Contract designating where to bank

W40K

Hi there,

I work for a major high street bank. As part of the contract i must have an account with them which my salary is paid into. I bank elsewhere and have kept my old accounts as i receive a very good service and have a few products with them. The bank i now work with have a poor customer service (in my own personal experience) and i would close the account if i could.

At the moment I am being paid into my works bank account and then either withdrawing my daily amount and walking it over to my bank and paying it in or sending it electronically which takes 4 working days to credit!!!

Now as far as im aware this wont be helping my credit rating at all due to no steady credit coming into my main bank account.

Is there anything i can do to have my employer pay me into another bank as it seems to me bank staff being forced to bank with someone isnt right and doesnt help us with our credit rating.

Thank you for any help on the matter.

Anihilator

Not really.

Many banks insist on this. It can be a security thing to ensure that they can quickly ascertain or investigate any allegations of theft or misapportionment of cash without court orders and similar.

Zazen999

Why don't you just transfer it electronically as soon as it hits your account?

W40K

Zazen999 wrote: »

Why don't you just transfer it electronically as soon as it hits your account?

Hi there,

Thanks for the quick replies. I could transfer the full amount out on my payday but it will take 4 working days to go from the bank i work with to the bank i bank with. Also if i set up a SO to do this for me and the SO falls on a weekend the money wont be sent until the Monday afterwards.

For example im paid on the 19th of the month. If i set up a SO to go to my main bank for the 19th of the month and this turns out to be a sat the money will not be sent til the Monday (21st) and credit my account 4 days later(25th) a week after i was initially paid.

mountainofdebt

Does this still happen - this used to be the case when I worked for a high street bank 20 years ago.

Unfortuantely if its in the contract for everyone then I doubt very much it would be altered just for you.

Why does it take 4 days btw - does your non-working bank account not accept faster payments?

Do you still get called into the manager's office if you go over drawn? I must admit it always struck me as similar to the miners being paid in tokens that could only be used at the mine-owner's shops!

NGlady

Why don't you work out how much money you should spend in that four days and transfer everything but X amount to the other bank account, just living four days a month on the work bank account?

mountainofdebt

Anihilator wrote: »

Not really.

Many banks insist on this. It can be a security thing to ensure that they can quickly ascertain or investigate any allegations of theft or misapportionment of cash without court orders and similar.

I think its done to ensure that their staff are financially responsible......hence why you used (or may still be) called in if you went overdrawn - no overdrafts were allowed for staff!

Badger_Lady

I worked for one of the big banks recently and they had this rule (clue: the company name starts with L!).

However, a little-known loophole was that you only had to have your FIRST salary paid into it. You were then free to inform Payroll of your "new" bank details and have it paid there instead. That's exactly what I did - I closed down the company bank account and kept my good old Graduate account with a rival bank.

Even the branch staff were unaware of the loophole, but it absolutely did exist, so try pushing for it

Badger

W40K

NGlady wrote: »

Why don't you work out how much money you should spend in that four days and transfer everything but X amount to the other bank account, just living four days a month on the work bank account?

Thanks NGlady. I did consider this. The problem however is my main bank will only consider me as having a wage of whatever i transfer into them from my work account. If i wanted to apply for any credit product through them, which i have done recently, they will not see a steady income coming in.

I applied for a CC recently through my main bank and they called me about my income as they couldnt see a steady amount coming in and this posed a problem with the application.

W40K

mountainofdebt wrote: »

Does this still happen - this used to be the case when I worked for a high street bank 20 years ago.

Unfortuantely if its in the contract for everyone then I doubt very much it would be altered just for you.

Why does it take 4 days btw - does your non-working bank account not accept faster payments?

Do you still get called into the manager's office if you go over drawn? I must admit it always struck me as similar to the miners being paid in tokens that could only be used at the mine-owner's shops!

Haha unfortunately yes we still have to open an account with the employer. Im not sure about the overdrawn part, never happened to me but then ive never been overdrawn!!

THe reason it takes 4 days is that my employer is not a clearing bank and doesnt subscribe to the faster payments method currently. Getting easier to tell who i work for eh?!

Zazen999

W40K wrote: »

Hi there,

Thanks for the quick replies. I could transfer the full amount out on my payday but it will take 4 working days to go from the bank i work with to the bank i bank with. Also if i set up a SO to do this for me and the SO falls on a weekend the money wont be sent until the Monday afterwards.

For example im paid on the 19th of the month. If i set up a SO to go to my main bank for the 19th of the month and this turns out to be a sat the money will not be sent til the Monday (21st) and credit my account 4 days later(25th) a week after i was initially paid.

So....

Work out what you need for that week; take THAT out in cash and transfer the rest. Or, budget and plan for payday to be one week after it actually is.