Alliance & Leicester DirectSaver - Changing linked account

janbanan

I just called A&L and asked to change the linked account associated with my Direct Saver. I was told that the only way I can do this would be to close the account down and open a new one.

This means that I would have to:
1. Close the old DirectSaver
2. Transfer money from old DirectSaver to old current account
3. Apply for a new DirectSaver account
4. Post proofs of ID in the post, have certified copies made etc etc (AGAIN!)...
5. Transfer money from old current account to new current account
6. Transfer money from new current account to new DirectSaver (when open)

The stupidity is unbelievable!! Is there no limit to this banks paranoia!!! What happened to common sense.

I'm going to vote with my feet and have the account closed. I'm forced to anyway, as I'm closing the old current account. But I certainly won't reinvest them with A&L, that's for sure. It's not worth the hassle. And that's not out of spite - they are choosing to be inflexible and therefore choosing not to keep my money.

The customer service agent was totally sure about this policy, which may be a new policy. Sorry if it has been discussed earlier.

Steve_xx

I don't think you would have to post proof of ID if you aplied online from your existing account.

All of the other steps that you mentioned can be done online.

janbanan

Steve_xx wrote: »

I don't think you would have to post proof of ID if you aplied online from your existing account.

All of the other steps that you mentioned can be done online.

Thanks for your reply. If they are able to verify my identity by me logging in, then why wouldn't they simply let me change the linked account? I appreciate there are security concerns when it comes to savings accounts, but this is too much.

And I'd lose lots of interest too.....

MarkyMarkD

Yours isn't the first post about this.

It's an anti-phishing fraud manoeuvre designed to protect customers from fraud.

The first thing a phishing fraudster would do with an account like this is to change the linked current account, as it's the only way to steal money from the account.

You don't need to provide any ID if you pass A&L's online checks. If you are on the electoral roll and so on, you don't need to give them anything. If you are an existing account holder, you don't need to give them anything either AFAIK. And if A&L hold your ID certified copies from the original account, I also doubt you'd have to provide them again.

So you could open a different A&L savings account as a temporary measure, then close your first DirectSaver and open a new one.

It seems like a lot of faff, but how often does the average person change current account?