Turned down for a Co-Op bank account

Astraeus

Morning all. Bit of an odd on here - applied for a Co-Op bank account to shift to, away from FD, and was provisionally accepted but later my application was refused. Now I say odd because I am trying to deposit a fairly significant chunk of cash into the account and I don't have a particularly bad credit rating.

I know it is all a bit hocus-pocus but any thoughts on why Co-Op wouldn't be interested in a sizeable deposit?

mel48rose

That's very strange but their loss!! I opened 4 accounts with them in 18 months found it very easy. Is it worth trying again?

Astraeus

mel48rose wrote: »

That's very strange but their loss!! I opened 4 accounts with them in 18 months found it very easy. Is it worth trying again?

I don't particularly want to because the big picture is of mortgage applications imminently so I don't really want anything to harm my credit rating. I honestly felt this was a sure-fire tick having never been turned down for a bank account before!

YorkshireBoy

How would they know you intended to make a sizeable deposit?

Astraeus

YorkshireBoy wrote: »

How would they know you intended to make a sizeable deposit?

Because my credit file will only show a current account with a fair whack of cash in it and I ticked that I wanted to use their switch service.

YorkshireBoy

Astraeus wrote: »

Because my credit file will only show a current account with a fair whack of cash in it and I ticked that I wanted to use their switch service.

Credit reports do not contain any detail of positive balances...they only contain details of money owed, ie debt.

alternate

Plus when a computer program looks at your credit file it is likely just checking for flags - not weighing the pros and cons of you as a customer.

JGUK

When the declined letter comes, I'd write a polite letter back and attach a copy of my credit report.

If it is a good report, they will possibly overturn the decision (if it was for a current account with no credit facilities and your credit file is perfectly ok, I see no reason why they wouldn't unless you had past debt with the bank)?

takman

JGUK wrote: »

When the declined letter comes, I'd write a polite letter back and attach a copy of my credit report.

If it is a good report, they will possibly overturn the decision (if it was for a current account with no credit facilities and your credit file is perfectly ok, I see no reason why they wouldn't unless you had past debt with the bank)?

I doubt they would take any notice of the credit report because you could send them a copy with all the bad things removed to make it look better. They will only use their own systems to check credit reports so they know the information is correct.

JGUK

Lets assume for a minute that he doesn't remove anything like most normal law abiding citizens . . .

He would simply be sending them a copy of his report that they could fact check with their own screens and see that maybe they've made an error and overturn the result ?

If he's just asking for normal banking facilities it would be a shame to let that credit check go to waste ?

bigadaj

JGUK wrote: »

Lets assume for a minute that he doesn't remove anything like most normal law abiding citizens . . .

He would simply be sending them a copy of his report that they could fact check with their own screens and see that maybe they've made an error and overturn the result ?

If he's just asking for normal banking facilities it would be a shame to let that credit check go to waste ?

No, that's pointless.

He can certainly appeal but the bank will only use their own sources, unless you think maybe his mum could write him a note?