HSBC and First Direct are the same !!!!!!!s.

MrandMrsB

I think they were jittery because of asking for £1000k overdraft, I mean I only have £500 overdraft that I have never used after being a customer for many years.

It's such a shame you cannot bank with First Direct since they do not make mistakes, which is what I expect from my bank. When I banked with Co-op they made constant mistakes, the final straw was when they messed around with my account in an attempt to cover up their mistake! I signed up with FD immediately.

We couldn't believe it when the regular saver interest when up from 6 to 8% this year! They are magic.

Mikhail

MrandMrsB wrote: »

I think they were jittery because of asking for £1000k overdraft, I mean I only have £500 overdraft that I have never used after being a customer for many years.

It's such a shame you cannot bank with First Direct since they do not make mistakes, which is what I expect from my bank. When I banked with Co-op they made constant mistakes, the final straw was when they messed around with my account in an attempt to cover up their mistake! I signed up with FD immediately.

We couldn't believe it when the regular saver interest when up from 6 to 8% this year! They are magic.

I did not say that my application was declined; I'm still waiting for them to decide.

8% sounds great but you have to deduct tax, plus there is a top limit and you cannot put more than £300 per month, so you will gain around £150 of interest, am I right? By the way what is going to happen after one year?

MrandMrsB

Mikhail wrote: »

I did not say that my application was declined; I'm still waiting for them to decide.

8% sounds great but you have to deduct tax, plus there is a top limit and you cannot put more than £300 per month, so you will gain around £150 of interest, am I right? By the way what is going to happen after one year?

Actually I do not pay income tax, although Mr B does, but of course if there is tax due you have to pay it, same as one would with any normal savings account.

Yes, there is a top limit of £300 per month, which is what we both still save in those accounts: since we retired, the money is transferred from another savings account.

Is there another account that pays 8%? If there is I would like to invest in it! At the end of the year we will reinvest this same money in another regular saver account, otherwise one could transfer it to a "high" interest account with another bank. We are just pleased to have a decent interest rate on £7200, even though it's not for the whole year. "Look after the pennies and the pounds will look after themselves"!

Sorry I was jumping the gun here - I thought FD made decisions almost instantly. Hope they accept you.

olly300

Mikhail wrote: »

I did not say that my application was declined; I'm still waiting for them to decide.

Rule of thumb when opening a bank account in the UK - ask for no overdraft or an overdraft £50 or under.

You will then find that most current account providers will be happy to open the account for you.

After 6-8 months or whatever of using the account you can then increase the overdraft limit if needed.

Mikhail

olly300 wrote: »

Rule of thumb when opening a bank account in the UK - ask for no overdraft or an overdraft £50 or under.

You will then find that most current account providers will be happy to open the account for you.

After 6-8 months or whatever of using the account you can then increase the overdraft limit if needed.

Thanks for the advice!

I was accepted with £1000 overdraft, although I'm not on the electoral register and don't have EU/UK passport.

izools

Mikhail wrote: »

Then run 3 (three) , not 2 or 1 but 3 checks(!) and for what? …a bank account with a £1000 overdraft facility

They havne't run three credit checks, they've run one.

The other two searches aren't credit checks.

In regards to having a bank account in the UK a right, yeah, it is a right, and we have account available irrespective of income or credit status depending on where you go.

£1,000 credit however, has never been, and never will be, a right.

We aren't going to regain our prior economic status by continuing to hand out credit like candy to whoever asks for it.

Mikhail

izools wrote: »

They havne't run three credit checks, they've run one.

The other two searches aren't credit checks.

In regards to having a bank account in the UK a right, yeah, it is a right, and we have account available irrespective of income or credit status depending on where you go.

£1,000 credit however, has never been, and never will be, a right.

We aren't going to regain our prior economic status by continuing to hand out credit like candy to whoever asks for it.

Firstly, £1.000 is not a credit it is a facility, i.e., overdraft.

Secondly, as I can see many people like Nationwide, but not that many can get an account there, although, NW provides very basic services.

Thirdly, most foreigners are quite solvent and it is not they who need credit

Mikhail

eeaatall wrote: »

Obviously they will look into your finances, you can't expect them to offer you this without doing any checks can you ?

Finances –Yes, but not in my underwear as it was what I have experienced with them (read the whole thread).

In the end I had 4 searches on my profile on different days and different categories.

izools

Mikhail wrote: »

Firstly, £1.000 is not a credit it is a facility, i.e., overdraft.

Secondly, as I can see many people like Nationwide, but not that many can get an account there, although, NW provides very basic services.

Thirdly, most foreigners are quite solvent and it is not they who need credit

£1,000 Overdraft is not a credit facility? Of course it is. It's not your money, so it's credit. Duh.

Nationwide offer a variety of accounts. They offer fully fledged bank accounts and a basic bank account for those that don't meet the criteria. The Basic account also benefits from a VISA debit card, DD and SO facilities, and the Nationwide customer service.

And if you're so solvent, and don't need credit, why did you ask for a £1,000 overdraft? And if you ask for a £1,000 overdraft, how are the bank going to know how solvent you are if they don't ask? Magic ball?

As you know from viewing your credit file, this lists CREDIT accounts, not details of investments, ISAs, etc - so of course they will have to ask. And potentially even ask for paper proofs if they so wish. End of the day, if you don't like their underwriting criteria, go elsewhere. You don't decide how they run their business, only whether or not you want to deal with them.

I see you got the account in the end. Good; I hope you're happy with FD, they're a good bank. One of the best.

Did they perform more than one recorded[/i] search in the end, or were the other three Identification / unrecorded searches? If the latter, this is normal. They also have the right to perform an unrecorded enquiry at any point in the future to ensure the computer-generated lending offers available to you are suited to your current circumstances. Part of the T&C you agree to when you apply.

And in future, if you get a call at an inconvenient time, try saying "Sorry, now isn't convenient, but could you call back during X hours please?". Not difficult.

The reason FD call in the evening as they appreciate most of their customers work and don't want to be called during office hours.

I'd much rather take a call from my bank when lounging around on the sofa in my underwear than whilst in a busy office for all prying ears to hear.

smartiedriver_2

Mikhail wrote: »

So you think it is normal for a bank to call you in the evening to ask how much your property in the UK and abroad is worth, then ask about your bank accounts and savings abroad, then continue asking about ISAs, etc.

They should make a bank account in this country a human right, as it is impossible to survive without a bank account, well it is possible but it will be considerably more expensive!

Perfectly normal. They want to know about you before they accept you. As for the evening, perhaps you indicated on the application that daytime was inconvenient.

A bank account is available to anyone, with or without good credit, as there is always the option of a basic account. However, if you are unwilling to provide information to them, they may rightly be suspicious of what you are hiding.

In my opinion, if we stopped banging on about 'human rights' this country would be in a far better position!