General Discussion and Whimsical Banter

masonic

LHW99 said:

Swipe said:

IvanOpinion said:

 (not particularly onerous if you are comfortable with using a password manager).

Everyone should really be using a password manager these days and auto generating strong unique passwords.

Although I have encountered sites where my p/w manager generated password was accepted initially, but rejected subsequently because it provided too many characters. Not sure if that was for a banking site, but it has happened to me a couple of times.

In my experience banks are more likely to put such a limit in place, but also much more likely to check the chosen password meets requirements (they may also limit you to a case insensitive alphanumeric character set so that they can make you choose individual characters from a dropdown or secure on-screen keyboard). 

But I've encountered exactly what you suggest at a couple of lower security retail-based sites (though not recently). This latter behaviour is a strong indicator that the company in question is not storing passwords securely and customers would be at greater risk if they were ever compromised, as quite a number of companies have found out to their chagrin!

Bridlington1

In the interests of keeping the main EA thread on topic this is a continuation of a discussion surrounding account closures that first began in the main EA thread:

pecunianonolet said:

Bridlington1 said:

flaneurs_lobster said:

Bridlington1 said:

pokemaster said:

Metro Bank Instant Access Savings Account

5.22% (yearly compounded) 5.10% (Monthly)

From 10 November 2023, open a new account and deposit at least £500 within 28 days to earn a Limited Edition Rate (variable). If you don’t do this, you’ll receive our Standard Variable Rate of 1.65% AER*/1.64% Gross (variable)...... for 12 months

https://www.metrobankonline.co.uk/savings/products/instant-access-savings/

EDIT: Can't find it on the app/logging into account online and when trying to get it through the website seems like you have to sign up to them all over again, even though I have a current account?

Well it's nice to know my knack for timing is still alive and well. Metro have launched their 5.22% EA account about a week after closing my Metro current account and giving me a lifetime ban in the process.  

How did you upset them? I've had two current accounts within three months of each other, both swapped elsewhere for bonuses. Still let me have the 5.22%.

I don't really know what I've done to annoy them to be honest. I've only ever had the one current account with them, which I opened in January 2023. I ordered a chequebook, switched a Halifax account to them when LBG gave me a lifetime ban and have used this account as one of my nominated accounts for my various savings accounts.

The only thing I can possibly think of is that the fact that as I'm a student, my income is very low, but have a large amount of savings and am very much a rate tart has led to my nominated accounts regularly seeing a large volume of money flowing through them relative to my income so that difference could have possibly spooked them? 

However if this is the reason for the lifetime ban then it's very concerning for me indeed since my Nationwide, Ulster, Santander, TSB and First Direct current accounts all now see similar numbers/volumes of transactions as Metro did and have most of them done so for a number of months. Unless I'm about to see the closure of most of my other current accounts, which to be honest the way my luck's going at the moment probably wouldn't surprise me, then there will probably be some other factor at play, the question is what?

Sad to hear you got another ban. Perhaps, in the interest of mitigating risk, it might make sense to slow down activities a bit for a while. Getting banned from other institutions might outweigh the benefit of a few pennies/pounds more interest? Or indeed, call them before you move larger sums to make them aware, offer source of funds info, etc. so you at least show them willingness of cooperation?

Since Metro have given me a lifetime ban I've ended up reducing my account activity across my current accounts in general by default anyway. Now that easy access rates seem to have flatlined I'm not moving my easy access savings from one EA account to another (this was most of the transactions). When savings rates were rising it was not uncommon for me to have move the contents of my easy access savings once or twice a week but now that movement has reduced considerably. On top of this I've now exhausted my EA savings accounts with my regular savers anyway so even if I did move my EA savings again I'd only be moving a couple a couple of hundred at the most compared with several thousand as it was before and I've recently opened a 95 day notice account with RCI, which has absorbed a chunk of the funds that were destined for my regular savers so even my monthly regular saver deposits over the next few months are now going to be much lower than what they were previously.

I doubt ringing a bank before making a payment would do any good though. If it did make a difference what do you think the fraudsters would do? 

dealyboy said:

@Bridlington1 said:

flaneurs_lobster said:

Bridlington1 said:

pokemaster said:

Metro Bank Instant Access Savings Account

5.22% (yearly compounded) 5.10% (Monthly)

From 10 November 2023, open a new account and deposit at least £500 within 28 days to earn a Limited Edition Rate (variable). If you don’t do this, you’ll receive our Standard Variable Rate of 1.65% AER*/1.64% Gross (variable)...... for 12 months

https://www.metrobankonline.co.uk/savings/products/instant-access-savings/

EDIT: Can't find it on the app/logging into account online and when trying to get it through the website seems like you have to sign up to them all over again, even though I have a current account?

