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MSE News: Warning! Check if packaged account perks require activation
Former_MSE_Helen
Former MSE 2.4K Posts
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 ..."
"Consumers with a current account that offers insurance could be left without any cover if they fail to register ..."
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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.
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.
http://www.halifax.co.uk/bankaccounts/pdf/ultimate-reward-current-account-guide.pdf
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.
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.
It does. But the link I posted also says you're covered if you don't.
Page 14.
http://www.halifax.co.uk/bankaccounts/pdf/ultimate-reward-current-account-guide.pdf