Are banks’ systems smart enough to detect multiple switches?

7sefton

Like any good Moneysaver, I’ve exhausted each and every bank switch offer.

All banks tend to have a clause in their T&Cs saying you won’t qualify for a cash switch bonus if you’ve switched to them before.

But I’m wondering if banks’ systems are even able to detect a customer who opens & switches another account a few months in advance?

From what I’ve seen, a lot of the old banks don’t have the smartest of IT systems so I’m tempted to try my luck...

Does anyone have any successful experiences?

masonic

I have an unsuccessful experience. But YMMV, people have discovered all sorts of interesting loopholes through trying things out.

[Deleted User]

I had an apparently "successful" experience in Feb 2018, receiving a switch bonus from a bank which had paid me a switch bonus in early 2016. I won't reveal the bank involved, but it can happen. No fraud was involved. I opened a new current account with the bank, having closed the original one some months previously, and applied to switch an account with another bank to the new account, and the bonus amount appeared in the new account without my asking. The only information on the statement was "credit to account". The account is still open and I have been awaiting clawback for 9 months but it hasn't happened...yet.

EarthBoy

First Direct won't pay a joining bonus to any previous customers, even if they haven't had a joining bonus previously. There have been many reports on this forum, over the years, that they recognise previous customers, even after 20 or more years.

Katiehound

EarthBoy wrote: »

First Direct won't pay a joining bonus to any previous customers, even if they haven't had a joining bonus previously. There have been many reports on this forum, over the years, that they recognise previous customers, even after 20 or more years.

I think the problem may well be that they don't remove your name from their list, so to speak. I had an account with them.......maybe 30 years ago. I am pretty sure that when I closed the account they told me something along those lines- plus I still live at same address.
Can't remember if I have tried more recently, possibly decided it wasn't worth the hassle!

jimjames

EarthBoy wrote: »

First Direct won't pay a joining bonus to any previous customers, even if they haven't had a joining bonus previously. There have been many reports on this forum, over the years, that they recognise previous customers, even after 20 or more years.

I wonder with GDPR if they're now allowed to retain that information for that length of time

Ergates

jimjames wrote: »

I wonder with GDPR if they're now allowed to retain that information for that length of time

If you have a legitimate business reason for doing so.

However, under GDPR you also have the right to be forgotten. So you could contact the bank and ask them to wipe you from their memory (so to speak) *then* reopen the account with them.

PRAISETHESUN

Ergates wrote: »

If you have a legitimate business reason for doing so.

However, under GDPR you also have the right to be forgotten. So you could contact the bank and ask them to wipe you from their memory (so to speak) *then* reopen the account with them.

I'm pretty sure than financial information is one of those categories of information that are exempt of that particular part of GDPR... otherwise I could open a credit card, max it out and then request that the bank "forget" my debt...

gingercordial

7sefton wrote: »

Like any good Moneysaver, I’ve exhausted each and every bank switch offer.

All banks tend to have a clause in their T&Cs saying you won’t qualify for a cash switch bonus if you’ve switched to them before.

But I’m wondering if banks’ systems are even able to detect a customer who opens & switches another account a few months in advance?

From what I’ve seen, a lot of the old banks don’t have the smartest of IT systems so I’m tempted to try my luck...

Does anyone have any successful experiences?

Only an unsuccessful one. I recently switched an account into Halifax, not aiming to get a bonus but as part of a tidying up exercise to reduce my pile of current accounts. During the switch process one of the update texts I received was to say that unfortunately I was not eligible for the switching bonus as I've had one since January 2012. Fine, I wasn't expecting one and had not enquired about one, but it did surprise me that it was automatically checked and the rejection notified.

I think the switch that got me the bonus that disqualifies me now was in autumn 2014 so their cross-checking goes back at least that far.

jimjames

Ergates wrote: »

If you have a legitimate business reason for doing so.

However, under GDPR you also have the right to be forgotten. So you could contact the bank and ask them to wipe you from their memory (so to speak) *then* reopen the account with them.

I'm not sure they could claim a legitimate business reason for holding customer details for 20+ years if the customer handled their account in good order

masonic

jimjames wrote: »

I'm not sure they could claim a legitimate business reason for holding customer details for 20+ years if the customer handled their account in good order

Is there a statute of limitations for financial crimes, such as fraud, money laundering and tax evasion? If not, then I imagine banks would be obliged to keep records for 20+ years.