TSB T&Cs

katsu

Attracted by the 5% on in-credit balances of £1.5k but was shocked to see this declaration at the end of the TSB application:

"I acknowledge and confirm that I would like to open an account and I agree to the terms and conditions. I have also read the information about the overdraft charges that apply as well as the Financial Services Compensation Scheme Information Sheet. I have never been bankrupt, insolvent or entered into any arrangements with creditors, or been the subject of any decree or judgement for debt outstanding."

So you can't bank with TSB if you have ever had a CCJ - or is it OK if the CCJ is now settled so is no longer a debt outstanding? I am slightly guessing at what they mean by "judgement for debt outstanding"? Also, do they exclude anyone who has ever had a DMP by saying "entered into any arrangements with creditors"?

How common are these requirements? Is there any point in raising this with TSB as it seems unduly onerous to ask about people who have "ever" been in these situations, and I am wondering if it is really fair.

They would have no way of knowing after six years or similar when CCJs disappear fron the records (and DMPs are only ever on someone's recorded default payments I assume?).

I was looking for a relative who had a CCJ that they paid years ago, but I don't want to help them with this application and end up with them getting a CIFAS marker.

Snow_Dog

I suspect that this is because the online application is a 5 minute fully automated process so provided you are 100% squeaky clean and always have been then it opens an account for you.


In this case where there is one potential issue that would need a bank employee to check that all is OK then that is the catch all.


Must admit, went through the TSB account opening process twice yesterday and didnt spot that in the T&C quick scan. You are more thorough than me.

katsu

I used to be very uncomfortable with financial matters Snow Dog. Martin and these forums changed that, but I am cautious still sometimes.

I can't see how to actually open this account if my interpretation is correct and the person isn't, squeaky clean as you say. There is no option to proceed online without ticking that statement.

I'm wondering if a branch can do any better or if this is a head office issue?

colsten

katsu wrote: »

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I'm wondering if a branch can do any better or if this is a head office issue?

No Branch can override the T&Cs that apply to a given account. They could, however, potentially help with talking some sense into whoever writes those T&Cs. It seems odd that they wouldn't offer accounts to people who pass the credit check at time of application. After all, not having had any CCJ etc in the past is no guarantee for not getting one in the future.

eskbanker

colsten wrote: »

No Branch can override the T&Cs that apply to a given account. They could, however, potentially help with talking some sense into whoever writes those T&Cs. It seems odd that they wouldn't offer accounts to people who pass the credit check at time of application. After all, not having had any CCJ etc in the past is no guarantee for not getting one in the future.

Is there any evidence that the quoted text is actually in the account Ts & Cs though, rather than simply being a declaration to be made when applying online?

I had a quick look through the two documents that collectively make up the Ts & Cs, and others, but couldn't find any reference to that wording or anything obviously equivalent:
https://www.tsb.co.uk/current-accounts/classic-plus-account-product-conditions.pdf
https://www.tsb.co.uk/personal-banking-term-and-conditions1117.pdf
https://www.tsb.co.uk/current-accounts/classic-plus-account-welcome-pack.pdf
https://www.tsb.co.uk/classic-plus-fee-information-document.pdf

Skippy13

I'm worried now. I applied for an account with TSB this morning and don't remember seeing anything about being bankrupt. I was accepted for the account but, as I went BR in 2007, would I be better closing it?