Is this the norm now?

vintagebrighton

I admit to not having applied for a bank account for many years as I've had my cashminder since 2008 but I can't believe this is now the new norm.

I wanted to upgrade my account so thought I'd apply to co op, after all, I've been with them long enough for them to know I control my finances well these days. It was a very long phone call. They wanted the usual info which I expected (income, job, etc) but they also wanted a breakdown of my contribution to bills and expenses (rent, food, ct, maintenance etc), my retirement age, whether or not I expected my income to reduce in the next 2 years etc etc

I wasn't applying for a mortgage, I didn't even want an overdraft!

After all that, they couldn't even give me a yay or nay....

I wouldn't bother except all the decent savings rates are linked to current accounts :rotfl:

MrSilk

They are probably taking all this information to assess what other products they could offer you down the line.

No_6

I usually make up a figure for expenses,
then multiply by 2 or 3 or more for income !
as being retired, no one seems to check.


6

zzzt

vintagebrighton wrote: »

they also wanted a breakdown of my contribution to bills and expenses (rent, food, ct, maintenance etc), my retirement age, whether or not I expected my income to reduce in the next 2 years etc etc

I've never been asked any of these things. Maybe it's something they ask people near retirement age to try and get a bigger picture and anticipate changes.

pmduk

It may well depend on the type of account applied for.

agrinnall

vintagebrighton wrote: »

I wouldn't bother except all the decent savings rates are linked to current accounts :rotfl:

This is true, but the Co-op isn't the place for them, the only benefit to a Co-op current account is if you can switch to it from somewhere else and get £100.

pvt

MrSilk wrote: »

They are probably taking all this information to assess what other products they could offer you down the line.

^^^^^^^ Exactly this.

They have their measuring tape out checking how deep your pockets are, and assessing whether their Hoover nozzle will fit in them..

vintagebrighton

Thanks guys, at least I know what to expect next time.

I know co op don't give any decent rates but needed to start somewhere. It was just for their basic current account, not the super duper with overdraft as standard. Once I've had the basic for a bit (if I get it) then I'll switch my account and my savings.

Just surprised me how much things have changed. Affordability checks for a current account....... who'd have thought

Anyway, the point about seeing what else it would be possible to 'sell' me seems to fit from a financial institutions point of view. MSE'ers know better!

VB x

f0nz

My husband went through all of this today too. He's had a basic account with them since 2010 and they called last week to say that he had run his account impeccably and would he like to upgrade to a current account. Fab he thought as it meant that his credit file would start to look a bit better etc. anyhoo, they said they'd call back this week to set it up. Brings us to today when they call back and then go through the Spanish Inquisition only for them to decline him?!? They called him and offered him the account!! Had he known they would have gone through a credit application he wouldn't have bothered as we know our files are poo (BR 2010) and are trying to improve them at the moment. Grrrr, sorry about the rant but just wanted to let you know that you're not alone in getting asked 20 questions.

PeacefulWaters

No_6 wrote: »

I usually make up a figure for expenses,
then multiply by 2 or 3 or more for income !
as being retired, no one seems to check.


6

That's fraud.

vintagebrighton

PeacefulWaters wrote: »

That's fraud.

Is it? I must admit to thinking this was a good idea. I'm self employed and have been for 10 years, I can't 'prove' what 'earnings' I have unless anyone asks for all my tax returns. And no, I don't have 'certified accounts', I don't have enough turnover. But it's people like me who are constantly getting squeezed out of any financial provision.

Plus, there's a little part of me that is indignant at the thought of the banks trawling through every bit of my financial ins and outs, moralising and judging when they're in no position to do so. :eek:

And yes of course, I realise that's not how it works.... doesn't mean I don't get p***ed off at times :rotfl:

Anyway, not heard anything yet.... maybe they're still trawling my finances!

VB x