closing bank account when you work for that bank

anoncol

I think it just a safety thing to make sure cash is in your main account for bills etc. You SO has to be planned so it's paid in before bank holidays etc.

agrinnall

At the very least you would have to change your SO every April as your net pay will change as the personal allowance changes, but also every time you get a pay rise or a bonus. It's really quite a lot simpler to just do a manual transfer every month once you know your pay is in your account - it's what I did even in the pre-Faster Payments days.

synth

anoncol wrote: »

I think it just a safety thing to make sure cash is in your main account for bills etc. You SO has to be planned so it's paid in before bank holidays etc.

Oh, I see. I'd probably move all my DDs and SOs to my new account anyway since that would be my main account. But I understand your point regarding SOs having to be planned according to bank holidays. Maybe in that case, it would be better to transfer half the amount by SO and the other half by a regular faster payment.

synth

agrinnall wrote: »

At the very least you would have to change your SO every April as your net pay will change as the personal allowance changes, but also every time you get a pay rise or a bonus. It's really quite a lot simpler to just do a manual transfer every month once you know your pay is in your account - it's what I did even in the pre-Faster Payments days.

I'd forgotten all about April. As for pay increases, we get one a year plus a bonus. It might be a better way to get it done rather than thinking, 'oh it's okay, the SO will take care of it.' Sometimes (due to bank error, system error, ect) the SO might not go through.

YorkshireBoy

synth wrote: »

...I understand your point regarding SOs having to be planned according to bank holidays.

I'm not sure you do, otherwise you wouldn't say...

Maybe in that case, it would be better to transfer half the amount by SO and the other half by a regular faster payment.

...because you'd still be in the overdraft (hopefully authorised) if you did this and something went wrong.

fira

Fascinating reading.

I’m a pensioner now but joined RBS at 16 in 1969 as an ‘apprentice’. In those days a condition of your employment was that you must have an account with RBS and were not allowed to bank anywhere else. The reason given was to stop any of us ferreting away stolen funds and, perish the thought, hiding them elsewhere.

Staff statements all came in to the branch on the same day of the month, were gathered up and delivered to the branch manager together with all the paid cheques. He scrutinised the lot. I remember being herded in a few times to explain who the payee was of one of my cheques and the purpose of writing it e.g. what did you buy? The same manager would also look at the dates on cheques, particularly those debited close to pay day, to make sure we weren’t issuing them, anticipating the wages being in a few days. I got a rollicking for that too.

None of us even bothered applying for the Access credit card when it was launched as, again, he had to approve it.

Mind, he was no different than other RBS managers of that time. Those at St Andrew Sqare had created and made sure the rule was enforced.

Bill

stclair

fira wrote: »

Fascinating reading.

I’m a pensioner now but joined RBS at 16 in 1969 as an ‘apprentice’. In those days a condition of your employment was that you must have an account with RBS and were not allowed to bank anywhere else. The reason given was to stop any of us ferreting away stolen funds and, perish the thought, hiding them elsewhere.

Staff statements all came in to the branch on the same day of the month, were gathered up and delivered to the branch manager together with all the paid cheques. He scrutinised the lot. I remember being herded in a few times to explain who the payee was of one of my cheques and the purpose of writing it e.g. what did you buy? The same manager would also look at the dates on cheques, particularly those debited close to pay day, to make sure we weren’t issuing them, anticipating the wages being in a few days. I got a rollicking for that too.

None of us even bothered applying for the Access credit card when it was launched as, again, he had to approve it.

Mind, he was no different than other RBS managers of that time. Those at St Andrew Sqare had created and made sure the rule was enforced.

Bill

Cricky...

From the 5th Feburary RBS staff will be allowed to have their salary paid into a non RBS Group account.

fira

stclair

Do you know if this also applies to RBS pensioners? Not had any notification (yet) but would prefer to close the RBS account as it's only been kept open to receive the pension which I then have to transfer out.

Bill

stclair

fira wrote: »

stclair

Do you know if this also applies to RBS pensioners? Not had any notification (yet) but would prefer to close the RBS account as it's only been kept open to receive the pension which I then have to transfer out.

Bill

I've sent you an inbox 😉

fira

much appreciated stclair. Just this minute acknowledged it.

Bill