TSB Classic Plus application - *warning*

Yorkshire_Pud

krrcwl wrote: »

Actually, the main point I intended to make, which I completely forgot about during the course of writing, is that MSE normally flags up products or services that would require a good credit rating, so you don't waste your time, but it hasn't in this case.

I think most banks require a good credit rating for products. That's the norm and doesn't need stating, makes sense really.

mse often flags up the ones that offer products to those with less than good credit ratings.

Best adjust your expectations to fit the system because the system won't adjust to fit yours!:)

Thrugelmir

krrcwl wrote: »

I would expect an ID search, but if I'm not asking for credit, why do a credit search?

Banks are in business to make a profit. Quality of the customer matters. Opening bank accounts isn't simply a numbers game.

krrcwl

Thrugelmir wrote: »

Banks are in business to make a profit. Quality of the customer matters. Opening bank accounts isn't simply a numbers game.

Well, I was mainly going to use it as a savings account, so their loss.

eskbanker

krrcwl wrote: »

I think the implied point is, you risk getting a credit search on your record which will affect your changes elsewhere, etc, etc.

There's no need to imply anything - you WILL get a credit search when applying for this (or any other) current account!

krrcwl wrote: »

Well, I was mainly going to use it as a savings account, so their loss.

On the contrary, their gain - if you'd been using it as a savings account then they'd be paying you interest without earning anything from you in fees, etc, so it's not their loss at all. If they were making money from people using these as savings accounts, why would they cap the interest-earning balances?

YorkshireBoy

krrcwl wrote: »

Well, I was mainly going to use it as a savings account, so their loss.

There's only one loser here, and its not TSB.

As I see it, they're £130 up already. Plus they can get cash on the market for a lot less than the 3% AER you would have charged them.

You haven't really thought this through have you.

B_G_B

krrcwl wrote: »

After seeing the MSE deal (on the MSE compare-best-bank-accounts page.............

While it wasn't mentioned explicitly, it became obvious that a credit check had been carried out.......

Anyway, my warning is this - if you have a less than average credit rating, it is unlikely that you'll be accepted, and furthermore, you won't know you've been rejected for about a week.

Point number 5.
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

eskbanker

krrcwl wrote: »

SnowTiger wrote: »

At the top of the application page it says:

Even though you didn't specifically ask for an overdraft, there's a possibility that you would create one.

A standard bank account usually comes with an off-line debt card, which means the card can be used without the card machine checking with your bank that you have funds to cover the transaction.

That information was either not present, or not prominent when I made my application - I would expect an ID check, yes, but not a credit check.

Also, since when does any cash machine dispense cash without checking the available balance first? Nonsense.

Who said anything about cash machines? The point SnowTiger correctly made was that card machines (i.e. point of sale terminals used by retailers, etc) will sometimes process transactions without contacting the bank for real-time online authorisation, thereby potentially taking cardholders into the red even if they don't have an arranged overdraft facility.

Shakin_Steve

Contactless transactions can be made without any authorisation from the bank, and if you make three or four of those before a PIN is required, you could easily become overdrawn.

System

Shakin_Steve wrote: »

Contactless transactions can be made without any authorisation from the bank, and if you make three or four of those before a PIN is required, you could easily become overdrawn.

Thats simply not true - the card can be set to always go online (even with contactless transactions) otherwise Nationwide FlexBasic and pre-pay issuers wouldn't offer the facility.

Reading between the lines, the OP actually has an issue with being accepted then declined.

I had a similar experience (with TSB) whereby they opened the account, then froze it, pending paper ID. As it had funds, I was basically forced to take an afternoon off work to go into a branch. Luckily, I was able to terminate my account switch though.

shortcrust

Isn't it outrageous that I wasn't accepted for a banking product?!:mad:

No. It's not.