Appointment required to open saving account?

Froggitt

Presumably it costs them £1.00 to open an account online and £100 to have a member of staff go through the boring chat. I dont get the business model.

Mrs Frog couldnt be bothered with the chat, so she went elsewhere.

dwsjarcmcd

oramgepekoe wrote: »

Was made to book an appointment recently to open a children's account at Northern Rock. The appointment took 30 minutes despite me having already filled in the application form and written the cheque. I was asked if I had an ISA this year and who my mortgage was with. Can't see how that's relevent to opening a children's account.

I agree. Even if there are FSA regulations around this, the banks and building societies are using these as a blatant sales pitch. I have no issues with this in the circumstances outlined by the branch adviser posting on this thread. Usually it is, however, to sell high commission paying products like GEBS, life assurance etc rather than really helping the customer.

Personally I wouldn't use a branch anyway because of the inconvenience (travel/opening hours and often a queue, rather than sales pressure - the staff are only doing their jobs) particlarly as there are better rates online and even open accounts online is much improved with online ID verification and debit card deposits.

I know many love branches but I can't see the point for me.

LittleVoice

ses6jwg wrote: »

You must remember that there are bad advisors and good advisers.

Thanks for that advice. I'll remember to check how they spell their job title.

LittleVoice

opinions4u wrote: »

[In answer to FlareStar's earlier post which included

o4u - The only way to identify the customer's savings needs properly is to talk to them and ask them some questions. Without doing this, how would they know that you are opening the right account for your circumstances?

Flarestar - how would this apply to those who open accounts online?]


Online sales are regulated in a different way, as are telephone sales.

So, if the different sales media have different regulations, does that mean that really it isn't necessary to find out all about the financial circumstances of a customer before allowing them to open a savings account? I think it does mean that.

Froggitt

I think thats carp, as no other bank or building society makes you sit thru half an hour of meaningless drivel in a branch just to open a bog standard savings account.

missile

opinions4u wrote: »

From a former colleague who still works in the industry.

No, but I'm sure it exists.

The FSA also leave banks to interpret regulations in their own way. But they do have to show the regulator how they comply.



Online sales are regulated in a different way, as are telephone sales.

Ah ............ I know because someone told me :rotfl::rotfl::rotfl:

opinions4u

missile wrote: »

Ah ............ I know because someone told me

Well, I can only answer the question honestly. If you don't believe me, or my source, then that's up to you.

My apologies for not getting full in depth references to the FSA etc, but it was a conversation over a couple of beers at a time when there was a World Cup on and we were stuffing the Aussies at one day cricket. So we found more interesting things to talk about.

Froggitt wrote: »

I think thats carp, as no other bank or building society makes you sit thru half an hour of meaningless drivel in a branch just to open a bog standard savings account.

Except that this thread has already highlighted several that do.

At a time when savings providers are cash starved, and many of their credit products are losing money, do you really think that they would want to create barriers that make it harder to take cash off customers, unless there was some external influence?

Old_Wrinkly

Yes. . . .
.

Froggitt

opinions4u wrote: »

Well, I can only answer the question honestly. If you don't believe me, or my source, then that's up to you.

My apologies for not getting full in depth references to the FSA etc, but it was a conversation over a couple of beers at a time when there was a World Cup on and we were stuffing the Aussies at one day cricket. So we found more interesting things to talk about.

Except that this thread has already highlighted several that do.

At a time when savings providers are cash starved, and many of their credit products are losing money, do you really think that they would want to create barriers that make it harder to take cash off customers, unless there was some external influence?

They think its a great opportunity for selling insurance, shares ISAs, credit cards etc.

ChiefGrasscutter

If they want you to have an "appointment"
Say you will be charging them £50/hour for your time include traveling time and also any expenses incurred such as parking and petrol used at 40p/mile.
Say you want the office manager to sign acceptance of these terms prior to agreeing.

£50/hr I would suggest is reasonable as a penalty rate. It is not £200/hr solicitors silly money nor is is £25/hr skilled tradesman work rates.
40p/mile is one of the I.R approved mileage rates so totally justifiable.

So now they have 3 options:
Open account immediately
pay your for your waste of time - and then open account.
Face a complaint to the ombudsman following their ineviatable failure to satisfy you once you make a complaint about their inability to open an account on the spot - which will cost them £500.

Let them go figure.................