TSB Classic Plus application - *warning*
krrcwl
Posts: 12 Forumite
After seeing the MSE deal (on the MSE compare-best-bank-accounts page - can't post a link, not allowed apparently) for the TSB Classic Plus account in the regular Money Tips email, I decided to switch one of my accounts to it. I checked all the conditions highlighted on the MSE summary, and on the 26th May went ahead with the online application, via the correct link, and everything was good, and I had a sort code and account number to begin organising automatic payments from other accounts, etc. A couple of days later I started the switch process from my existing account.
Over the next few days, I noticed that I hadn't receive any notifications about the progress of this, and eventually (on 2nd June) I received a letter saying that, after subsequent checks, my account (and any other accounts I happened to hold with TSB) would be closed, with no indication about what this issue might be. A couple of days later, I phoned to attempt to find out what had gone wrong, but I was told that I couldn't be told this because of "data protection", despite it being my data*.
While it wasn't mentioned explicitly, it became obvious that a credit check had been carried out, and was most likely the reason for the rejection. I was then told that they 'were obliged' to do a credit check for people opening any account with them - surely this is bank policy rather than any legal prerogative, an ID check yes, but not a credit check, I was not asking for credit (no overdraft requested). I explained that at no point in the online application process was this mentioned, because if it had, I would not have bothered to carry on (apparently, it was buried somewhere in the T&Cs that no-one ever reads.) And then, why wasn't the credit check done up front at the time of application? This requires manual processing at TSB, despite the fact that most other banks manage to do it automatically. I wasted my time setting things up elsewhere which I now have to revert.
Anyway, my warning is this - if you have a less than average credit rating, it is unlikely that you'll be accepted, and furthermore, you won't know you've been rejected for about a week.
* I wonder if a FOI request is in order!
Over the next few days, I noticed that I hadn't receive any notifications about the progress of this, and eventually (on 2nd June) I received a letter saying that, after subsequent checks, my account (and any other accounts I happened to hold with TSB) would be closed, with no indication about what this issue might be. A couple of days later, I phoned to attempt to find out what had gone wrong, but I was told that I couldn't be told this because of "data protection", despite it being my data*.
While it wasn't mentioned explicitly, it became obvious that a credit check had been carried out, and was most likely the reason for the rejection. I was then told that they 'were obliged' to do a credit check for people opening any account with them - surely this is bank policy rather than any legal prerogative, an ID check yes, but not a credit check, I was not asking for credit (no overdraft requested). I explained that at no point in the online application process was this mentioned, because if it had, I would not have bothered to carry on (apparently, it was buried somewhere in the T&Cs that no-one ever reads.) And then, why wasn't the credit check done up front at the time of application? This requires manual processing at TSB, despite the fact that most other banks manage to do it automatically. I wasted my time setting things up elsewhere which I now have to revert.
Anyway, my warning is this - if you have a less than average credit rating, it is unlikely that you'll be accepted, and furthermore, you won't know you've been rejected for about a week.
* I wonder if a FOI request is in order!
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Comments
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At the top of the application page it says:Before you start
It takes about 10 minutes to apply and you'll need to have a few bits of information to hand.
Please be aware that we will refer your details to a credit reference agency, where your credit worthiness will be scored as part of the application process.
Even though you didn't specifically ask for an overdraft, there's a possibility that you would create one.
A standard bank account usually comes with an off-line debt card, which means the card can be used without the card machine checking with your bank that you have funds to cover the transaction.0 -
And my warning is this: never listen to people who extrapolate their own personal experiences and project them onto others as if they'll automatically have the same outcome simply because of one common aspect.Anyway, my warning is this - if you have a less than average credit rating, it is unlikely that you'll be accepted, and furthermore, you won't know you've been rejected for about a week.
No need to wonder, it isn't, as it would be a complete waste of time - the scope of the Freedom of Information Act is public authorities only, not banks.I wonder if a FOI request is in order!
However, nothing to stop you from submitting a Subject Access Request under the Data Protection Act if you wish to access your personal data....
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Is it just me? How can people expect to apply for a bank account without some kind of credit check being carried out? The mind boggles.I came into this world with nothing and I've got most of it left.0
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As you admit to having a less than average credit rating then I wonder why you were surprised that the application was declined.0
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At the top of the application page it says:
Even though you didn't specifically ask for an overdraft, there's a possibility that you would create one.
A standard bank account usually comes with an off-line debt card, which means the card can be used without the card machine checking with your bank that you have funds to cover the transaction.
That information was either not present, or not prominent when I made my application - I would expect an ID check, yes, but not a credit check.
Also, since when does any cash machine dispense cash without checking the available balance first? Nonsense.0 -
And my warning is this: never listen to people who extrapolate their own personal experiences and project them onto others as if they'll automatically have the same outcome simply because of one common aspect.
No need to wonder, it isn't, as it would be a complete waste of time - the scope of the Freedom of Information Act is public authorities only, not banks.
However, nothing to stop you from submitting a Subject Access Request under the Data Protection Act if you wish to access your personal data....
I think the implied point is, you risk getting a credit search on your record which will affect your changes elsewhere, etc, etc.0 -
Shakin_Steve wrote: »Is it just me? How can people expect to apply for a bank account without some kind of credit check being carried out? The mind boggles.
I would expect an ID search, but if I'm not asking for credit, why do a credit search?0 -
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Actually, the main point I intended to make, which I completely forgot about during the course of writing, is that MSE normally flags up products or services that would require a good credit rating, so you don't waste your time, but it hasn't in this case.0
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This discussion has been closed.
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