Lloyds TSB Scotland has become the first UK bank to accept the Young Scots identification card as suitable ID for opening a new account.
The card, which features the PASS hologram, will be accepted by the institution in a bid to make it easier for young people, who do not hold any other typical identification such as a passport or driving license, to open a current account.
In order to crack down on money laundering, legislation has been passed to ensure all new accounts opened are accompanied by the applicant submitting a standard form of identification, which has unfortunately stood in the way of many teenagers.
"The ability to open a bank account is a fundamental step for young people in becoming financially independent and capable," said Louise Macdonald, deputy chief executive of the Young Scot programme.
"But many young people do not have all the documents that banks require to open even the most straightforward bank account.
"Young Scot is delighted that Lloyds TSB Scotland has taken the lead to allow Young Scot cards with the PASS hologram on to be used by young people to help set up bank accounts, opening the world of financial services to over 160,000 young people in Scotland."To read more about current accounts, click here.
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