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Investec High-five account - deposit refused!!
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vdog
Posts: 3 Newbie
Hi moneysavers,
First post :-)
But that's where the smiles end... Just wondering, has anyone else been refused a deposit with Investec? More than a week after sending off application form for a joint account (the one where they average the top-5 rates so you're always in the top 5) along with ID, address proofs and a cheque for 25 large ones, and watching and waiting for the funds to leave my current account, I get a letter telling me that Investec regret to inform me that they cannot provide banking services to me at this time...
Did I do something wrong? This is the first time I've had a deposit refused!
vdog.
First post :-)
But that's where the smiles end... Just wondering, has anyone else been refused a deposit with Investec? More than a week after sending off application form for a joint account (the one where they average the top-5 rates so you're always in the top 5) along with ID, address proofs and a cheque for 25 large ones, and watching and waiting for the funds to leave my current account, I get a letter telling me that Investec regret to inform me that they cannot provide banking services to me at this time...
Did I do something wrong? This is the first time I've had a deposit refused!
vdog.
0
Comments
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Never heard of this form Investec before , or indeed any bank for a savings account.
I would ring them for more info.0 -
Interesting. Please let us know if you find out why. I'm just about to apply and would hate to think they are a bank in trouble.0
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definitely ring for an explanation0
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Very strange. I received a letter today, dated yesterday, plugging their referrals, £50 per person, and bringing to my attention ther fact that children under 18 are covered by the FSCS scheme and therefore suggesting a further investment of another £50k might be a good idea.
They certainly don't appear to be wanting to put people off investing with them. Maybe something wrong with your application?0 -
...or have you fallen foul of their money laundering checks?0
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Obviously for you to have been rejected you have either supplied what they regard as defective ID, supplied some ‘suspect’ information on the application form or for another possible explanation….you may have previously been in dispute with then and they have elected not to do any further business with you.
Now I don’t know what their ID requirements are, but if it was incorrect ID in some way I would expect you to receive a letter back pointing out the errors and asking you to correct them and re-submit or to supply an alternative ID from a list.
A letter back simply declining a deposit from an established retail market deposit taker is strange: I presume they returned your cheque & ID’s with the letter?
Assuming this is all genuine……. if a phone call fails to resolve the situation, I would take a harder view and contact them making a formal complaint in writing under the banking code. If they fail to resolve your complaint and an impasse results you simply ask them to refer it to the banking ombudsman for his adjudication: which they really won’t like as it wastes their time. Grounds for complaint: rejection of valid application form/ID, and failure to provide reasons for rejection.0
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