Problem with virgin money savings account (warning to potential customers)

EachPenny

Uxb wrote: »

Even when I want to renew or get a new ticket for the Public Record Office in Kew, London I have to turn up with yes my passport and an original of an address verification document such as a bank statement etc from their list of acceptable documents for them to log.

Yes, the last time I renewed mine I had to provide the documents again plus do a 30min training course and pass a test at the end.

Might solve some problems if banks adopted the same approach - no account opening unless you view a training video and complete a test to confirm you understand how the account works and have read the T&C's and FSCS leaflet

Plus

What EachPenny said.

Here's a story. Once upon a time I had a problem: I kept failing security checks on my credit card. Which was odd, because I'd had it for years - but not used it very much. The bank was happily sending me card statements, and it was the same address as my current account - on which the security was fine.

To cut a long story short, what happened was that the post office had, several years before, changed my postcode. The current account part of the bank had picked up the new postcode for everything. The part of the bank that prints the credit card statements had picked up the new postcode, so the statements looked correct. But the credit card security people were still using the old postcode - which meant that every time I went through security it didn't match.

I have no idea how the bank's own databases could get out of sync like that, but it happened.

The moral of this story is that what you see isn't always what's happening inside. A glitch like that can cause the alarm bells to ring, even if things look fine at your end. And, if there's a problem, you need to help them sort it out according to the procedures they have.

jimjames

SarahD92 wrote: »

You're absolutely right, I guess I was fooled by the brand, and thought they might be trustworthy.

I wouldn't worry about trustworthy but I do find it odd on a money saving site why you would dump all your life savings with the same company that doesn't offer the best rates available? Maybe that is something you should address - it would have taken less time to sort than all the posts here

Westie983

I hope things have been sorted and that you have provided all ID that Virgin require from you to be able you to have access to your account again.

I wish to share my experiences, I dont hold a bank account with Virgin but I do have eight savings accounts and each time I have opened one I have had to provide ID, even though they have already had the ID, scanned the ID and photocopied the ID, I still have to provide it for every application.

That said I would also be concerned by sending lots of ID in the post, but I would make the visit to a branch and allow them to verify the ID and link it to my profile and sent it onward in internal post to the correct department.

I know you have said that you have been told on the telephone that it has been said it has to be in the post, but I would query this by calling back up to say can you have a reference number to be able the branch to link your ID or let them know you will get branch to verify the ID and forward it on, as this is a safer option for you.

I wouldn't be surprised if the call handler agrees that this is suitable as it also mean Passport or DL can be verified in branch.

Westie983

EachPenny

Westie983 wrote: »

I wouldn't be surprised if the call handler agrees that this is suitable as it also mean Passport or DL can be verified in branch.

It would make sense for this to be done in-branch as it also allows comparison between the photo ID and the person sitting the other side of the desk.

However, one possible reason for the postal requirement, which does seem a bit odd, is if SarahD's case has gone beyond the need for standard ID checks and document authentication is now also required. I have no inside knowledge of Virgin's security proceedures, but I have seen some of their branches which appear to be not much more than a rented office space an a photocopier. It is feasible that they don't have the equipment/facilities/training in-branch to do the checks that may now be required in this case.

However, that shouldn't mean that the documents cannot be left at a Virgin branch for them to be forwarded internally to whatever department needs to see them.

Nohopeharry

colsten wrote: »

I have held accounts with Virgin Money on and off for a few years, and I presently have 8 with them - 4 online and 4 Branch-only. I never had any problem with them, but then I never refused to show them ID which they require in Branch. Can highly recommend Virgin Money.

Phew, I'm glad you replied with something positive. I opened a few online regular savers about two months ago, and have yet to be asked for paper ID. Had no problems so far myself. Was getting worried there with the contents of the OP.

SarahD92

jimjames wrote: »

I wouldn't worry about trustworthy but I do find it odd on a money saving site why you would dump all your life savings with the same company that doesn't offer the best rates available? Maybe that is something you should address - it would have taken less time to sort than all the posts here

Could you please pm me some safe alternatives to saving accounts that offer better rates? Thanks

EachPenny

Nohopeharry wrote: »

Phew, I'm glad you replied with something positive. I opened a few online regular savers about two months ago, and have yet to be asked for paper ID. Had no problems so far myself. Was getting worried there with the contents of the OP.

Just to add to the positivity then, I've recently opened two online and three in-store - the online ones were first. No need to send any paper ID for the online accounts which are up and running for online access. I took passport and utility bill for the in-store accounts, but the advisor could see I was already on the system so just a passport photocopy for the file.

I assume the agency Virgin use for electronic ID verification also have data about other accounts opened in the recent past and the results of ID checks on them. If you are actively opening accounts on a regular basis then I don't think the electronic check will be a problem. If you've not opened an account for years then maybe it will be a problem. And if somehow the wrong details have been supplied then obviously there will be red flags and people will be asking for lots of paper documents.

ctdctd

SarahD92 wrote: »

Could you please pm me some safe alternatives to saving accounts that offer better rates? Thanks

Try the first few posts in the Regular Saver Thread for starters.
https://forums.moneysavingexpert.com/discussion/608697

Then move onto the best current accounts that give decent interest.
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

HTH

SarahD92

EachPenny wrote: »

I've recently opened two online and three in-store.

Just out of curiosity, why have you opened 5 accounts with them? Also, why did you open two online, and then decided to go to the store to open three more at the store?