New bank account- what's my income?

sparkiemalarkie

Hi I tried to open another bank account on Wednesday and got referred. I already have 3 bank accounts with this bank and a sizable ISA.

I am responsible for money from the following areas :-
House Keeping - from my husband
House Keeping - from older son
Child benefit
My pension
Monthly income from my investments.

The total amount of the above comes to about £24,000 pa


The young chap that I was speaking to on the phone said that only the House Keeping from my husband counted as income and that he couldn't take into consideration anything else.
Subsequently my 'income' is very low and I have been referred.
Is this really the case?


sparkie

MARTYM8`

I imagine you are talking about a two headed bank with most of its branches north of Birmingham and only one in London.

It seems par for the course that they refer you after 3 current account applications - there is another thread on this.

Most people still get accepted after their third referral - some posters have opened 10 accounts with them and it is rumoured someone has opened over 20.

So keep trying - and think of those potential income sources you might have.

Have you any income you need to account for separately for tax and budgeting purposes.

sparkiemalarkie

MARTYM8` wrote: »

I imagine you are talking about a two headed bank with most of its branches north of Birmingham and only one in London.

It seems par for the course that they refer you after 3 current account applications - there is another thread on this.

Most people still get accepted after their third referral - some posters have opened 10 accounts with them and it is rumoured someone has opened over 20.

So keep trying - and think of those potential income sources you might have.

Have you suddenly acquired some rental property income, or a second job or another pension or some funds you are getting from children to help pay for your home help or have you become a foster carer? All things you might need to account for separately for tax and budgeting purposes.

Its always possible your circumstances could change e.g. the job offer falls through or the council turned you down as a foster carer when they found out you voted UKIP?:D

Thanks.
Most of the income avenues were rejected.... My Pension as a form of income was discounted!
If my referral fails can I apply again?


sparkie

MARTYM8`

sparkiemalarkie wrote: »

Thanks.
Most of the income avenues were rejected.... My Pension as a form of income was discounted!
If my referral fails can I apply again?


sparkie

Yes - its very random with that bank. But do follow up on the referral first - and then give it a few days. Technically that offer ends on 28 Feb - you must sign switch papers by them - but its rumoured it may carry beyond then albeit they may change the terms.

Given you have a substantial ISA with them that will surely count in your favour as a loyal customer. Refer to that in your application and how much you want to consolidate your accounts with them - that will at least get the call centre person on side.

YorkshireBoy

MARTYM8` wrote: »

So keep trying - and think of those potential income sources you might have.

Have you suddenly acquired some rental property income, or a second job...

I'm all for being 'creative' with reasons for 'proposed use of account' (indeed, I have a couple of holiday cottages myself, and I want to keep the finances for each of them separate ), but would suggest being very careful about inflating income!

Whatever income you declare on this application will be shared with the Fraud Prevention Agencies. It will then be compared to the income you stated on your last credit application, and also the income you declare on your next credit application.

Inaccuracies could result in a CIFAS marker, either category 3 or 4...

https://www.uk.equifax.com/dn/dnr/help/CIFAS.htm

Goldiegirl

Personally, I would class pension and investments as more of an income than housekeeping. If I was filling out a form, those would be the things I would be using as my income. It wouldn't cross my mind to include housekeeping. (Not that I get housekeeping)

MARTYM8`

YorkshireBoy wrote: »

I'm all for being 'creative' with reasons for 'proposed use of account' (indeed, I have a couple of holiday cottages myself, and I want to keep the finances for each of them separate ), but would suggest being very careful about inflating income!

Whatever income you declare on this application will be shared with the Fraud Prevention Agencies. It will then be compared to the income you stated on your last credit application, and also the income you declare on your next credit application.

Inaccuracies could result in a CIFAS marker, either category 3 or 4...

https://www.uk.equifax.com/dn/dnr/help/CIFAS.htm

I fully accept the point - and wouldn't suggest inflating fake current income at all. But you are being asked where your future income might be from - and why you need another account. One is fact and taxed - another is aspirational.

I won't ask what your ten? different income sources are for all your accounts

YorkshireBoy

MARTYM8` wrote: »

I won't ask what your ten? different income sources are for all your accounts

It's more than that. I ran out, so started again from the beginning again with "bills".

MARTYM8`

YorkshireBoy wrote: »

It's more than that. I ran out, so started again from the beginning again with "bills".

So where does the income come from to pay your bills? Can't you just pay your bills from the one account you have had with them for years? Do you need one current account per bill?

Cos when I rang up a branch a while back to suggest I wanted to open my second account the person who answered asked why on earth I needed two accounts with them and I got very short shrift!

YorkshireBoy

MARTYM8` wrote: »

So where does the income come from to pay your bills? Can't you just pay your bills from the one account you have had with them for years?

Do you need one current account per bill?

You sound like adviser number 8 (or was it 9?). You aren't, are you?

MARTYM8`

YorkshireBoy wrote: »

You sound like adviser number 8 (or was it 9?). You aren't, are you?

I was thinking of applying for a part time job with them to assist with their account opening backlog - so I have another source of income to open another account with.:D

I am practising my Scottish accent - and my stern line of questioning to weed out any tax avoiders and money launderers.