Appointment with Account Manager

taurusgb

Hello All

My DD has just received a call from her Bank (Lloyds) to make an appointment to update her current account now that she is 18. As a cynical 51 year old I know that updating the account to an adult type is just a matter of seconds so the wish to see her tells me that they would like to be selling her something. She is likely to go to University in Sept 09 so will require a student account then, but obviously needs to research the best account available - which won't necessarily be with Lloyds.

She wants to go alone so I have suggested that she sign nothing and tell them she wants to think about whatever it is they try to sell her, so that she can come home and go through it with me first. She thinks this is a good idea but would like to be a bit prepared with some information about what they are likely to offer her so that she doesn't feel bamboozled.

Any ideas or information would be greatly appreciated.

ShelfStacker_3

I really doubt they just want to sell her stuff. Account upgrades from child accounts haven't been able to be done over the phone with any of the banks I've been with.

taurusgb

ShelfStacker wrote: »

I really doubt they just want to sell her stuff. Account upgrades from child accounts haven't been able to be done over the phone with any of the banks I've been with.

You might be right, though the account she has isn't a children's savings account it is a cheque book current account so I still don't see why they need her to go in, but thanks for the input - appreciated!

langold

lloyds do thjis to me every year its just to update details

kazwookie

I think you have given her good advise, sign nothing, take information home to talk to mum about, and leave in a poilte manner

jonesMUFCforever

I think the parent has a slight problem here ( albeit understandable) in letting go - your child is now an adult.

Inactive

kazwookie wrote: »

I think you have given her good advise, sign nothing, take information home to talk to mum about, and leave in a poilte manner

I agree, I bet they try to flog her something that she doesn't need.

matt83uk

Its no doubt when they upgrade they'll push to sell one of these:
http://www.lloydstsb.com/current_accounts/added_value_accounts.asp

This isn't just Lloyds TSB, but Natwest, HSBC and the others too..

The "good ones" will usually use story telling, dropping a nice story about their sister or grandmother that's saved loads on one of these accounts, they'll then pretend they'll one your side and say hell have it for free for three or six months, its all a load of crap and you'd struggle to get full use out of the benefits. Don't argue with them though just be clear you're not interested and name the account you do want - e.g. free (and not just promotional period) adult current account. Branches are no longer there to server but to sell, and they never miss an opportunity, I imagine nice bonuses for staff that sell a lot of the £25 per month accounts. And careful too some banks lock these accounts into 12 month contracts so cancelling might not be too easy. The usual selling points for an 18 year old will be mobile phone insurance but this can be added to many home insurance policy for £30-£40 a year and travel insurance which probably isn't suitable for a gap year etc.. So explain that these can be had much cheaper elsewhere before she goes.. They'll probably ask about future travel and brag about lounge access - but that's only available when you use their call center to book flights - kind of like Natwest old CD ordering service, marginally cheaper than HMV but nowhere near amazon, play or even MVC etc...

Yes, I fell for one of the upgrade accounts once (admittedly at Natwest rather than Lloyds) but same con..

opinions4u

Your approach of let her go armed with information is an excellent one.

Your suggestion of don't sign anything, come home and think about it is also an excellent one.

The purpose of the meeting is to advise her on the best accounts they have to offer - this is both good service but is also a sales activity too. Not evil.

The student account offers become clearer in August each year.

In the mean time, I'd read through these forums for the best savings accounts / current accounts, check out www.moneysupermarket.com and have a look through there and where an offer seems a winner read the provider's web site looking for small print.

Encouraging her to reach her own decision, but to call on you for support, is great stuff that will help her.

If she wants to listen to me, tell her O4U says don't get a credit card, be prepared to move your bank accounts and savings around throughout life and always look to get the best offer as banks (until 2008) were making £30bn annually out of people not doing this!