switching for cash

stehouk

I'm fairly new to this switching for cash/incentives, i have done 4 all went through easily and i have a spare tesco mule account that i opened 3wks ago, my question is i have started and abandoned 2 applications because of the in-depth application questions with both m&s and first direct that were not asked on any of my previous switches, ie: how long have i held my current account, how much will i pay into the new account, will i pay my wage into the account, how much will i deposit over a year, how will i fund the account, how much will the first payment be etc etc etc
I assume they are trying to weed out the serial switchers by asking all these questions.
I am switching a new mule account for the bonus, will they refuse me an account if i answer correctly :A or should i erm adapt my answers :rotfl:

stehouk

I am going fund the account so that i can get the bonus and the 5% regular saver so i'm not just going to ditch it after i get the bonus

EachPenny

stehouk wrote: »

I'm fairly new to this switching for cash/incentives, i have done 4 all went through easily and i have a spare tesco mule account that i opened 3wks ago, my question is i have started and abandoned 2 applications because of the in-depth application questions with both m&s and first direct that were not asked on any of my previous switches, ie: how long have i held my current account, how much will i pay into the new account, will i pay my wage into the account, how much will i deposit over a year, how will i fund the account, how much will the first payment be etc etc etc
I assume they are trying to weed out the serial switchers by asking all these questions.
I am switching a new mule account for the bonus, will they refuse me an account if i answer correctly :A or should i erm adapt my answers

Two things:-

Firstly, don't use the word "mule" it implies illegal activity which is not something you want to associate your personal banking with (the response from banks may be to close your accounts down)

Secondly, don't "erm adapt [your] answers" (aka 'lie'). Lying on an application is illegal activity known as "fraud". (the response from banks will be to close your accounts down and attach something called a CIFAS marker to your name) You won't be :rotfl:if that happens.

If you think lying is worth it to get a switching bonus then you will be lucky if all they do is refuse you an account.

N1ckS

Agreed, best to be honest, and if they refuse the application the worst thing that will happen is that you have to wait a while before re-applying.

stehouk

Is it illegal to state i will pay my wage in and then not, but put the same amount in but from another source ie: my main account

EachPenny

stehouk wrote: »

Is it illegal to state i will pay my wage in and then not, but put the same amount in but from another source ie: my main account

It depends on the question. But I don't ever remember being asked specifically whether I intend to pay a salary into the account. Which bank is asking you this?

stehouk

Both m&s and first direct ask where the funds be paid from, when it will be paid, how much per mth, how much i will pay in over the year etc, i'm self employed so may be it has something to do with that, i am not going to lie about my annual wage or anything like that i just want to keep my new account for a while and fund it from there.

stehouk

Declined,
I do not meet their criteria, in other words because i was truthful and stated it won't be my main account and they won't be making enough money from me they're not interested.

EachPenny

stehouk wrote: »

Declined,
I do not meet their criteria, in other words because i was truthful and stated it won't be my main account and they won't be making enough money from me they're not interested.

It is probably more likely to be due to you recently applying for several other current accounts including the Tesco one you are looking to switch (only 3 weeks ago) and the Natwest switch. How many of the 4 were within the last 6 months?

If banks are looking to make more money out of you then they are thinking about cross-selling of other products. E.g. You open a current account and they can then try to sell you credit cards, insurance etc. Having a current account which is a 'main' one rather than a 'backup' one is unlikely to generate them much additional income, unless you are constantly paying fees and charges for being overdrawn.

The best bet is to wait for 6 months without doing any more switching and then try again. But don't be tempted to lie because that lie can still come back on you.

ValiantSon

stehouk wrote: »

I'm fairly new to this switching for cash/incentives, i have done 4 all went through easily and i have a spare tesco mule account that i opened 3wks ago, my question is i have started and abandoned 2 applications because of the in-depth application questions with both m&s and first direct that were not asked on any of my previous switches, ie: how long have i held my current account, how much will i pay into the new account, will i pay my wage into the account, how much will i deposit over a year, how will i fund the account, how much will the first payment be etc etc etc
I assume they are trying to weed out the serial switchers by asking all these questions.
I am switching a new mule account for the bonus, will they refuse me an account if i answer correctly :A or should i erm adapt my answers :rotfl:

You should answer all questions honestly. Doing otherwise could potentially land you in very hot water for fraud.

The questions asked by First Direct and M&S are intended to give them a full picture of you so as to decide whether or not you are an attractive customer. They are entitled to ask these questions, just as you are entitled to decide that you don't want to disclose the answers and therefore not proceed with your application.

There is nothing to be worried about in answering the questions. Your answers may, or may not, result in you being offered an account, but the answers do need to be truthful. You will only know the outcome if you complete the process.

stehouk wrote: »

Is it illegal to state i will pay my wage in and then not, but put the same amount in but from another source ie: my main account

It would be fraudulent to claim that you will pay in £X (equivalent to your net salary) and then not do so.

One of the questions on the application is whether you have any reason to believe that your circumstances will change in the next two years. If you did as you suggest above then you would have lied on your application and they would treat it as fraud. At the very least they would shut all of your accounts with them without any notice, and they may well place a CIFAS marker too.

stehouk wrote: »

Declined,
I do not meet their criteria, in other words because i was truthful and stated it won't be my main account and they won't be making enough money from me they're not interested.

That's life. You are not an attractive customer to them at the moment. You can try again in six months to a year's time when your circumstances may have changed.

stehouk

I think you are right i have overdone my applications, i have 2 new credit cards, 4 new current accounts and 3 savings accounts within the last 6 weeks, its become a bit of an addiction, (they're are worse addictions though) i did think prior to applying that it might be declined, i must say though i think both m&s and first direct applications are far more in depth than halifax,tesco tsb and nationwide, and they are virtually identical in layout, must be the same for hsbc.
Will have to wait 6 mths now i hope i don't miss any decent switches while waiting.