First Direct - 20 minute phone quiz now needed to open savings account

grumbler

meer53 wrote: »

Better a 20 minute factfind than accounts being opened fraudulently.

Why on earth would any fraudster open a Regular Saver?!
Does common sense still exist or idiots prevailed eventually?

Vortigern

colsten wrote: »

C'mon. Someone opening their umpteenst FD Regular Saver surely does not have to endure a 20 minute recital of T&Cs they have been familiar with for several years? Surely we can open the account online as before?

My fd regular saver matures in a few days time. I intend to start another online. I'll report back to this thread.

redux

It seems to take longer to open an account anywhere. Phone query a building society and they suggest an appointment for 20 minutes.

Not only for opening but also closing. I went to close an old Britannia BS account that hadn't been used for 10 years since I nearly emptied it from its former life as a regular saver.

I had to answer questions why I was leaving, and what I intended to do with the money instead, and the man seemed to be noting down the answers.

A few months later I discovered they'd also done an online anti money laundering check on me.

About £130. And it had been there nearly 20 years.

Doc_N

Vortigern wrote: »

My fd regular saver matures in a few days time. I intend to start another online. I'll report back to this thread.

You'll have no problem at the moment if you do it online. The long phone conversation is currently only required if you don't (or can't) bank online.

That changes, though, according to what they said a couple of days ago, once the website's been 'updated' - and from that point the long 20/30 minute telephone fact find becomes a necessity even for online banking customers.

henm2

Times change, regulations change. The main change in the last few years is the one the banks follow laid down by the Financial Conduct Authority (FCA). This has led to much longer conversations as regards account opening. Rightly so in my belief and designed to end miss selling.

The questions are only going to get longer with even more changes soon coming up. For example the next big one is the internationally agreed Common Reporting Standard (CSR)system designed to cut down on tax evasion worldwide. (This is on top of the regulations already in place from FATCA [Foreign Account Tax Compliance Act]) New regulations and hence procedures seem to pop up every few months leading to longer account opening times.

Carolinemjs

I am a First Direct account holder and have been for many years, my main account is with them and I've held a Regular Savings account on at least a couple of occasions, so its time to open another one.

I've just completed the telephone procedure which took about 30 minutes.
At the outset I told the member of staff this was as much a fact finding session as a bona fide application as if I considered any of the questions intrusive I would not answer them. All calls are recorded and I asked her to make sure this call is flagged and referred to a supervisor or someone appropriate.
I stated that I considered the whole procedure unnecessary as I've just opened an additional current account online and anyway they have years of history of me. On this basis we went ahead.
Most of the time was taken up by reading out terms and conditions, statutory info etc, and by my interruptions to query points. The actual time taken with personal questions was very short and not in anyway intrusive, though totally unnecessary considering I'm already an account holder. There were a couple of pieces of information that needed updating which had not been picked up previously.
However, At the end of the savings period a NEW ACCOUNT is opened and the money transferred to that - I pointed out this is illogical, when it suits First Direct to open an account for me THEY CAN do it, and voila I have a new savings account, no questions asked.

The member of staff, Rachel Greenwood, was outstanding, she understood my 'frustrations' and was helpful and good humoured throughout.

Conclusion:- Unnecessary and time wasting for an existing customer. I can't believe it will take 20/30 minutes to complete online unless you read all the fine print, but I do understand the necessity of going through this in a phone call. Not only is it a waste of any longstanding customers time but also of First Direct.
Please note this was all done with good humour and I have opened my Regular Savings account. I have always been, and will continue to be a happy and satisfied First Direct customer.
I referred Rachel to this forum and that I would be posting here.

Caroline Shipsey

Kernel_Sanders

meer53 wrote: »

Times change, regulations and procedures change. You either accept them or open accounts elsewhere.

This is nonsense, the OP is clearly referring to regular savers for existing customers. If you're logged into your TSB current account and want info on their regular saver, you click on 'open regular saver' and it automatically opens one for you whether you wanted one then or not.

Mr_Goodkat

This seems farcical - I just can't understand why such an in depth process is needed for a regular saver product that allows you to save a maximum of £3600 per year and that does not even lock your money away just reduces the interest rate on the money saved if you decide to close and withdraw the funds mid term.


I am an annual subscriber to the product online but if the telephone grilling is required to complete online applications in the future I will be looking elsewhere.

colsten

Mr_Goodkat wrote: »

I am an annual subscriber to the product online but if the telephone grilling is required to complete online applications in the future I will be looking elsewhere.

That's to cut off your nose to spite your face. It won't hurt FD if they don't have to pay people 6% AER.

Mr_Goodkat

colsten wrote: »

That's to cut off your nose to spite your face. It won't hurt FD if they don't have to pay people 6% AER.

It's not really cutting off my nose to spite my face more a decision that a 20 minute plus telephone interrogation each year is more hassle than the benefit achieved from the net returns the account delivers in my tax band.


I prefer to handle my finances online can count on one hand the amount of times I have either had to speak to an adviser on the phone or visit a branch in the last five years.


If First Direct decide to remove products from the reach of online banking customers by imposing further requirements then I will simply use one of my other 30+ current accounts to feed that institutions regular saver even if at a slightly lower rate.