Abbey £100 for switching

billbob

I have opened my Abbey for account for the £100 incentive. I applied online and have not been asking to sign anything or provide any ID. So far I have received a Debit Card and after phoning their telephone banking I have been informed that I have a £700 overdraft - which I did not ask for!

Has anyone else had a similar experience?

ragingbass

billbob wrote: »

I have opened my Abbey for account for the £100 incentive. I applied online and have not been asking to sign anything or provide any ID. So far I have received a Debit Card and after phoning their telephone banking I have been informed that I have a £700 overdraft - which I did not ask for!

Has anyone else had a similar experience?

I'm pretty sure the £100 incentive is based on the condition that you apply for the current account with the overdraft, so you would have asked for it via the application.

As for the signatures and ID, I did have the exact same experience, but had been questioning my sanity on whether I did in fact print something off and sign it?!? I'm 99.99% certain I didn't though. It's all very odd, because as well as setting up the account they started moving all my standing orders and direct debits from my old account. Now surely, legally, this can't be right can it without a physical signature can it?!?!

masonic

ragingbass wrote: »

As for the signatures and ID, I did have the exact same experience, but had been questioning my sanity on whether I did in fact print something off and sign it?!? I'm 99.99% certain I didn't though. It's all very odd, because as well as setting up the account they started moving all my standing orders and direct debits from my old account. Now surely, legally, this can't be right can it without a physical signature can it?!?!

Sure it is. You can enter into a legally binding agreement (either verbally in person, by telephone or online) without physically signing anything.

ragingbass

I agree, as a general rule this is true, but I thought the FSA were still very keen on physical signatures on paper?

masonic

ragingbass wrote: »

I agree, as a general rule this is true, but I thought the FSA were still very keen on physical signatures on paper?

If you are issued with a cheque book, then the bank really should have your signature on file for obvious reasons. Beyond that, I would doubt the FSA has any real problem with online applications where an online tickbox replaces a paper signature, because they seem to have been around for several years and are becoming increasingly popular for online accounts.

Graham1

Be aware that they move the direct debits very quickly. Evidently this is done electronically rather than by paper. So it is a good idea to put some funds into the account as soon as you receive the account number to avoid any overdraft interest. One thing they told me is that there are no bank charges for failed direct debits or standing orders etc. for the first 3 months from account opening. That was said verbally, nothing I can see on their site to confirm it.

ragingbass

masonic wrote: »

If you are issued with a cheque book, then the bank really should have your signature on file for obvious reasons. Beyond that, I would doubt the FSA has any real problem with online applications where an online tickbox replaces a paper signature, because they seem to have been around for several years and are becoming increasingly popular for online accounts.

It still seems odd to me, but I'm prepared to accept that's because I'm getting old and don't like change

I did receive a chequebook from Abbey, so it would have been interesting how they would authenticate my signature when the first cheque came in?

In recent years I've switched to two other major banks and both times I've applied online and then had to sign paperwork. This could just be a procedural/system thing rather than a regulatory thing? When I apply for a credit card, I have to sign a credit agreement. Is having a current account with an overdraft any different to other credit?

Like I say, could just be because I'm getting on a bit now, but my gut reaction is that for something so major there should be a paper signature. Until biometrics become widespread that is

sabretoothtigger

If your registered to vote they can use that as proof of laundering checks having been done. If you werent it might involve some more proof being required like you say.

Register to vote because it increases your credit score btw if anyone didnt know that

masonic

ragingbass wrote: »

In recent years I've switched to two other major banks and both times I've applied online and then had to sign paperwork. This could just be a procedural/system thing rather than a regulatory thing? When I apply for a credit card, I have to sign a credit agreement. Is having a current account with an overdraft any different to other credit?

You might be interested to know that when I applied for my egg money credit card, I didn't need to sign anything. In fact, the agreement ended with the following:-

This is a Credit Agreement regulated by the Consumer Credit Act 1974.
Sign it only if you want to be legally bound by its terms.

Signature of customer

please tick this box □
(this is instead of providing your signature)

date of signature ______________

aqueoushumour01

does abbey match the overdraft you have at another bank?