Switching Bank Accounts

Colinmac123

Am I missing something here. I want to switch some of my savings into TSB Plus account but they want to check my credit history as per the terms below.


"Please be aware that we will refer your details to a credit reference agency, where your credit worthiness will be scored as part of the application process."


I could understand this if I wanted to borrow some money from them, but I am actually giving them my money. Why the need for a credit check?


Regards

Ed-1

Colinmac123 wrote: »

Am I missing something here. I want to switch some of my savings into TSB Plus account but they want to check my credit history as per the terms below.


"Please be aware that we will refer your details to a credit reference agency, where your credit worthiness will be scored as part of the application process."


I could understand this if I wanted to borrow some money from them, but I am actually giving them my money. Why the need for a credit check?


Regards

Because the TSB Classic Plus is a credit account - not a savings account - that has overdraft facilities available (and allows you to go overdrawn even if you don't request a formal overdraft).

Dan83

I've always thought the same, thanks for clearing that up Ed-1