On-line savings account

I decided to move money from my money market account to an on-line savings account. I completed the on-line application and was told that my application was denied, because they could not verify my identity. I think it is because I have all 3 of my credit reports frozen. I called and was told that I would need to thaw my credit and then refreeze it. No way!

Why not? It’s standard procedure, just unthaw it for a brief time so they can verify your identity. You can also unthaw it and only allow that institution to access your credit. Otherwise, you’ll never be able to open another account.

This is standard procedure nowadays. I cant remember which piece of legislation introduced this requirement for savings accounts, but its part of the Know Your Customer and Anti Money Laundering processes.