One person can order the switch of a joint account?

Crater

We're looking at switching. Independently of that decision, I was astonished to see that a joint account can be switched on the say-so of one of the signatories. I assume this is normal (we've never done a switch before) as the advice came from a major bank. How does the security work on that, I'd just like to know more about it? He said "we record the call" but are recordings that reliable?

duchy

Why wouldn't it? You don't need to both be present to withdraw funds from the account do you ?

There's a few joint accounts that need both to sign for any transaction but it doesn't sound like you have one of those. As for security..either of you could empty the account at any time.

Archi_Bald

Shamsan wrote: »

I was astonished to see that a joint account can be switched on the say-so of one of the signatories.

Where did you see that? This is not the case. http://www.simplerworld.co.uk/Pages/FAQ.aspx

duchy wrote: »

Why wouldn't it? You don't need to both be present to withdraw funds from the account do you ?

Very simple reasons: if one account holder could ask for the switch, the other account holder could be left with no banking facilities at all. Also, I haven't seen any T&Cs that allow for the closing of joint accounts if just one party makes the request.

YorkshireBoy

Archi_Bald wrote: »

...I haven't seen any T&Cs that allow for the closing of joint accounts if just one party makes the request.

Tut tut...you haven't been reading your account T&Cs!

Halifax, BoS, & Lloyds (so almost certainly TSB too) all allow such an action by only one party...

http://www.halifax.co.uk/bankaccounts/pdf/reward-current-account-guide.pdf Part C, Condition 10.1[a] (Page 28)

http://bankofscotland.co.uk/bankaccounts/pdf/bank-account-conditions.pdf Section D, Condition 12.1[a], (Page 14)

http://www.lloydsbank.com/assets/media/pdfs/banking_with_us/personal_banking_terms_and_conditions.pdf Section D, Condition 12.1[a] (Page 15)

Crater

Archi_Bald wrote: »

Where did you see that? This is not the case. http://www.simplerworld.co.uk/Pages/FAQ.aspx



Very simple reasons: if one account holder could ask for the switch, the other account holder could be left with no banking facilities at all. Also, I haven't seen any T&Cs that allow for the closing of joint accounts if just one party makes the request.

Thank you for that information. The young man on the Helpline said categorically that it could be done that way as it is "either to sign", however, I don't know what the T&C with our bank is, but it seems dead dodgy to me to do a switch-and-close on the say so of only one of the joint holders, and I wonder if this is the case (HE may not of course have been thinking in terms of the "7 day switch", which we are hoping to use, but a manual transfer, which is still more common I understand, and doesn't close the account.)

I didn't know about "Simplerworld", but I have now sent them a question about whether we have to answer questions about any other bank accounts we have, as we have been warned that any bank may ask about other accounts - which is fine in principle, but not if they ask for details. I am switching from one bank, I don't want the new bank ferretting around my main account, which we are definitely not switching.

I'm afraid i don't trust any of them a great deal - can't imagine why. I was switching an ISA in branch today and the bank demanded to know my income before it would complete my application. Why? I'm giving them my savings to manage for 2 years, not asking for a loan or a current account.

Archi_Bald

Shamsan wrote: »

I didn't know about "Simplerworld", but I have now sent them a question about whether we have to answer questions about any other bank accounts we have, as we have been warned that any bank may ask about other accounts - which is fine in principle, but not if they ask for details. I am switching from one bank, I don't want the new bank ferretting around my main account, which we are definitely not switching.

I'm afraid i don't trust any of them a great deal - can't imagine why. I was switching an ISA in branch today and the bank demanded to know my income before it would complete my application. Why? I'm giving them my savings to manage for 2 years, not asking for a loan or a current account.

They all try find out out as much about your financials, and even about your job, family and spare time interests, as they possibly can. With just one singular goal: to profile you for any of their current or future products. A customer who has all their finances at the same bank is their ultimate dream.

You do not have to give any of them all of this information. I have made it a habit to never volunteer any information they aren't asking for, and some information they are asking for I don't provide if I don't think it is relevant. E.g. they have no need to know when my home or car insurance are due for renewal when I apply for a current account. Or at any other point in time, for that matter, unless I decide I want to take out home or car insurance with them. Like you say, they also have no need to know anything at all about a person's income when they are asked to transfer an ISA. Keep fending them off.

Crater

Archi_Bald wrote: »

They all try find out out as much about your financials, and even about your job, family and spare time interests, as they possibly can. With just one singular goal: to profile you for any of their current or future products. A customer who has all their finances at the same bank is their ultimate dream.

You do not have to give any of them all of this information. I have made it a habit to never volunteer any information they aren't asking for, and some information they are asking for I don't provide if I don't think it is relevant. E.g. they have no need to know when my home or car insurance are due for renewal when I apply for a current account. Or at any other point in time, for that matter, unless I decide I want to take out home or car insurance with them. Like you say, they also have no need to know anything at all about a person's income when they are asked to transfer an ISA. Keep fending them off.

Thank you for that Archi Bald. SimplerWorld have advised that we should not be asked about other accounts (which does not of course mean we won't be). I can see that they have a right to know certain things about our situation if they are opening an account for us and I am OK with that, but as you say they would actually count the contents of your piggy bank if you let them.

Eco_Miser

Archi_Bald wrote: »

Also, I haven't seen any T&Cs that allow for the closing of joint accounts if just one party makes the request.

That's the default condition for Clydesdale/Yorkshire Bank.