Second current account applications

myname15

I'm an existing current account customer with a couple of banks, but recently tried to apply for new 'basic' current accounts with the intention of using them as donor switch accounts.

On both occasions, I decided to abandon the applications half way through (mainly because they asked for income / expenses etc. - do all banks do this even if you apply for a second CA and regardless of how long you've been with them?).

1.  Are there any ramifications doing this?  Does it raise any flags internally? 

2.  I'm currently not working but not claiming any benefits, so not income, but living off savings.  Will this affect my chances on a new account?  I used to have employment income when I applied for the old accounts.

Sensory

1. No
2. Maybe, and probably more likely for accounts that require minimum monthly deposits.

If you fail to meet eligibility criteria for a provider's standard (non-basic) accounts, you should always be able to access that provider's basic account, although providers offering switch incentives limit those incentives to specific (non-basic) accounts.

PRAISETHESUN

Sensory said:

1. No
2. Maybe, and probably more likely for accounts that require minimum monthly deposits.

If you fail to meet eligibility criteria for a provider's standard (non-basic) accounts, you should always be able to access that provider's basic account, although providers offering switch incentives limit those incentives to specific (non-basic) accounts.

Also to note that switching a basic account to another bank can be done by CASS so they can be used as a donor account for switching at least, even if opening a basic account itself usually doesn't qualify for switch incentives. I've done this in the past where I applied for a standard current account at one bank, got referred to their basic account instead and then switched it away a few months later after it was opened for an incentive with another bank who would offer me a standard current account.

[Deleted User]

myname15 said:

I'm an existing current account customer with a couple of banks, but recently tried to apply for new 'basic' current accounts with the intention of using them as donor switch accounts.

On both occasions, I decided to abandon the applications half way through (mainly because they asked for income / expenses etc. - do all banks do this even if you apply for a second CA and regardless of how long you've been with them?).

1.  Are there any ramifications doing this?  Does it raise any flags internally? 

2.  I'm currently not working but not claiming any benefits, so not income, but living off savings.  Will this affect my chances on a new account?  I used to have employment income when I applied for the old accounts.

It will likely update your info on their system as no longer being in employment etc 

General_Grant

Deleted User said:

myname15 said:

I'm an existing current account customer with a couple of banks, but recently tried to apply for new 'basic' current accounts with the intention of using them as donor switch accounts.

On both occasions, I decided to abandon the applications half way through (mainly because they asked for income / expenses etc. - do all banks do this even if you apply for a second CA and regardless of how long you've been with them?).

1.  Are there any ramifications doing this?  Does it raise any flags internally? 

2.  I'm currently not working but not claiming any benefits, so not income, but living off savings.  Will this affect my chances on a new account?  I used to have employment income when I applied for the old accounts.

It will likely update your info on their system as no longer being in employment etc 

How will an abandoned application which didn't progress to saying not employed update a bank's system with a change of employment status?

Or did you mean that if the OP completes an application with the status of "non-employed" (they are not "unemployed" of course), the system will amend the data held whether or not the new account is then offered?

phillw

General_Grant said:
Or did you mean that if the OP completes an application with the status of "non-employed" (they are not "unemployed" of course), the system will amend the data held whether or not the new account is then offered?

I would hope that until you hit confirm that they don't think any information is correct anyway.

Sensory

phillw said:

General_Grant said:
Or did you mean that if the OP completes an application with the status of "non-employed" (they are not "unemployed" of course), the system will amend the data held whether or not the new account is then offered?

I would hope that until you hit confirm that they don't think any information is correct anyway.

It would be extremely unlikely, as well as negligent and potentially unlawful, for a company to update stored customer records based on an unfinished, unverified and unsubmitted application where no permission has been given to store the data not being formally submitted.