BSP tells banks to ease up on ID requirement

By Jun Vallecera

Reporter

FOR the nameless thousands oppressed by bank front liners at one time or another for not having enough proof of identification, despair no more. The Bangko Sentral ng Pilipinas is cutting down on the proofs of identification demanded by banks. Bangko Sentral governor Amando Tetangco Jr. said on Monday the necessary IDs will be reduced to only two from the four to five IDs demanded by banks. When this will become effective, he did not say. Banks requiring multiple proofs of identification from clients to do business with them have been known to deny service to anyone who fails to come up with four or even five identification documents. Company or school IDs, driver’s licenses, passports, tax identification cards, voter’s ID, marriage licenses, GSIS or SSS IDs, and others are the banks’ acceptable proof of identification. “Under the new circular, any two combination of IDs should now be sufficient.”  Tetangco said the new rule “was prompted by the need to simplify and standardize the identification of bank customers.” He did not say it but long-time bank industry observers said it may also have been prompted by numerous complaints and stories of the tribulations of people who wanted to transact business with the banks, especially families of workers abroad. One big bank, for instance, once demanded that a party cashing a check but without an account in that bank present four ID cards. When the man ran out of ID cards to show, he presented his passport, but he was told it must be an “unused” passport, meaning, without any immigration stamps yet. The man protested that a “used” passport is better because it signals that it’s not fake, having undergone scrutiny by immigration authorities here and abroad. The bank insisted on its requirement, but could not explain the logic behind it.

 

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