Asked a question by a cashier I found a little odd..

Dr_Cuckoo3

ses6jwg wrote: »

Not sure what you mean here.

of course you do

1, your bank selects customers for pre-approval and you know whether the customer is pre-approved or not

2, do you think you are a better judge than the bank's computer ?

3, what influences your motivation to sell a credit card / loan unsolicited ?

As a customer I would wish to know whether the solicitation is random or based on some insight

All of what you said in your earlier post are available using a self-service method without a sales rep nannying them

Good news for the customer you sold the credit card and loan to though

iluvsaving

If people were better educated about banking they would be aware of things that could help them. Until that time it sometimes takes other people to raise an issue that could help people. Doing bad business turns into complaints and a bad reputation for the bank.

When banks provide you with products they better have a reason why you took out that product otherwise they will be in trouble.

ses6jwg

Dr_Cuckoo3 wrote: »

of course you do

1, your bank selects customers for pre-approval and you know whether the customer is pre-approved or not

2, do you think you are a better judge than the bank's computer ?

3, what influences your motivation to sell a credit card / loan unsolicited ?

As a customer I would wish to know whether the solicitation is random or based on some insight

All of what you said in your earlier post are available using a self-service method without a sales rep nannying them

Good news for the customer you sold the credit card and loan to though

As I was paying a cheque in I saw on his movements he had a large direct debit going out to MBNA.

After taking him to a private room it transpired he was conditionally approved for a loan.

So the answer no I did not check any pre approvals first, the fact he had a large dd to another c/c provider was enough for me to ask a question on a balance transfer.

It was going to be one of 3 answers.

"Yes, I do have balance and I am paying interest/ I'm on 0%"

"No, I pay the card off in full"

"None of your business" (This in my experience is unlikely if you have positioned the question well)

Like anything in sales, it all comes down to how you position it with the customer and whether you have any sort of rapport.

Yes, the prompt was unsolicited. Yes, it did save him a huge amount of money. Yes, I did get a few "points" for the sale.

Bloomberg

money_maker wrote: »

I hope your not still with NW if you are that unhappy. Why did you choose to wait in line and pay this massive secrete cheque in at a branch full of people then? Could you not have used the ATM instead? Try this in future or post your cheque.

It was simply a sales pitch (which is their job) and to try and make sure your not one of these old bids who leaves £££££ in a current account for years.

Why would the cashier sit and write your details down, take the time to gather your info at a later date and phone you about it, instead of asking you then and there?

I am no longer with the Nationwide and have never looked back since leaving them. You asked why I did not use an ATM to pay the cheque in, I prefer to use the counter service as there can sometimes be a delay in the cheque clearing when an ATM is used.

The cashier doesn't need to write your details down, transactions and balaces over a certain amount are automatically flagged up. A friend of mine received a cheque for his inheritance and when it was paid in the cashier didn't say anything, the next day someone from the bank phoned him and asked if he would like some investment advice - far more professional.

Dr_Cuckoo3

ses6jwg wrote: »

After taking him to a private room it transpired he was conditionally approved for a loan.

So the answer no I did not check any pre approvals first, the fact he had a large dd to another c/c provider was enough for me to ask a question on a balance transfer.

I'm wondering what you see for loan offers , my understanding was that a suggested loan amount would appear eg £7000 and I suppose a higher the amount is preferable to a low amount (is that a conditional approval or do loan limit indications appear in other circumstances ? - (refers to A&L))

Assuming that you also have conditional approvals for credit cards , I note that I had a guaranteed offer which was not preceded by a conditional approval

I would not expect people with low behaviour scores to be approached if there isn't a guaranteed or conditional offer

From my point of view I have accounts at several banks , so the preferential treatment a bank may provide to it's current account customers applying for a credit card would not be restricted to one bank in my case , so I do not wish to have my time wasted by one bank when another may have an offer based on my account conduct

ses6jwg

Dr_Cuckoo3 wrote: »

I'm wondering what you see for loan offers , my understanding was that a suggested loan amount would appear eg £7000 and I suppose a higher the amount is preferable to a low amount (is that a conditional approval or do loan limit indications appear in other circumstances ? - (refers to A&L))

Assuming that you also have conditional approvals for credit cards , I note that I had a guaranteed offer which was not preceded by a conditional approval

I would not expect people with low behaviour scores to be approached if there isn't a guaranteed or conditional offer

From my point of view I have accounts at several banks , so the preferential treatment a bank may provide to it's current account customers applying for a credit card would not be restricted to one bank in my case , so I do not wish to have my time wasted by one bank when another may have an offer based on my account conduct

Conditional approvals on credit cards used to be relatively common but over the last 18 months have become rare- I have not seen one in maybe 6 months. They are almost always guaranteed prompts.

Loan approvals are never guaranteed but always "conditional" i.e. your application will be viewed favourably and is likely to be accepted subject to further underwriting/ risk questions, and yes they are conditional up to a certain amount, max of £20k.

People can still be accepted for credit cards and loan without "approvals" subject to full credit searching. Behavioural scoring can be consulted to get some idea provided they have an active banking relationship. Generally if a customer cannot have an overdraft of £1000 or more they are unlikely to be accepted for a card or loan, but not always.

I have had customers with maximum overdrafts of £0 accepted for credit cards before, and also had people accepted for loans but then declined for cards.

Dr_Cuckoo3

ses6jwg wrote: »

Loan approvals are never guaranteed but always "conditional" i.e. your application will be viewed favourably and is likely to be accepted subject to further underwriting/ risk questions, and yes they are conditional up to a certain amount, max of £20k.

I must have had a conditional loan approval then because a specific amount was mentioned - £7000 (using A&L branches)

I am surprised that I didn't have a conditional or guaranteed credit card offer at the same time

rb10

Bloomberg wrote: »

I am no longer with the Nationwide and have never looked back since leaving them. You asked why I did not use an ATM to pay the cheque in, I prefer to use the counter service as there can sometimes be a delay in the cheque clearing when an ATM is used.

For info, cheque clearing/availability for cheques paid in at internal Nationwide ATMs (i.e. not the 'envelope' type) are instant, as quick as at the counter.

You are correct that this is true in some banks - HSBC, for example, will delay cheques by at least one day.

MoneySaverLog

rb10 wrote: »

For info, cheque clearing/availability for cheques paid in at internal Nationwide ATMs (i.e. not the 'envelope' type) are instant, as quick as at the counter.

You are correct that this is true in some banks - HSBC, for example, will delay cheques by at least one day.

What about cash? If I pay in at the counter it's available as cleared funds straight away at Lloyds TSB as an example, may cover me if I was paying in before 3.30pm if I accidentally went into OD to avoid charges.

If you pay in cash at a machine, like they try to persuade you to do when waiting in a queue, does the cash still register the minute it is paid in? And if not would I still get charged? If Yes, then there are obviously times when the counter is a better service than "the machine".

rb10

MoneySaverLog wrote: »

What about cash? If I pay in at the counter it's available as cleared funds straight away at Lloyds TSB as an example, may cover me if I was paying in before 3.30pm if I accidentally went into OD to avoid charges.

If you pay in cash at a machine, like they try to persuade you to do when waiting in a queue, does the cash still register the minute it is paid in? And if not would I still get charged? If Yes, then there are obviously times when the counter is a better service than "the machine".

The likes of Nationwide, Halifax etc will credit cash instantly if paid in at a machine (again, a machine without an envelope).

With HSBC, I believe it's only credited overnight.