MSE News: Warning! Check if packaged account perks require activation

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This is the discussion thread for the following MSE News Story:

"Consumers with a current account that offers insurance could be left without any cover if they fail to register ..."
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  • jonesMUFCforever
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    I know LTSB mobile phone, roadside assistance, and holiday insurance does not have to be activated.
    Like any other insurance you will need proof for instance that you paid £x for your phone just as you have to divulge any pre-conditions on the travel insurance.
  • ses6jwg
    ses6jwg Posts: 5,381 Forumite
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    I actually sell and process these fee-paying accounts.

    Checks are quite stringent, we are required to demonstrate that we have done a sort of fact find with the customer and identified that the benefits will be useful to them and/ or save them money.

    The customer is required to read and sign a declaration which does state on it that certain benefits do require activation, and it is mandatory that we make this clear to the customer.

    The declarations must be held on file, and a sample of customers are contact by central audit that check that we have run through the mandatory things when offering these accounts. Advisers that fail these quality calls are put on development plans and cannot sell these accounts without supervision.

    However sometimes I do get the impression that despite making it very clear that the customer MUST register for these benefits and it is strongly advised that they read through the policy document, I feel that many don't bother until it is too late.
  • chanz4
    chanz4 Posts: 10,906 Forumite
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    halifax is incorrect you do have to register your mobile phone with them first before its covered
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
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    chanz4 wrote: »
    halifax is incorrect you do have to register your mobile phone with them first before its covered
    Page 14 of the policy booklet implies that it will be covered even if it isn't registered, but guides people towards registering.

    http://www.halifax.co.uk/bankaccounts/pdf/ultimate-reward-current-account-guide.pdf
  • tell_it_how_it_is
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    ses6jwg wrote: »
    Checks are quite stringent, we are required to demonstrate that we have done a sort of fact find with the customer and identified that the benefits will be useful to them and/ or save them money.

    It's a shame that isn't standard practice. One high street bank bamboozled my Dad into a £13 a month gold account he clearly wasn't going to benefit from. I had to get involved to sort out for him to get rid of it.
    “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
  • ses6jwg
    ses6jwg Posts: 5,381 Forumite
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    It's a shame that isn't standard practice. One high street bank bamboozled my Dad into a £13 a month gold account he clearly wasn't going to benefit from. I had to get involved to sort out for him to get rid of it.

    It is only something that has come in over the last 12 - 18 months.

    I have come across many people in my day to day working who have fee-paying accounts which they had taken out 3-4 years ago, had no idea what the benefits were or didn't need them, and some had no idea that they even had a fee-paying account.
  • chanz4
    chanz4 Posts: 10,906 Forumite
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    when you signup it tells you to register your mobile
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • tell_it_how_it_is
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    ses6jwg wrote: »
    It is only something that has come in over the last 12 - 18 months.

    Sadly this was just last month, at the NatWest. Banks aren't like they used to be, now it's just sell, sell, sell. I can't remember the last time I visited the counter for a simple transaction and wasn't asked if I had or was interested in this, that and the other.

    Anyway, deviating off topic slightly, sorry. :)
    “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
  • OohSoHolly
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    I'm looking into one of these mainly for the Mobile Phone Insurance on offer. I've just got an iPhone 4S and although it seems stupid to get a bank account just to insure an iPhone im thinking an extra £6.95 a month for a £500 phone will be worth it in the long run. Independent iphone cover seems to be limited and "dodgy" in some cases from private insurers (most I've never heard of and others have awful reviews). So on the positive side, I'm glad this sort of thing for me is available.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 25 October 2011 at 7:18AM
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    chanz4 wrote: »
    when you signup it tells you to register your mobile

    It does. But the link I posted also says you're covered if you don't.
    Please note that if you do not register with us, you won't receive a certificate of insurance but you'll still be covered
    Page 14.

    http://www.halifax.co.uk/bankaccounts/pdf/ultimate-reward-current-account-guide.pdf
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