Turned Down For FD Account!?

Thrugelmir

BookerTee wrote: »

Banks want people to be in debt to make money out of them.

Not wishing to state the obvious but that's how banks generate their income. :eek:

As banks take deposits and make loans..........;)

BookerTee

Thrugelmir wrote: »

Not wishing to state the obvious but that's how banks generate their income. :eek:

As banks take deposits and make loans..........;)

Yes by charging interest on money lent directly or indirectly. Would you say they actively discriminate against those who are always in credit and they make least from? i.e the likes of me!

YorkshireBoy

BookerTee wrote: »

Would you say they actively discriminate against those who are always in credit and they make least from? i.e the likes of me!

No. I'm in the same situation and like I said above I haven't been declined a current account.


In fact the opposite could be said to be true...my current account providers are always wanting to throw credit at me, with offers of guaranteed pre-approved loans and credit cards. And don't forget, current accounts offer great cross-selling opportunities for packaged benefit accounts, mortgages, insurances, etc.


On your earlier point, and to correct it slightly, the banks don't want you to be in debt, but want you to be in manageable debt. That means generating profit from authorised overdraft use, (occasional/regular) credit card rolling balances, and loans...not from unauthorised overdraft use, late payment fees, etc.

Thrugelmir

BookerTee wrote: »

Yes by charging interest on money lent directly or indirectly. Would you say they actively discriminate against those who are always in credit and they make least from? i.e the likes of me!

With multiple bank accounts your motives for opening an account with FD are pretty obvious. That's the crux of the matter. Stomping around leaving a trail of footprints like an elephant on your credit file requires no explanation. There's no discrimination except in your head , and that's purely because you are unable to get your hands on the free money.

thegreenmonkey

Having multiple recently opened current accounts and an explicitly stated sole intention to open their regular saver account didn't stop me. Perhaps they appreciate honesty

katejo

YorkshireBoy wrote: »

On your earlier point, and to correct it slightly, the banks don't want you to be in debt, but want you to be in manageable debt. That means generating profit from authorised overdraft use, (occasional/regular) credit card rolling balances, and loans...not from unauthorised overdraft use, late payment fees, etc.

I have wondered whether FD would accept me as a new customer now (I was an early customer around 1991). I never pay them any fees, interest etc.

BillJones

BookerTee wrote: »

They seem to be avoiding customers that are too savvy, they wont be making money from the overdrafts the SO/DD refusals, the credit card balances left over the month end etc etc. Banks want people to be in debt to make money out of them.

No, they want to make money out of them, but that does not mean that they want them to be in debt.

You are writing as though it is surprising, or wrong, that this is what they want, as though you do not understand why they are in business. What is it that you would be bringing them if you banked with them? Why do you believe they are missing out by turning you down?

MABLE

katejo wrote: »

Why? Have never had a problem and have been with them for many years

I had an account with them in 1993 and wanted an overdraft. I was put through to an advisor and she wanted to know details on all my regular payments and then proceeded to go through the whole of my bank statement for that month. After a while I nearly gave up the will to live and in the end I just put the phone down. Thankfully I had another bank account with another bank and with a click of a button the overdraft was agreed in less than 10 seconds.

I am not interested in how friendly the staff are at FD. I wanted an overdraft not a best buddy.

Thrugelmir

MABLE wrote: »

I am not interested in how friendly the staff are at FD. I wanted an overdraft not a best buddy.

Perhaps it escaped your notice that HSBC were the only major bank to navigate the financial crisis unscathed. Good banking practice results in a good solid business.

MABLE

Thrugelmir wrote: »

Perhaps it escaped your notice that HSBC were the only major bank to navigate the financial crisis unscathed. Good banking practice results in a good solid business.

Oh well that should make me feel a lot better about them. Well it does not!