote about a PASS id which is 15 quid that can be accepted for bank accounts
Edit: the FCA found not all banks accept them which is interesting as aren’t they meant to be the ones that set the standard :thinking:

I don’t know if things are better today but I remember when I was younger PASS would not be accepted anywhere! Don’t know if it was because they were relatively easy to apply for but if a local Wetherspoons wouldn’t accept it, you’re likely going to be sceptical and not get one!

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If it’s a government scheme though it will be recognised all over

PASS is acceptable, but a lot of banks don’t currently accept it. But its not actually needed in most cases. You can open a bank account with two pieces of information, poof of ID, and proof of address. Only the likes of monzo and starling etc require photo ID.

for those ‘unbanked’ proof of ID can be a benefit entitlement letter, HMRC tax letter, etc.
For proof of address, any utility bill, tax notification, tenancy agreement, council tax letter or exemption letter.

£75 over ten years is fine. But you don’t get to pay it over ten years, you have to find £75 in one go. When you have less than that a month … well it’s virtually unachievable (and undoubtedly comes after things like food, child welfare etc).

Also, as a side note: The FCA publish guidelines to many many things. They are rarely specific or enforced with consistency across all banks. (I work in an FCA guided industry at present, and I may be extrapolating from what I’ve seen)


Good thing photo ID isn’t required.

Yeah I get all that.
There should be some sort of free or subsidised form of recognised government ID though then everyone could get one.

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Would be a great idea. Something like a national identify card would make so much sense and make things like this much easier. Oh wait… https://www.gov.uk/government/news/identity-cards-are-to-be-scrapped

An OPT IN identity card, sure, but the security and privacy concerns … well do YOU trust the government?

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I don’t object in principle to the idea of an identity card. I’ve lived in countries where they are compulsory and they were useful. What I objected to the last time around was the database behind it, the levels of access to data for and between government departments*, and the fact that if the government made a mistake with your personal data you could be fined if you didn’t spot it and get it corrected.

*I don’t agree with the assertion that “if you have nothing to hide, you have nothing to fear”. You’re not just trusting the government of the day, you have to trust every future government, until you die. The way politics is going right now, would you want to do that?

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Yup, exactly my points, except you wrote them out in much better detail and depth than I did! Couldn’t agree more.