Unexpectedly declined current account

querymark

Hello,

Just applied for a First Direct Current Account (I admit I was shamelessly chasing the free £125) online and was surprised to find myself declined.

So I've checked my credit rating and it all looks as I expected (3 non-consecutive missed payments on a credit card in 2008 but otherwise all fine).

I've lived in 6 different addresses in 6 years, but was on the register at all but one (where I didn't stay long enough to get to arrange it) so I accept that I wouldn't look like the safest bet if applying for a loan. But I didn't expect a current account to apply the same stringent criteria, especially as I easily earn enough to satisfy their £1500 rule.

I know no-one here will know exactly why I was turned down, but I was hoping you folks might have some general ideas about what it might be.

Hoping you can help and thanks for your time.

QM

BugsyBrowne

Most people TBH do it for the £125 don't believe the bullsh*ters who say they do it for the interest rates on their £700 savings or their wonderful customer service as its a bank not a chat line.

Go for a decent high street bank.

MoneySaverLog

I'm not even eligible for their £125 payout. I was a previous customer who did go back for their regular saver account only. My account with them is only being used for this purpose as is a similar HSBC regular saver account.

I did have a fight on my hands though having completed a IVA previously which they are well aware of being a previous creditor. They initially accepted me though, then decided to decline me shortly after, I complained and they eventually accepted me back with no credit facilities after I pointed out that they updated their T&C to allow accounts for anyone out of IVA/BR for 6+ years to apply.

adamc260

3 missed payments and 6 address changes in 6 years.. could flag up on their system =/ First direct can be quite picky with who they take on afterall.. they can cherry pick the market if they want to.

seriousDFW

BugsyBrowne wrote: »

Most people TBH do it for the £125 don't believe the bullsh*ters who say they do it for the interest rates on their £700 savings or their wonderful customer service as its a bank not a chat line.

Go for a decent high street bank.

I do bank with FD for their wonderful customer service. I love that if I have an issue where I need to contact them, I won't be held in a queue or subjected to 10 minutes of listening to menus that don't describe what I want. As for branch staff, I have experience of banking with a number of high street branches, and have all been utterly useless - the staff have, in my experience, been clueless or powerless to effect what you have asked them for. Indeed in one bank I also have an account with the staff hardly ever help you, but instead direct you to one of their bright red phones to a call centre overseas anyway. I once tried opening an account at a high street building society, but I had to make an appointment, which was difficult to schedule, because they couldn't do it there and then. I cannot fathom why anyone does any high street banking anymore? I had to pay a cheque in and that's the only thing I ever do in branch.

OP - obviously we can't say why, but FD seem to only accept flawless credit files.

BugsyBrowne

seriousDFW wrote: »

I do bank with FD for their wonderful customer service. I love that if I have an issue where I need to contact them, I won't be held in a queue or subjected to 10 minutes of listening to menus that don't describe what I want. As for branch staff, I have experience of banking with a number of high street branches, and have all been utterly useless - the staff have, in my experience, been clueless or powerless to effect what you have asked them for. Indeed in one bank I also have an account with the staff hardly ever help you, but instead direct you to one of their bright red phones to a call centre overseas anyway. I once tried opening an account at a high street building society, but I had to make an appointment, which was difficult to schedule, because they couldn't do it there and then. I cannot fathom why anyone does any high street banking anymore? I had to pay a cheque in and that's the only thing I ever do in branch.

OP - obviously we can't say why, but FD seem to only accept flawless credit files.

Fair enough but can't get my head around this customer service jargon, I pay cheques into my Barclays account which I've hold 18 years and spoke to them about 5 times, why the hell do I want to talk to them if money is going in then I take it out.

Now is it me if FD are that great how come everyone runs on about their customer service surely they must be doing something wrong in the first place for customers to call customer services.

seriousDFW

BugsyBrowne wrote: »

Fair enough but can't get my head around this customer service jargon, I pay cheques into my Barclays account which I've hold 18 years and spoke to them about 5 times, why the hell do I want to talk to them if money is going in then I take it out.

Now is it me if FD are that great how come everyone runs on about their customer service surely they must be doing something wrong in the first place for customers to call customer services.

I take your point and I do concede that in a year of banking with them, I haven't had to call them (only at the start due to setting up savings accounts etc) but it gives me a nice warm feeling to know that if I do need to contact them, it won't be a stressful experience.

I have had occasion to call banks with whom I also have accounts within the last year and it never fails to stress me out. I have put off calling Halifax for them to send me a PIN reminder to my Reward account because I can't be doing with the menu system, and so I haven't started using that account properly yet. Halifax are actually quite good at dealing with things once you get through. Another bank I have been with in the past were not able to deal with simple issues, hence the move to FD.

So you're right, if things run smoothly there's no need for great customer service, but for me, I like knowing it's there if I need it.

First Direct's rates aren't great - apart from their Regular Saver 8% which I have and am very pleased with. This is a shame because I would love to not have to use any other bank! Actually, thinking about it, I DO like several of First Direct's products that I have, which I believe are better or equal to competitors:

1. Regular Saver at 8% is unbeatable (I know the limitations but they are inherent in any regular saver account)
2. Current account - I like the fact I can use £250 of an overdraft interest free, which makes it easier to manage my money without worrying about extra charges if I dip into it now and again
3. Credit card - they gave me the credit limit I asked for which covered a very high interest balance - transferred to FD at 0% for 22 months. At the time there was nothing to beat this, not sure if there is now.

Gromitt

Must admit, I used to call customer services, but since they brought out internet banking in 1997 I think it was, I've always used 'secure messages'. Never had a reason to want an answer there and then.

Since then I've never moved since my salary is paid into them and I can't be bothered to move it to another bank. I do like their 8% regular saver though.

garymac

How long did it take for them to get back to you?

The OH and I applied Saturday morning, they say turnaround is 24hrs however we're yet to hear anything...

innovate

They probably mean 24 working hours (Mo to Fri).

Or they are too busy providing wonderful customer service.

If you are after their Regular Saver, and/or their signup bonus, it's worth hanging on in there. They will eventually get back to you.

They are an ok bank if you don't want interest on your current account or your savings, apart from their 8% Regular Saver, which is exceptionally good.

Lith

Well seeing as the old man tried to get an FD account I tried my self to get one and also declined... even tho im an HSBC customer and pay ion that account on a regular basis 0.o

ironic isn't it? lol


the world has gone mad ! gonna apply for FD in a few months
(no law says you have to use them as ya main bank) lol those fussy people