Well it's nice to know my knack for timing is still alive and well. Metro have launched their 5.22% EA account about a week after closing my Metro current account and giving me a lifetime ban in the process.  

How did you upset them? I've had two current accounts within three months of each other, both swapped elsewhere for bonuses. Still let me have the 5.22%.

I don't really know what I've done to annoy them to be honest. I've only ever had the one current account with them, which I opened in January 2023. I ordered a chequebook, switched a Halifax account to them when LBG gave me a lifetime ban and have used this account as one of my nominated accounts for my various savings accounts.

The only thing I can possibly think of is that the fact that as I'm a student, my income is very low, but have a large amount of savings and am very much a rate tart has led to my nominated accounts regularly seeing a large volume of money flowing through them relative to my income so that difference could have possibly spooked them? 

However if this is the reason for the lifetime ban then it's very concerning for me indeed since my Nationwide, Ulster, Santander, TSB and First Direct current accounts all now see similar numbers/volumes of transactions as Metro did and have most of them done so for a number of months. Unless I'm about to see the closure of most of my other current accounts, which to be honest the way my luck's going at the moment probably wouldn't surprise me, then there will probably be some other factor at play, the question is what?

Very sorry to hear the news ... if only we knew what the problem was, your fan club (you know ... us) could petition them. If it's a lifetime ban then it would suggest they believe it was misuse/misconduct rather than a commercial decision, if the latter were the case well people's circumstances do change.

You could ask for an SAR if you think you might have been faraged.

Thanks for reminding me, they still haven't responded to the DSAR I submitted to them on 31st August when they told me they were closing my only account in the first place.

It did come as a bit of a shock, particularly since after the LBG ban I took several steps to reduce the risk of receiving/the effect of other lifetime bans. I stopped making £1.01 debit card deposits into savings accounts for the Natwest/RBS round ups, I now don't stooze 0% overdrafts if I have savings with that bank so have resisted the temptation to stooze a £1.5k 0% student OD with Santander whilst having £4k in their edge saver and I've spread my nominated accounts out over multiple accounts, rather than having most accounts linked to one nominated account (previously Lloyds). This proved useful with the latest lifetime ban as I was able to stop using my Metro account immediately and let the others take on the slack immediately, even though the ban came on 31/8/23 and my accounts usually see a lot of activity on 1st. I haven't opened a single donor account solely for switching purposes since the LBG ban and I've also chosen not to make the 21 debit card deposits from FD to become eligible for their prize draw (@flaneurs_lobster's chances of winning now increase slightly more).

I must admit though after receiving lifetime bans from 3 banking groups since November 2022 I'm now at the point where whenever I receive a letter or email from a bank my first thought is usually something along the lines of "oh heck, I hope it's not another lifetime ban" and these lifetime bans are starting to get rather costly in financial terms. TSB haven't let me open any new current/savings accounts with them for over a year so I've been unable to get any of their switching offers or benefit from their 6% regular saver, not to mention the Halifax rewards and extra interest from the LBG regular savers that my LBG ban has deprived me of. If Barclays launch a switching offer after I've finished uni I won't be able to get that due to the 18 days of banking with them last November resulting in a lifetime ban. Whilst the LBG ban was pretty much inevitable and I've only myself to blame for that I can't help but think think the Barclays and Metro lifetime bans were a bit harsh and will likely become very frustrating over the coming years as I become unable to access more and more switching offers and high interest accounts in the future but it is what it is.

ircE

Bridlington1 said:

Thanks for reminding me, they still haven't responded to the DSAR I submitted to them on 31st August when they told me they were closing my only account in the first place.

I thought they had to respond within one month...!

dealyboy

@Bridlington1 ... Honestly from what I know of you you will not need the chickenfeed you've been scraping 'over the coming years'  .

ToastLady

@Bridlington1 Sorry to hear about this further ban. Banks should have to tell you why they are closing your account(s).
We are hearing more and more of this happening, and it really would be good to know the reasons why. 

Thumbs_Up

@Bridlington1

I take it you're not a mature student? So basically you are just starting out in life and now you have a life time ban with 3 banking groups.

Can't say I'm a member of your fan group. I have read some of you earlier comments about this predicament you have and it did come over as a bit of a jolly jape. Back then you did seem to have the attitude, and to quote a film   "frankly my dear I don't give a dam"    

pecunianonolet

@Bridlington1 that sounds indeed like you're now missing out on quite a lot of offers, benefits and accounts due to bans by adjusting behaviour. I guess it does make banks suspicious that a student can turn such sums around when most have to turn every penny twice to get education and life going ending up with a huge debt they have to repay for many years or decades. 

