First Direct and 30 minutes of snooping

masonic

Disclosing occupation/employer/salary goes hand in hand with holding a current account with the bank in question. Holding a current account is a prerequisite of applying for the first direct regular saver. Confirming and updating those details periodically seems perfectly reasonable.

But some people are only happy when they have something to complain about.

GingerBob_3

masonic wrote: »

Disclosing occupation/employer/salary goes hand in hand with holding a current account with the bank in question. Holding a current account is a prerequisite of applying for the first direct regular saver. Confirming and updating those details periodically seems perfectly reasonable.

But some people are only happy when they have something to complain about.

Why? Why do they need to know such details to provide a savings account? Why should they be periodically updated with such details? It's none of their business. They simply do not need this detail to service a savings account or a current account.

masonic

GingerBob wrote: »

Why? Why do they need to know such details to provide a savings account? Why should they be periodically updated with such details? It's none of their business. They simply do not need this detail to service a savings account or a current account.

Disclosing occupation/employer/salary goes hand in hand with holding a current account with the bank in question. Holding a current account is a prerequisite of applying for the first direct regular saver. Confirming and updating those details periodically seems perfectly reasonable.

In case you missed it again second time around: Holding a current account is a prerequisite of applying for the first direct regular saver.

Do you really think a bank where you hold a current account, which is a type of credit account, has no right to know your employment status and income?

GingerBob_3

masonic wrote: »

Disclosing occupation/employer/salary goes hand in hand with holding a current account with the bank in question. Holding a current account is a prerequisite of applying for the first direct regular saver. Confirming and updating those details periodically seems perfectly reasonable.

In case you missed it again second time around: Holding a current account is a prerequisite of applying for the first direct regular saver.

Do you really think a bank where you hold a current account, which is a type of credit account, has no right to know your employment status and income?

But ... if you already have a current account and apply for the saver by phone you are still interrogated. And as for what rights they have; they have none. Currently they have a responsibility to ensure your identity, and that's it. My current account has an overdraft of £250, so I can hardly default on it. Give these bleeders an inch and they'll take a mile! If people don't complain about this sort of intrusion - and don't vote with their feet - it won't be long before they'll be requiring a detailed annual update of your total financial situation.

masonic

GingerBob wrote: »

But ... if you already have a current account and apply for the saver by phone you are still interrogated. And as for what rights they have; they have none. Currently they have a responsibility to ensure your identity, and that's it. My current account has an overdraft of £250, so I can hardly default on it. Give these bleeders an inch and they'll take a mile! If people don't complain about this sort of intrusion - and don't vote with their feet - it won't be long before they'll be requiring a detailed annual update of your total financial situation.

I agree with you they have no right to demand such information. They must give you the option of ending your relationship with them if you don't want to provide them with information it is reasonable for any creditor to request.

In your case, I'd say ending your relationship with FD is advisable, because it obviously went sour a long time ago. But, before you jump ship, please be aware that you might find it difficult to find a bank that will accept you for a standard current account without you providing details of your employment status and income.

YorkshireBoy

JuicyJesus wrote: »

Banks have a duty to keep the information they hold about their customers up to date, both under "know your customer" regulations and the Data Protection Act. When you are opening a new product (i.e. explicitly continuing your relationship with the company concerned) is the perfect time for this to happen.

It does seem particularly excessive though with HSBC group. In recent months I've switched into new HSBC and M&S current accounts, supplying all necessary information.


With both banks, just a few days later I've called to open regular savers and had to confirm the information I supplied just 2-3 weeks previously was still correct.

meer53

GingerBob wrote: »

Why? Why do they need to know such details to provide a savings account? Why should they be periodically updated with such details? It's none of their business. They simply do not need this detail to service a savings account or a current account.

They might not need the information but if they ask for it, it's your decision whether to provide it. They don't hold you over a barrel and force you to give it. You have a choice, can't see what your gripe is really ?

masonic

YorkshireBoy wrote: »

With both banks, just a few days later I've called to open regular savers and had to confirm the information I supplied just 2-3 weeks previously was still correct.

Interesting. I opened my M&S current account and RS within the last month and for the RS (which annoyingly cannot be opened online as the FD and HSBC ones can) I wasn't really asked anything probing, except three separate questions around my residency for tax purposes.

[Deleted User]

masonic wrote: »

Interesting. I opened my M&S current account and RS within the last month and for the RS (which annoyingly cannot be opened online as the FD and HSBC ones can) I wasn't really asked anything probing, except three separate questions around my residency for tax purposes.

Similar experience herewith M and S Bank. My switch to M and S was completed on 5 April. I phoned on 7 April to open their 6% Regular Saver. Took about 25 mins to get through to someone, who then had to transfer me to a "Regular Saver specialist opener" person (there is nothing on the press button menu to help you get to the right person straight off). Once through to the right person, the process was about 10 mins. Account showing online by time I logged in straight after the call, with £300 transferred in from current account (and SO set up on the current account).

Glad that M and S aren't my main bankers.

YorkshireBoy

Deleted_User wrote: »

Similar experience herewith M and S Bank. My switch to M and S was completed on 5 April. I phoned on 7 April to open their 6% Regular Saver. Took about 25 mins to get through to someone, who then had to transfer me to a "Regular Saver specialist opener" person (there is nothing on the press button menu to help you get to the right person straight off). Once through to the right person, the process was about 10 mins. Account showing online by time I logged in straight after the call, with £300 transferred in from current account (and SO set up on the current account).

Glad that M and S aren't my main bankers.

I think you mean £250? Or have you found a loophole?