Problem with virgin money savings account (warning to potential customers)

SarahD92 · 26 April 2017 at 11:11PM

EachPenny wrote: »

Do you have evidence this is "obviously a lie" - evidence that would stand up in court? Be careful posting stuff on a public forum.

Are you seriously suggesting that I should watch what I say, because Virgin money might be watching/listening?

SarahD92 · 26 April 2017 at 11:14PM

Plus wrote: »

To be fair, we pay banks by lending them money (depositing it), and them lending it out to somebody else at a higher rate. What we pay is the difference between the rate they pay us and what we could have got elsewhere - part of that covers a rather complicated structure that (is supposed to) prevent us losing out if things go bad for them. We don't pay them in cash, but they do make a profit out of us.

So it isn't necessary for us to tug our forelocks at their generosity - it's strictly business for both sides.

Thanks for pointing that out, most people don't know this but banking in the UK is generally more expensive compared to other similar economies.

EachPenny · 26 April 2017 at 11:15PM

SarahD92 wrote: »

They didn't provide any specific information over the phone, the virgin money employee said either reply to the letter or you won't have access to your money, this seems like extortion to me!

Again, extortion is a serious criminal offence - it isn't wise to accuse companies of things like that on a public forum without evidence. Edit: Especially if you put it in bold and underline it.

Any reasonable person would say that speaking to who knows who on the phone, Virgin did the right and correct thing to say you needed to respond to the letter before the money could be moved again.

You should also be aware that the fraud case you highlighted doesn't seem to have anything to do with misuse of identity documents of the type Virgin are asking for - it was mainly to do with copies of bank statements. Millions of which are sent out in the post each year.

EachPenny · 26 April 2017 at 11:21PM

SarahD92 wrote: »

Are you seriously suggesting that I should watch what I say, because Virgin money might be watching/listening?

Yes.

If in doubt, check the forum rules -

We can be liable for what you post. When you post something, not only are you liable for what you say, but we can become liable too as the host. So it's not a case of posting what you like, and we can delete posts if needed. Of course, our aim is to ensure legitimate information about saving money or fighting for consumer rights stays.

TheShape · 26 April 2017 at 11:24PM

OP, it looks like you have two choices:

1) Provide the required documentation so that Virgin Money can ensure they've complied with anti-money laundering regulations and can return your money or;

2)Not do number 1 and allow Virgin Money to keep all of your life savings which for some reason you entrusted to Virgin Money despite not trusting them enough to provide them with the documentation they've asked for.

bowlhead99 · 26 April 2017 at 11:28PM

SarahD92 wrote: »

@bowlhead99
Thanks for getting back to me Richard Brandon

Thanks for the amusing typos Sauron

It think you misunderstood my point about hot money, what I was trying to convey is that there thousands of transactions using hot taking place probably every week, banks in general including Virgin Money should concentrate their effort on those, not UK citizens with small savings.

You said it was your life savings so could be tens or hundreds of thousands of pounds for all we know.

How are they to know you are a UK citizen or resident if they haven't seen your passport or any evidence of where you live?

I agree they should use a risk-based approach just like the regulations tell them to. On the face of it, someone like yourself who won't give any evidence of identity in a non- face-to-face banking transaction seems like higher risk than someone who will.

SarahD92 · 26 April 2017 at 11:49PM

@bowlhead99

Great to hear from you again Rich.

Just out of curiosity, where do you draw the line? At which point, would you say "No, this is too much, I don't feel comfortable sharing that piece of information."

So far, you see nothing wrong with the banks having a copy of your passport, driving license, utility bills, pay slip, and NIC.

SarahD92 · 26 April 2017 at 11:52PM

TheShape wrote: »

OP, it looks like you have two choices:

1) Provide the required documentation so that Virgin Money can ensure they've complied with anti-money laundering regulations and can return your money or;

2)Not do number 1 and allow Virgin Money to keep all of your life savings which for some reason you entrusted to Virgin Money despite not trusting them enough to provide them with the documentation they've asked for.

You're right, it was idiotic of me to trust Virgin Money with my money, should have stuck with the high st banks. You learn from your failures I guess, hopefully this post will help at least one person from making the same mistake.

EachPenny · 26 April 2017 at 11:58PM

SarahD92 wrote: »

You learn from your failures I guess, hopefully this post will help at least one person from making the same mistake.

Maybe a post we can all agree on - if the mistake is opening any bank account, paying money into it, and then refusing to provide information to allow the ID checks the bank is obliged to make.

Always check the account has been opened properly and fully before putting any significant amount of money into it.

economic · 27 April 2017 at 12:19AM

Just stick to the main banks with large savings. Nationwide have been good.

Problem with virgin money savings account (warning to potential customers)

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