M&S bank

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Dan83
Dan83 Posts: 672 Forumite
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in Budgeting & bank accounts
For those who didn't know, M&S have a switch offer of upto £220.

I applied for an account last night, checked my email today and I've been declined an account.

I've opened 10+ accounts with various banks since mid Dec and this is my 1st refusal.

Think maybe it's time to bring my account opening to a halt.
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  • zak2012
    zak2012 Posts: 326 Forumite
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    Dan83 wrote: »
    For those who didn't know, M&S have a switch offer of upto £220.

    I applied for an account last night, checked my email today and I've been declined an account.

    I've opened 10+ accounts with various banks since mid Dec and this is my 1st refusal.

    Think maybe it's time to bring my account opening to a halt.

    I think M&S and First Direct both hard to be accepted,they refused many people .
  • john1002
    john1002 Posts: 984 Forumite
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    Certainly applying for 10 accounts will have had an impact on the decline.

    John
  • ferraria
    ferraria Posts: 10 Forumite
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    I opened a current account with M&S towards the end of January. I was interested in their 6% savings account. I deeply regret this decision. Here’s what their literature doesn’t say.

    Once you’ve opened your account online you will have to:

    1. Wait for a letter stating M&S needs to check that you’re a resident and citizen of UK
    2.     Call M&S to activate your debit card and set up several security details
    3.     Wait around for a PIN machine to arrive even though you already have all your security details
    4.     Call M&S to request a switch from your old bank account
    5.     Wait around for a letter advising you that you have requested a switch
    6.     Call M&S to confirm you have received a letter advising you that you have requested a switch
    7.     Wait to be transferred to the switching team
    8. Confirm the switch
    9.     Wait for the switch to take place
    10.     Call M&S to confirm you want to open a savings account
    That’s as far as I got so far, no doubt there will be more steps. During this time:

    · Expect 10 minute average call wait for every call (so they’re definitively NOT FirstDirect)
    · Expect 10 days+ for replies to online enquiries from [EMAIL="customerservices.internet@mandsbank.com"]customerservices.internet@mandsbank.com[/EMAIL] (in fact I’m still waiting for a reply)
    - You cannot manage any of this transactions online, or by post. It just isn't an option!


    If their literature explained all this, nobody would bother opening an account with them.


    You have been warned!
  • Tragen
    Tragen Posts: 277 Forumite
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    Did you apply for an overdraft?
  • ferraria
    ferraria Posts: 10 Forumite
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    I can't remember as I don't need one, but I have opened a number of accounts (LLoyds, Santander, TSB, Nationwide) over the last 6 months to make the most of the various interest offers: all applications were approved so I was able to see for myself how quick an account can be opened in most cases, and how slowly M&S does it!
  • bristolleedsfan
    bristolleedsfan Posts: 12,092 Forumite
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    [QUOTE=Dan83;70244092

    Think maybe it's time to bring my account opening to a halt.[/QUOTE]



    I was declined by M+S Bank ( Previously successful last quarter 2014)

    Subsequent letter used the words " on this occasion" and "we didnt use a credit reference agency"

    Week or so after I was accepted for Co-op Bank Current Account. :)
  • LuSiVe
    LuSiVe Posts: 1,059 Forumite
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    If you do call for the regular savings account be aware you will need to tell them about almost every financial transaction you have ever made in your life .... it was not a short call :o
  • sgun
    sgun Posts: 716 Forumite
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    I'm on the phone to them at the minute, only 20 mins on hold with the worst music ever, ever! I did get the current account and they sent half a tree worth of paper but no helpful emails. Trying to get the credit card but with no credit history they aren't happy!
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    I applied for an M and S account early evening last night (2 March), about an hour before I read the opening post on this thread! I was rather expecting that I might be rejected, mainly because I have opened 3 current accounts in Jan and Feb (HSBC, TSB and Hailfax), on top of 2 Tesco ones in October 2015 and a Clydesdale one in Dec 2014. I always ask for nil overdraft. Anyway, about an hour ago I received an email saying I have been successful. I'm now to await a welcome pack in the post in the next few days which I've to read and return acceptance form(s). Account will not be open until form(s) returned. As I understand it, I have 3 months from account opening to "complete" a switch to qualify for the welcome incentive (certainly beats the HSBC's 30 days).

    If the process becomes a pain, I'll not proceed with the switch, forego the incentive and just keep the account as switch fodder.

    I note that M and S Bank is a joint venture between HSBC and M and S. The scenario painted on this thread is very suggestive of recent experience of opening an HSBC account and switching to it for incentive payment. I just got my incentive payment from HSBC yesterday
  • inspireme247
    inspireme247 Posts: 188 Forumite
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    john1002 wrote: »
    Certainly applying for 10 accounts will have had an impact on the decline.

    John

    Not entirely true.

    Last 12 months, I applied for 25+ accounts. Within these months, I got declined twice by M&S...until last month when I applied again, I got accepted.

    Most likely reason is because my salary increased to 20k.
    You will only fail to learn if you do not learn from failing.

    Save 2015 - #097 £600/£7000
    CC Outstanding #1: £2544 02/2017 #2: £398 09/2015 #3: £363 08/2015
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