Thursday, September 11, 2008

No wonder there's a credit crunch

Opening a bank account (to invest the funds we don't need to spend right away) is much more difficult than you might think. Just setting up a second interest-bearing account with the bank we already use for the current account involves two personal visits, a form covering 6 sides of A4 and signatures of two trustees. Creating a completely new deposit account with a bank that doesn't have any track record with us means a 24 page form, providing personal banking details and addresses of three trustees, signatures of three trustees and giving the names of all the other trustees.

I suppose it does make money-laundering more difficult, but I am beginning to feel that a sock under the bed would be less time-consuming. 

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