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Payment Accounts Database

In addition to our fraud databases, Cifas also maintains a record of basic bank accounts that have been opened in the UK by legal residents in the EU. We maintain this record to support the banks listed below in meeting their obligations under the European Payments Accounts Regulations 2015. This is not fraud data.

The Regulations require UK banks to offer a basic bank account to individuals legally resident in the EU who are not eligible for any other UK bank account and removes the need for an individual to be present in the UK to open up an account. This legislation is designed to ensure and preserve access to financial services across borders.

The checking service we operate allows banks to check whether an EU resident has already got another basic bank account open in the UK.

Cifas members using this Payment Accounts Database system:

  • TSB
  • Clydesdale
  • Nationwide
  • HSBC

Why does Cifas operate this system? 

The new Regulations entitle EU residents to only one UK basic bank account. In order to maintain a central record of basic bank accounts and prevent multiple accounts being opened without knowledge of different organisations, the banks listed use Cifas technology to check whether a legal resident in the EU applying for a basic bank account has already got a basic bank account open at another UK bank.

 

I have been refused a basic bank account because of Cifas data, why has this happened?

If you are a legal resident in the EU and you opened a UK basic bank account after 18 September 2016 with one of the banks below then it is likely that Cifas holds a record saying that you have a UK basic bank account. This is not fraud data. The record will not have any further detail on you other than listing you as holding a basic bank account and does not suggest you are involved in fraud in any way. This does not cover any other products or services – it is only relevant to basic bank accounts.

 

If you have any concerns you can make a Subject Access Request or contact us via enquiries@cifas.org.uk.