Bank Account - forced move

RGC2019 · 16 September 2019 at 3:30PM

Hi

I have a fairly niche question which I’m hoping someone on the forum knows an answer to. Apologies if it has been answered somewhere else!

My partner and I have been together 8 years and lived together for around 3 years - we are getting married in the next few months.

My partner is an auditor for a firm who has taken on a large banking client. They have informed my partner that both he and I are no longer allowed to have any bank accounts or credit cards with this bank or their associated companies.

My partner does not do financial audit, he has no interaction with any financial audit staff and is not in a position to influence this audit in anyway. I have absolutely no connection to the company or the audit on any way other than my partner being employed by them.

I have 2 credit cards a current account and a savings account with this bank. I do not want to change bank (i have preciously banked elsewhere and was disappointed.)

My partner will be becoming my husband not my keeper so I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances aren’t really any of his business. I’ve spent a long time improving my credit rating and working to get myself into a position of financial independence.

Does anyone know if I have a leg to stand on here? I understand auditor independence is an issue but I have absolutely no influence on any part of it here!

DCFC79 · 16 September 2019 at 3:37PM

RGC2019 wrote: »

Hi

I have a fairly niche question which I’m hoping someone on the forum knows an answer to. Apologies if it has been answered somewhere else!

My partner and I have been together 8 years and lived together for around 3 years - we are getting married in the next few months.

My partner is an auditor for a firm who has taken on a large banking client. They have informed my partner that both he and I are no longer allowed to have any bank accounts or credit cards with this bank or their associated companies.

My partner does not do financial audit, he has no interaction with any financial audit staff and is not in a position to influence this audit in anyway. I have absolutely no connection to the company or the audit on any way other than my partner being employed by them.

I have 2 credit cards a current account and a savings account with this bank. I do not want to change bank (i have preciously banked elsewhere and was disappointed.)

My partner will be becoming my husband not my keeper so I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances aren’t really any of his business. I’ve spent a long time improving my credit rating and working to get myself into a position of financial independence.

Does anyone know if I have a leg to stand on here? I understand auditor independence is an issue but I have absolutely no influence on any part of it here!

Oh boy, you do realise the time you have spent improving your credit rating is just wasted since no 1 and I repeat no 1 can see your rating/score except you (unless you know otherwise, lenders see your history).

Back to the main issue, leave your accounts where they are and see what happens.
Whats the opinion of your partner on being asked to move accounts ?

So your husband works for Firm A who have taken on a large banking client, haveany other staff been asked the same as you and your partner ?

RGC2019 · 16 September 2019 at 3:39PM

Well terminology aside I was more referring to getting myself in a position of no major debt and getting the rates and limits on my credit cards that I wanted.

I’m not really willing to just close all of those down for no reason.

Carrot007 · 16 September 2019 at 3:41PM

RGC2019 wrote: »

My partner will be becoming my husband not my keeper so I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances aren’t really any of his business. I’ve spent a long time improving my credit rating and working to get myself into a position of financial independence.

Does anyone know if I have a leg to stand on here? I understand auditor independence is an issue but I have absolutely no influence on any part of it here!

Well the other option open are, you find a new partner, or your partner finds a new job.

Or just move. Your choice.

A one time change will not effect your credit worthiness. And if all your banking is with one company more fool you.

Additional:

RGC2019 wrote: »

Well terminology aside I was more referring to getting myself in a position of no major debt and getting the rates and limits on my credit cards that I wanted.

I’m not really willing to just close all of those down for no reason.

So you are getting good deals now, all the more reason to move.

eskbanker · 16 September 2019 at 3:42PM

RGC2019 wrote: »

I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances aren’t really any of his business. I’ve spent a long time improving my credit rating and working to get myself into a position of financial independence.

His employer isn't telling you to do anything!

His employer are telling him that it's unacceptable to them for either him or his partner to have any dealings with a major client. He could lie (not recommended), or advise them that you're not willing to comply, but I doubt there'll be much discretion available so it could end up with him needing to find a new employer....

RGC2019 · 16 September 2019 at 3:43PM

All my banking isn’t with one company - these particular accounts were opened due to the good rates. I had had one account with them previously.

Obviously find a new partner isn’t a very helpful response here.

I was just looking for some advice on whether this is a legitimate request from his employer but thanks for getting back to me anyway.

DCFC79 · 16 September 2019 at 3:46PM

RGC2019 wrote: »

All my banking isn’t with one company - these particular accounts were opened due to the good rates. I had had one account with them previously.

Obviously find a new partner isn’t a very helpful response here.

I was just looking for some advice on whether this is a legitimate request from his employer but thanks for getting back to me anyway.

If he wants to keep his job you just might need to comply with the request.

RGC2019 · 16 September 2019 at 3:54PM

Okay.

I was really just questioning how my finances can be considered something he has any control over. They have actually sent information to family members i.e me to let me know that I have to move my account - so it is them asking me directly.

Thanks for your help. I guess I will just contact them again and consider possibly moving.

DCFC79 · 16 September 2019 at 4:00PM

RGC2019 wrote: »

Okay.

I was really just questioning how my finances can be considered something he has any control over. They have actually sent information to family members i.e me to let me know that I have to move my account - so it is them asking me directly.

Thanks for your help. I guess I will just contact them again and consider possibly moving.

It could be a normal request in the auditing job market, possibly a little ott but maybe they want to remove any conflict of interest.

RGC2019 · 16 September 2019 at 4:08PM

It would be normal for those associated with the audit or who were in a position to influence it in some way but it is unusual for it to apply to people who aren’t connected in anyway.

Oh well back to the drawing board to see what the best options are.

Thanks for all your help:

warby68 · 16 September 2019 at 4:17PM

There may be an internal process at his firm for partners who do not wish to disclose or be treated in conjunction with their partner.

I had a similar issue related to husband's investments. Because of my role (risk of insider trading) he was expected to run any of his personal dealing transactions through my employer. He did not wish to as he does not run them through me in the first place. We had to jump through various admin hoops to have this position noted but it was accepted.

All that said, had my employer insisted we would have complied, knowing which side my bread is buttered and all that. The exception procedure was however there when I enquired so we used it.

Bank Account - forced move

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