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Halifax Reward Account - multiple applications

Hi

I have just applied for a Halifax Reward account online (no previous Halifax accounts). First one was fine and I got an account number. Second time (about 10 mins later). I got the ' we will be in touch in the next 14 days' . Does that mean that I have been turned down for the second one or is this normal?

I did not ask for a chequebook nor an overdraft.

I have also done the same for the missus, but I haven't tried to open up an account online for her for a second time just in case I should have done it differently. Would it be worth getting her to go into the branch?

Also am I right in thinking that the £1k requirement per mth can be met with internal transfers between accounts - so effectively we could rinse the £1k 6 times in a mth to meet the requirements.

Many thanks for your help
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Comments

  • jambosans
    jambosans Posts: 1,493 Forumite
    N5girl wrote: »
    I have just applied for a Halifax Reward account online (no previous Halifax accounts). First one was fine and I got an account number. Second time (about 10 mins later). I got the ' we will be in touch in the next 14 days' . Does that mean that I have been turned down for the second one or is this normal?

    The Reward Current Account Terms & Conditions are being updated as of 01/11/09, which will only allow for one sole, and one joint Reward Current Account. They may be acting upon this policy slightly early, although you can always argue that the current T&C's permit up to three sole accounts.
    N5girl wrote: »
    Would it be worth getting her to go into the branch?

    The same checks would still be done, so I can't see it making much of a difference.
    N5girl wrote: »
    Also am I right in thinking that the £1k requirement per mth can be met with internal transfers between accounts - so effectively we could rinse the £1k 6 times in a mth to meet the requirements.

    That's correct, yes.
    Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.
  • N5girl
    N5girl Posts: 31 Forumite
    Thanks

    I was having a look on another website and someone said they were also given the 14 day line because the system was running slow (which it was during my application).

    I think I may try during normal working hours tomorrow for the missus.
  • jambosans
    jambosans Posts: 1,493 Forumite
    N5girl wrote: »
    I think I may try during normal working hours tomorrow for the missus.

    I would save yourself a bit of money, and get Halifax to call you:-
    Halifax Bank Account Call Back Service
    Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.
  • N5girl
    N5girl Posts: 31 Forumite
    Do you think it makes any difference to the process whether it is done online or telephone?

    I am quite happy to be firm with people in call centres/branches but the missus doesn't share my love of a good debate - hence I normally sort everything online (I can't call during the day)

    I suppose Halifax doesn't care that a few hundred people exploit this account.
  • jambosans
    jambosans Posts: 1,493 Forumite
    N5girl wrote: »
    Do you think it makes any difference to the process whether it is done online or telephone?

    Not really.
    N5girl wrote: »
    I am quite happy to be firm with people in call centres/branches but the missus doesn't share my love of a good debate - hence I normally sort everything online (I can't call during the day)

    There's nothing to be "firm" about, if the bank decline your application, they do not need to go into detail as to why. Some may give you a "rough idea", but credit scoring is commercially sensitive information that a bank will not reveal. Regardless of requesting an overdraft, cheque book, etc. a full current account has potential credit facilities, which means a credit check is required.

    If they state the reason is due to only being allowed one sole account, then you could always argue that this is not stipulated under the current terms and conditions. However this might not wash, as a private business does not have to accept your custom.
    Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.
  • N5girl
    N5girl Posts: 31 Forumite
    There is always plenty to be firm about with most bank employees normally because they are unaware of how their own products work and their detailed terms and conditions. Admittedly not something that just bank employees suffer from unfortunately - we are all human after all and invariably badly-trained ones at that. Therefore it normally takes a discussion before you get put through to someone who knows what they are talking about and you can get things sorted.

    Of course any private bank reserves the right to refuse custom and if it is due to credit-scoring I will have no problem with that and will happily take it up with their underwriter (if they have those for bank accounts). If that doesn't work, fair enough.

    Thanks for your help.
  • jambosans
    jambosans Posts: 1,493 Forumite
    N5girl wrote: »
    There is always plenty to be firm about with most bank employees normally because they are unaware of how their own products work and their detailed terms and conditions.

    If you are applying for a bank account, I'd assume that their applications department has all the information you require. Having an "I know better than you" attitude isn't going to get you very far.
    N5girl wrote: »
    Therefore it normally takes a discussion before you get put through to someone who knows what they are talking about and you can get things sorted.

    I'm not sure what you're on about? Who else could you talk to other than applications? You're applying for a current account, not a mortgage, not the most complicated financial product out there.
    N5girl wrote: »
    Of course any private bank reserves the right to refuse custom and if it is due to credit-scoring I will have no problem with that and will happily take it up with their underwriter (if they have those for bank accounts). If that doesn't work, fair enough.

    If you've not met the criteria, you've not met the criteria. This is not lending in the strictest sense, so there is no underwriter. The only thing you can do is to re-apply or appeal.

    The below is an extract (in reference to appeals) from the Halifax Credit Scoring Guide:-
    For current accounts, personal loans or credit cards, please write to your local branch saying why you feel the decision is wrong. Please include anything you think could help your appeal, such as copies of bank statements or a credit reference file from Experian, Callcredit or Equifax
    Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    I waited till the temporary password arrived in the post (only a couple of days), then logged in and applied for a second account for each of us. Approved immediately.

    I could get a third but not sure it's worth it, as I can't send £1,000 each instantly from LTSB (has to be two lots of £500, set up to go the next day, though it did get there that day) and Halifax Reward can't send instantly either (not sure yet if they have a £500 cut-off for getting to LTSB the same day as sent).
  • derrick
    derrick Posts: 7,424 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Biggles wrote: »
    I waited till the temporary password arrived in the post (only a couple of days), then logged in and applied for a second account for each of us. Approved immediately.

    I could get a third but not sure it's worth it, as I can't send £1,000 each instantly from LTSB (has to be two lots of £500, set up to go the next day, though it did get there that day) and Halifax Reward can't send instantly either (not sure yet if they have a £500 cut-off for getting to LTSB the same day as sent).

    I have sent FP from Halifax Reward account to LTSB only last week, same day, one for £1000. then one within minutes for £500.
    Was told that day over the phone their limit is £1000. for FP.


    See this thread.
    Don`t steal - the Government doesn`t like the competition


  • Biggles wrote: »
    I could get a third but not sure it's worth it, as I can't send £1,000 each instantly from LTSB (has to be two lots of £500, set up to go the next day, though it did get there that day) and Halifax Reward can't send instantly either (not sure yet if they have a £500 cut-off for getting to LTSB the same day as sent).

    You should be able to do an instant transfer between the halifax accounts. I don't think there is currenly a restriction on whether that counts, though I tend to transfer it externally since I do have accounts where faster payments work properly.

    Halifax outgoing faster payments are a bit of a mystery - sometimes 1k works, sometimes it goes the slow way. Discussed in other threads on this forum. I have heard that the limits apply per account, so with at least two accounts, you should be able to transfer 500 out from each on the same day.

    You could consider keeping the 1000 in a tesco instant-access account for the rest of the month - faster payments works properly there (any amount per transaction, subject to 10k daily limit IIRC), and it'll give you 3% which is not the best, but good enough for the convenience IMHO.
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