However, I sincerely hope you land a high income job so there is a chance that in the future some of the banks let you back in. Perhaps regulation will change in your favour too. 

I myself also became a bit more cautious after my Halifax saga, when they closed my current account and regular saver. However, the Everyday Saver I opened but was not really interested in is still open with a NIL balance. I think that saver came with the current account. They closed the accounts with a 60 day notice so guess a simple commercial decision. I was just dumb enough to attempt to switch a Lloyds current account to halifax for the bonus, don't ask me what I was thinking. The DSAR revealed that they were holding totally incorrect info about me and put me in risk category 9, the highest. The Bank of Scotland branch manager was scratching his head, said in over 10 years with them he hasn't seen anything like that. Apologised and corrected any possible info he was able to access and made a note to the file. The date moved in to my current flat was still out by 6 years and he was unable to correct it. Copies of literally everything were taken and we filled out any possible field in there system with info. 

Never heard back from them.

Regarding phoning when moving big sums, I did this when I funded my ISA last year. I aggregated funds in my main account with HSBC, phoned them and asked over the phone to move the full 20k to Virgin. Obviously, I had to go through all the security and fraud checks, answer many questions about source of funds, had to acknowledge I understand the risk, etc. and it was moved without problem for me. I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

There will always be fraud and however strict and tight procedures are, someone will attempt to circumvent or trick the system. It worked for me so as long as you can basically answer any possible question they through at you you're fine and a note is also added to your file so should you move larger sums more often it builds some sort of confidence I guess.

Barkin

pecunianonolet said:

I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

Really?

I've done exactly that - though not with HSBC, admittedly - on numerous occasions, and never had any issues. 

pecunianonolet

Barkin said:

pecunianonolet said:

I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

Really?

I've done exactly that - though not with HSBC, admittedly - on numerous occasions, and never had any issues. 

Yes, that's what the advisor said. Of course, some might be lucky and not trigger any checks but do you not agree that it looks a bit strange when a current account, usually at 0 balance or in interest free arranged overdraft  suddenly gets credited 20k and funds come from like 8-10 different sources within minutes, you then set up a new payee and want to move the whole lot out?

I am with HSBC for 15 years and never really had problems and if stuff didn't go to plan they have always been generous with compensation. Once I called to raise a complaint and they passed me to their complaints team, was asked what the issue is and explained. Was asked if I am happy with £50. Said yes, the money was transferred instantly and I was asked if I am happy and if I can confirm the case is settled, said yes and hung up. By the time I logged into the app the cash was already there. Got a follow up email a few minutes later with case ID, quick explanation and that it has been resolved. That was earlier this year. 

Bridlington1

ircE said:

Bridlington1 said:

Thanks for reminding me, they still haven't responded to the DSAR I submitted to them on 31st August when they told me they were closing my only account in the first place.

I thought they had to respond within one month...!

I believe they do. I shall probably have to contact Metro about the DSAR again at some point in the near future.

dealyboy said:

@Bridlington1 ... Honestly from what I know of you you will not need the chickenfeed you've been scraping 'over the coming years'  .

I appreciate the kind words but I think even if by some remarkable turn of events I ended up a millionaire I'd likely still end up chasing the best savings rates and doing the odd bank switch here and there (assuming there's any left that will accept my custom). I've just always been saving for something and I can't say I've ever had much of an urge to spend so being a rate tart has become second nature to me. As soon as I've bought my first home I will most likely be saving for my retirement, once I retire I imagine I will start saving so that any descendants can receive a decent inheritance so I can't imagine I'll ever stop trying to get a bit of extra money out of the banks here and there if I can and generally being reluctant to spend money unnecessarily as I'll probably always be able to find a reason to save.

ToastLady said:

@Bridlington1 Sorry to hear about this further ban. Banks should have to tell you why they are closing your account(s).
We are hearing more and more of this happening, and it really would be good to know the reasons why. 

It would be nice to know exactly why the banks have closed my accounts but I'm slightly torn on this one in that I can see both sides of the argument. On the one hand knowing the specific reasons behind the account closures would be useful in order to take steps to avoid being banned from other banks and the lack of a clear answer to the question "exactly why has this bank closed my account?" is pretty frustrating I've found. On the flip side though if the bank closes the account due to fraud/money laundering and the bank told the customer that this was the reason behind the closure it would give criminals the chance to destroy/cover up any evidence or warn others involved with the same crime. If a bank had to give a reason for account closures then if someone receives no explanation the implication would be that the account was closed due to suspected criminal activity and this may potentially end up tipping off criminals. 

