Moneyway Welcome Pack - Procedure Guide - Flipbook - Page 12
Enhanced
Bank Check
Enhanced Bank Check
We are unable to accept bank details
that are not in the customer’s name. An
enhanced bank check will be completed at
pay-out to confirm the bank account for the
Direct Debit is in the customer’s name and
not a third party or business bank account. If
this check fails, proof of bank account will be
requested. If different bank account details
are provided, a new Direct Debit mandate
form will need to be completed and a re‑sign
may be required.
Acceptable proof of bank account include
a copy of a bank statement showing the
customer’s name, current address, sort code
and account number; a copy of a cheque
or paying-in slip. If the customer has changed
their name but not updated their bank details,
proof of name change may be required.
Dealer and Broker Responsibilities
Customer agreements can be accessed
on‑line for electronic signature via our
‘Bonafidee’ platform.
Where eSign is not being used, the customer
agreement must be printed and presented to
the customer for ‘wet signing’. The documents
must be completely legible, ensuring all the
information is clear and present.
The dealer or broker must, ensure the
customer is presented with the correct
documents according to the type of sale.
Where the sale is not face to face but
completed at a distance, the Pre-Contractual
Credit Information contains additional
information which must be supplied to the
customer. Our distance sale documents
contain this additional information to comply
12
with Consumer Contracts Regulations 2013,
e FSDMR, Enhanced Bank Check CONC 2.7,
(where relevant) CONC 11 and the Consumer
Credit (Disclosure of Information) Regulations
2010.
What are distance sales
Distance sales are those where a trade, such
as a dealer, makes exclusive use of distance
communication (for example the internet,
email, or telephone) up to and including the
point at which the contract is entered into
with the customer.
The Signing Up Process
In all circumstances (both for esign and wet
sign), the dealer or broker is obligated to:
• Provide adequate explanations to the
customer of the details of the agreement;
• Allow adequate time for the customer to
read and consider the documents and the
agreement and to ask questions; and
• If at any time, should the dealer or broker
believe the agreement is unsuitable
for the customer either though lack of
understanding, inability to afford or any
other reason, DO NOT PROCEED with the
acceptance and instead contact our motor
team regarding the applicant.
The dealer or broker must ensure that all
the details on the documents are accurate;
ensuring the Customer’s name and address
matches the identification documents
provided and the V5 document is completed
in the customer’s name.
The customer agreement documents must
be presented in the order they are printed