Barclays' Personal Banker Refused me a Current Account

rb10

jonesMUFCforever wrote: »

Ok Troll!

LTSB rates for new customers has come down to 3%

Not according to the LTSB website ... that's currently advertising 4% until June.

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

cha0s

jonesMUFCforever wrote: »

Ok Troll!

LTSB rates for new customers has come down to 3%

As stated in my original post, this happened a few months ago, Lloyds TSB were still doing 4% for new customers back then. The news about the 3% change has only been released recently. I don't see why opening multiple current accounts for the purposes of saving money is seen as suspicious activity, especially by fellow money savers! My post was not a troll post I just wanted to know if they have the right to refuse me an account when they have no real reason to justify it whatsoever.

cha0s

Jojo1daffy wrote: »

No-one here is stumped. Sounds to me like they were as suspicious of you as we are (in fact bank lady thought you were a complete fraudster!) Random multiple current account opener.....really, who has the time!
And you're a student? You opened a student account and went a grand overdrawn to put that money in a savings account and you're paying off that debt with......the 5% interest that you are getting from the Santander account..?
If you withdrew the grand in one hit after openeing the account, with no regular income ( and as a student that would be from your student loan?) then I would think Natwest will be investigating you.

But the twoddle-alert is still sounding so you are just an entertaining, incredulous read.

I should correct myself, it is now a graduate account but originally a student account and natwest give you an interest free overdraft through the university years and for a few years after you graduate, I never took out a student loan so I have no fees to pay. So essentially I have a £1000 interest free overdraft from natwest which I can choose to do what I want with. I have chosen to put it into a savings account. I have also been a working graduate for 2 years. Hope this clears up the suspicions and I actually get some more relevant answers.

Jojo1daffy

You aren't saving YOUR money though, you're nicking it from Natwest. Are you saving it with Natwest??

They had every reason to decline you, I think it's highly suspicious activity and I would've declined you as well.

chambta

cha0s wrote: »

As stated in my original post, this happened a few months ago, Lloyds TSB were still doing 4% for new customers back then. The 3% change has only happened recently. I don't see why opening multiple current accounts for the purposes of saving money is seen as suspicious activity, especially by fellow money savers! My post was not a troll post I just wanted to know if they have the right to refuse me an account when they have no real reason to justify it whatsoever.

The answer is 'yes they can'.

2sides2everystory

Yes, as has been said, if a bank clerk is suspicious about how they think an account may be used, they all have clear authority to decide not to open it. Same with all banks. There is no better time to make the decision than before business commences. Sadly I think some clerks on bad days may remember the power they are given to decline to do business but conveniently forget the reason they really are thinking that way is because they have taken an instant dislike to you. Then, if challenged they'll just say they were suspicious.

Interestingly I had it happen to me when trying to explore opening a very safe and easy business "community" account with HSBC because they did not like me complaining in a flagship branch about (a) the ridiculous wait with staff appearing totally disinterested in my presence and (b) being told after the ridiculous wait that I'd have to ring someone who wasn't in today and make an appointment.

They modified their stance a bit when I told them I was already a First Direct and HSBC personal customer of some standing, but not by much

bengal-stripe

cha0s wrote: »

I don't particularly want to have to manage 7 current accounts but some of them have offers I would be crazy not to take advantage of! for example some of the accounts I have are:

1. Natwest - Student account with £1000 interest free overdraft (all withdrawn and in a savings account)
2. Santander - First £2500 gets 5% interest
3. Halifax Reward - £5 per month
4. LTSB with vantage- 4% Interest (up to £7000) x 3
etc.

They help significantly with savings and they offer instant access so its a no brainer to open a range of them.

JuicyJesus wrote: »

Most banks will be suspicious of people who have lots of current accounts already and want to open another one, especially when they don't give any particularly good reasons to do so..

cha0s wrote: »

I don't see why opening multiple current accounts for the purposes of saving money is seen as suspicious activity, especially by fellow money savers!

If you have considerable amounts sitting in those accounts (to gain maximum interest) and you are a student, I'm afraid, that does sound suspicious. Where do all these monies come from?

I can understand any bank who does not want to instigate an investigation into the possibility of money laundering, proceeds of crime or some gigantic ‘Ponzi scheme‘. Your financial behaviour is not that of a typical student. Why would the bank want to unravel your Byzantine financial machinations to see if everything is above board? Or possibly, you have created a house of cards, which is likely to come tumbling down before too long.

Much easier for the bank to say: “Not on our turf”, and to be honest, I can’t blame them.

cha0s

Jojo1daffy wrote: »

You aren't saving YOUR money though, you're nicking it from Natwest. Are you saving it with Natwest??

They had every reason to decline you, I think it's highly suspicious activity and I would've declined you as well.

This is ridiculous?!? How am I nicking it from natwest?!?!?!?! Its an interest free overdraft!! They give it to you to do what you want with it!

jonesMUFCforever

cha0s wrote: »

This is ridiculous?!? How am I nicking it from natwest?!?!?!?! Its an interest free overdraft!! They give it to you to do what you want with it!

Most students don't have at least £21k on top of this as you seem to indicate.

cha0s

2sides2everystory wrote: »

Yes, as has been said, if a bank clerk is suspicious about how they think an account may be used, they all have clear authority to decide not to open it. Same with all banks. There is no better time to make the decision than before business commences. Sadly I think some clerks on bad days may remember the power they are given to decline to do business but conveniently forget the reason they really are thinking that way is because they have taken an instant dislike to you. Then, if challenged they'll just say they were suspicious.

Interestingly I had it happen to me when trying to explore opening a very safe and easy business "community" account with HSBC because they did not like me complaining in a flagship branch about (a) the ridiculous wait with staff appearing totally disinterested in my presence and (b) being told after the ridiculous wait that I'd have to ring someone who wasn't in today and make an appointment.

They modified their stance a bit when I told them I was already a First Direct and HSBC personal customer of some standing, but not by much

Sorry to hear that! The banks really are lame and have no respect for their existing customers or even new customers. This is why I take advantage of every offer they make available because they pretty much take us for a ride lending our money out at extortionate rates and give us crappy savings rates in return.

I am also a share holder in Barclays so have a vested interest in the company and they wont even allow me to open a current account!! Nice.