Thumbs_Up said:

@Bridlington1

I take it you're not a mature student? So basically you are just starting out in life and now you have a life time ban with 3 banking groups.

Can't say I'm a member of your fan group. I have read some of you earlier comments about this predicament you have and it did come over as a bit of a jolly jape. Back then you did seem to have the attitude, and to quote a film   "frankly my dear I don't give a dam"    

You are correct, I'm not a mature student at all and at the age of 20 I now find myself banned from 3 banking groups, with a fourth not letting me open new accounts but allowing me to retain the accounts I currently have with them, so probably not my greatest achievement.

I admit I've probably come across as sounding a bit unsympathetic and overly harsh in some of my earlier posts in particular, this was not the intention and I can't say I've never intended to come across as a "jolly jape" in any of my posts and I do "give a damn" about this predicament and wouldn't wish it on anyone. At the same time though once you've received a lifetime ban there is precious little you can do to reverse it so I take the view that all you can do is to make the best of it and where possible take reasonable steps to prevent it happening again and attempt to minimise the potential impact that a repeat of the event can have on you.

pecunianonolet said:

@Bridlington1 that sounds indeed like you're now missing out on quite a lot of offers, benefits and accounts due to bans by adjusting behaviour. I guess it does make banks suspicious that a student can turn such sums around when most have to turn every penny twice to get education and life going ending up with a huge debt they have to repay for many years or decades. 

However, I sincerely hope you land a high income job so there is a chance that in the future some of the banks let you back in. Perhaps regulation will change in your favour too. 

I myself also became a bit more cautious after my Halifax saga, when they closed my current account and regular saver. However, the Everyday Saver I opened but was not really interested in is still open with a NIL balance. I think that saver came with the current account. They closed the accounts with a 60 day notice so guess a simple commercial decision. I was just dumb enough to attempt to switch a Lloyds current account to halifax for the bonus, don't ask me what I was thinking. The DSAR revealed that they were holding totally incorrect info about me and put me in risk category 9, the highest. The Bank of Scotland branch manager was scratching his head, said in over 10 years with them he hasn't seen anything like that. Apologised and corrected any possible info he was able to access and made a note to the file. The date moved in to my current flat was still out by 6 years and he was unable to correct it. Copies of literally everything were taken and we filled out any possible field in there system with info. 

Never heard back from them.

Yes I'm probably not a stereotypical student even if you don't take into account my attitude to money so that probably will prove to be costly, at least in financial terms when it comes to the banks. I can't help but wonder if I'd waited until after I had finished uni before becoming a rate tart I may well have been able to avoid some of the lifetime bans but it is what it is. I doubt I'll be allowed to open another account with Barclays, Metro and in particular LBG unless something pretty spectacular happens in the future though.

Ah yes, I remember you mentioning your Halifax issues in the LBG are closing my accounts thread earlier this year. I'm sorry to hear that still rumbles on.

pecunianonolet said:

Barkin said:

pecunianonolet said:

I was advised that aggregating 20k in an usually empty current account within 20 minutes and moving it all straight back out would have for sure triggered a fraud and ML check or even temp freeze. 

Really?

I've done exactly that - though not with HSBC, admittedly - on numerous occasions, and never had any issues. 

Yes, that's what the advisor said. Of course, some might be lucky and not trigger any checks but do you not agree that it looks a bit strange when a current account, usually at 0 balance or in interest free arranged overdraft  suddenly gets credited 20k and funds come from like 8-10 different sources within minutes, you then set up a new payee and want to move the whole lot out?

I am with HSBC for 15 years and never really had problems and if stuff didn't go to plan they have always been generous with compensation. Once I called to raise a complaint and they passed me to their complaints team, was asked what the issue is and explained. Was asked if I am happy with £50. Said yes, the money was transferred instantly and I was asked if I am happy and if I can confirm the case is settled, said yes and hung up. By the time I logged into the app the cash was already there. Got a follow up email a few minutes later with case ID, quick explanation and that it has been resolved. That was earlier this year. 

I tend to take the information that I get from bank staff with a pinch of salt these days. On a few occasions I've been given incorrect information, notably by Barclays who told me I would be able to switch a TSB student account to a Barclays student account using the CASS, only to be told several weeks later when I opened the account in branch that I wouldn't be able to switch in using the CASS and that I would need to close the TSB account manually and return with proof of account closure. That one ended well. On other occasions I've contacted a bank twice to ask the same question and received two completely different responses.