Top Bank Accounts Discussion Area

menaistrait

The terms most banks provide are just not clear.  

Nationwide's:

How to get the bonus:

Switch to a new or existing account, including 2+ direct debits, with a switch completion date within 30 days. Once complete, the bonus is paid within 10 days.

So do both DD have to be switched? or can I just switch from an account with 1 DD and just setup another with Nationwide once open??  

eskbanker

menaistrait said:

The terms most banks provide are just not clear.  

Nationwide's:

How to get the bonus:

Switch to a new or existing account, including 2+ direct debits, with a switch completion date within 30 days. Once complete, the bonus is paid within 10 days.

So do both DD have to be switched? or can I just switch from an account with 1 DD and just setup another with Nationwide once open??  

But the answers will lie in the actual offer terms, rather than a summarised overview, so https://www.nationwide.co.uk/current-accounts/help/terms/current-account-online-switch-offer-terms-and-conditions/ is unambiguous:

7. You must transfer a minimum of 2 active Direct Debits from the current account being switched to the Nationwide account.

Pathpink

Perhaps it should be mentioned that the Chase app will only allow a person to use it if they have a passport, driving licence or EU identity card. That is useless for someone who has none of these.

Daliah

Pathpink said:

Perhaps it should be mentioned that the Chase app will only allow a person to use it if they have a passport, driving licence or EU identity card. That is useless for someone who has none of these.

A person is increasingly expected to have a photo ID for proof of ID, particularly for financial products such as current accounts. Banks, for instance, publish their ID requirements on their websites. Online-only banks like Chase, Starling, Monzo all require photo ID.  

It remains your choice whether you have such ID, and it’s therefore your decision to exclude yourself from products which require photo ID.

Consumerist

It seems, to me, odd that in the current online-banking system, where banks rarely actually see their customers, they need you to have photo ID. Am I missing something?

Sensory

Consumerist said:

It seems, to me, odd that in the current online-banking system, where banks rarely actually see their customers, they need you to have photo ID. Am I missing something?

Why do you think that?

Are you aware many banks require live 'selfie' photos during registration (you cannot simply upload an older photo taken previously), implementing technology that compares the photo taken to the photo ID supplied?

Daliah

Consumerist said:

It seems, to me, odd that in the current online-banking system, where banks rarely actually see their customers, they need you to have photo ID. Am I missing something?

Having a photo from you on file enables the online-only banks to compare it with a passport that may get presented to them upon their request. Similar for remote interaction of a brick & mortar bank, and if you do go to Branch, it may help if they can compare your face with the one they have on file. It's possible to forge a passport or a DL, but a face can't be forged.

What do you consider the issue in giving a bank your photo? 

Consumerist

Daliah said:

What do you consider the issue in giving a bank your photo? 

Just curious. I haven't been asked for, or given, any bank my photo as far as I can remember.

empyrean

Silly question time.... me and my wife currently have separate accounts and are looking to get a joint account as now we have a baby it will just make stuff easier. Can only 1 of us use the whole automatic switching process to a new account and the other person would need to manually switch all their direct debits etc to the new account?

Daliah

empyrean said:

Silly question time.... me and my wife currently have separate accounts and are looking to get a joint account as now we have a baby it will just make stuff easier. Can only 1 of us use the whole automatic switching process to a new account and the other person would need to manually switch all their direct debits etc to the new account?

You can use CASS to switch as many sole accounts as you wish into a joint account, as long as the sole account holder is one of the joint account holders. You may, however, only get the switch bonus once per joint account - you will have to check the respective switch offer for the exact terms. You can, obviously, also switch without a switch offer.

However, it is generally considered a good idea to have more than one current account, with different financial institutions, in case there is any problem with the account you use most. You wouldn't want to be stranded without money, would you, especially with a baby? So you might want to keep your existing sole accounts and just open a new joint account into which you transfer money from your sole accounts as needed. You can still go after the switch offers - just set up donor accounts for this. Search the forum for 'donor account' if you need to know more.