How much compensation could I be entitled to for Bank Error?

rb10

All this is just about different ways in which banks choose their customers. I believe that most banks don't actually include a customer's potential profitability when deciding whether to accept their application - it's just based on analysis of the risk (i.e. credit scoring).

Some banks include this as part of their automated decision making for borderline cases (i.e. a customer who doesn't quite meet the risk-based credit scoring requirement but who has the potential for high profitability may still be accepted).

HSBC are, I believe, unique in delegating this decision power to their salespeople. It's a strange policy, as branch staff don't really know what level of activity on an account generates profits for the bank. It's a rather more short-term view - wanting instant profitability, rather than hoping to build a relationship that results in the HSBC debit card being used as their main card, and the customer purchasing other products from HSBC. I can only assume that it stems from UK retail banking being only a small part of HSBC's operations (& profits!) - and so it is therefore of less importance to them to build upon.

Caladan

On the contrary rb10, banks don't want short-term profit, they want long-term relationships with customers, this is why they ask for the primary banking relationship from the get-go as experience shows that household accounts rarely develop into anything more.

As with all banks, the scored application makes the decision, the only time a staff member may turn down the app is if it's split banking with no real reason for it (not so much profit, more like - 'is there any benefit to this?' Being a business I think it's a reasonable question to ask).

I can't comment on internal procedures, but you might be amazed at how much performance is measured on customer satisfaction, followed by risk. Profitability and sales is way down on the list.

Hope that clarifies it a bit.

Kind regards,
Cal

jonesMUFCforever

The way to get around any ''instructions'' that staff have to adhere to with getting as much of your banking as possible is to apply online!

The credit check is the same and you get the account you want without any human interaction.

innovate

Consumer power, coupled with technology advances, will disintermediate (or "remove the need for") the vast majority of sales people in bank branches before long, anyway.

Caladan

innovate wrote: »

Consumer power, coupled with technology advances, will disintermediate (or "remove the need for") the vast majority of sales people in bank branches before long, anyway.

Yup. A lot of branches have already had their sales/customer service teams (same thing for a bank) pulled out and moved to larger branches, with a counter team left to deal with transactions.

It's something I expect to see continue over the next 5-10 years before the only thing left will be large flagship branches responsible for a handful of local 'service only' satellite branches.

In 20 years I doubt there'll be much need for branches at all, and I'll be out of a job

jamesd

innovate wrote: »

Consumer power, coupled with technology advances, will disintermediate (or "remove the need for") the vast majority of sales people in bank branches before long, anyway.

Yes, that's quite possible for a lot of it and we can expect banks to work to encourage customers to use ATMs and online more because it's cheaper for them. Maybe even introduce charges and have higher charges for branch use than ATM or online use.

Caladan wrote: »

In 20 years I doubt there'll be much need for branches at all, and I'll be out of a job

Just retire on the vast income you have as a retail banker. with a very large dose of irony...

Caladan

jamesd wrote: »

Yes, that's quite possible for a lot of it and we can expect banks to work to encourage customers to use ATMs and online more because it's cheaper for them. Maybe even introduce charges and have higher charges for branch use than ATM or online use.

Most banks are already doing this for business customers - Payments, cash withdrawals and so on done in branches are considerably more expensive than DIY Internet payments or electronic transfers. The idea of free business banking is almost completely dead, personal banking is soon to follow if various regulators have their way.

jamesd wrote: »

Just retire on the vast income you have as a retail banker. with a very large dose of irony...

Heh, quite. I'll share my salary from over half a decades service - £15700 + £1k territorial allowance + Approx £1-2k in bonus.

Hanky_Panky

I think a couple of posters on here are being deliberately obstinate and deliberately misinterpreting what has actually been written. Possibly the usual anti-bank agenda :doh:

Back in the early nineties I used to take applications from people wanting loans and current accounts - 90%+ of the time I could tell who was going to be declined and who wasn't - it really isn't rocket science and trying to suggest it is - well, just bonkers. Similarly I can easily see how you would be able to identify a potentially profitable account from questioning the applicant. They can of course subsequently change their mind, be lying to you in the first place etc etc but will get picked up most of the time.

Potty74

Just to make you aware, my replacement cards arrived at the bank on Tuesday 16th July, I am still waiting for PIN numbers so I am able to use the cards.

jonesMUFCforever

Potty74 wrote: »

Just to make you aware, my replacement cards arrived at the bank on Tuesday 16th July, I am still waiting for PIN numbers so I am able to use the cards.

Do you need new PINS - DID YOU ask for new PINS ??
If not try the old ones to see if they work.