Is this allowed

Mike_&_Hayley

Hi,

I work for an Insurance Company owned by a large bank.

Whenever a new employee starts the bank insist that these people switch their current accounts to one with the bank they are now employed by, they say you dont have to pay your bills out of it you just have to have your salary paid in, you are free to xfer your salary out to any account you like straight after.

They are now trying to get all existing employees to follow suit, is this allowed.

Just seems like monopolising ??

jonesMUFCforever

Mike_&_Hayley wrote: »

Hi,

I work for an Insurance Company owned by a large bank.

Whenever a new employee starts the bank insist that these people switch their current accounts to one with the bank they are now employed by, they say you dont have to pay your bills out of it you just have to have your salary paid in, you are free to xfer your salary out to any account you like straight after.

They are now trying to get all existing employees to follow suit, is this allowed.

Just seems like monopolising ??

Are you sure that they are asking you to switch accounts or merely opening an account for your salary to be paid into?

enola-alone

Mike_&_Hayley wrote: »

Hi,

I work for an Insurance Company owned by a large bank.

Whenever a new employee starts the bank insist that these people switch their current accounts to one with the bank they are now employed by, they say you dont have to pay your bills out of it you just have to have your salary paid in, you are free to xfer your salary out to any account you like straight after.

They are now trying to get all existing employees to follow suit, is this allowed.

Just seems like monopolising ??

Hi,

Do you work for CIS by any chance? I worked there in the late 90's and they would only pay you into a bank account if it was one of their own. The only other option was to be paid cash on a weekly basis. Not very safe, so everybody picks the account option.

I'm really not sure if there is any way around it.

Enola.

webitha

i also worked with the cis (head office) til 1999 and ive also worked with the abbey nd both times i had my salary paid into my halifax bank account

i dont think that they can "force" you to take up their accounts
but then again i had a very poor credit rating thanks to an ex so i dont think they had a choice lol

Mike_&_Hayley

hi jjones999

They are just asking for us to have our salary paid into one of their accounts so they can save costs on BACS transfers and also announce to the banking community "look at how many new accounts we have arranges year on year"

Thats all, we can do as we wish once its paid in, it just means that "payday " would have to wait a little longer while the transfer from the account I dont want goes to the one I have already got,

I dont work for CIS though, but at least it isnt just who I work for that does it I guess.

Cheers,

tom188

Same for all HSBC employees I believe, even investment banking arm.

jonesMUFCforever

Mike_&_Hayley wrote: »

hi jjones999

They are just asking for us to have our salary paid into one of their accounts so they can save costs on BACS transfers and also announce to the banking community "look at how many new accounts we have arranges year on year"

Thats all, we can do as we wish once its paid in, it just means that "payday " would have to wait a little longer while the transfer from the account I dont want goes to the one I have already got,

I dont work for CIS though, but at least it isnt just who I work for that does it I guess.

Cheers,

From next year BACS transfers are going to be done more or less same day.
I also think that the BACS cost is a red herring (ie your employers lying to you) - it costs the same to do whether it is the same bank or not.

LittleVoice

ejones999 wrote: »

From next year BACS transfers are going to be done more or less same day.
I also think that the BACS cost is a red herring (ie your employers lying to you) - it costs the same to do whether it is the same bank or not.

Added to which, if you transfer the money out by BACS it is still going to cost them! In fact, wouldn't it cost them even more if they were dealing with paying individual bills instead of a single transfer to another current account.

wyebird

Banks also like to keep an eye on their staff's financial affairs as well as the "group loyalty" bit. Any unauthorised overdrawing or failed debits can mean you will be called in for a chat with your manager. If they can see your spending habits then they can pick up more quickly any potential problems which may lead to fraud etc in some cases.