First National Bank
Why should I bother with FICA if banks don't?

I recently applied for a home loan and it was approved. I subsequently had to be FICA verified by my attorneys who are handling the transfer process.

I went to a bank (not FNB) with which I have a FICA verified account. They supplied me with an original bank statement showing my full names and address. The attorneys informed me that this is, according to the banks, no longer acceptable proof of address.

This, if true, is, in my mind, a complete failure by banks to apply the law.By not accepting another bank's statement, banks are admitting they do not trust the verification of another bank or themselves. Which draws into question the validity of their work (for which they may charge me a fee).

I realise there are other methods of FICA verifying my address, these methods are decreasing as the modern world is geared toward electronic media to facilitate communication, some institutions no longer send physical accounts at all. We therefor must be able to rely on the banks, who holds the money of us, the client, to at least trust themselves even if they distrust their clients.

Kindly allow common sense to prevail an accept bank statements from other financial services providers.

Company: First National Bank
Country: South Africa
City: Western Cape

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