Cashplus

Options
2»

Comments

  • Zanderman
    Zanderman Posts: 4,684 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    johnsmith1890 wrote: »
    I wish people would do some basic research before pontificating on things they obviously know nothing about..

    Perhaps you could back up your pontifications and tell us about your own research?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Options
    Zanderman wrote: »
    Perhaps you could back up your pontifications and tell us about your own research?


    Just as an example:


    https://www.experian.co.uk/crain/index.html


    See the section headed Public bodies, law enforcement and regulators
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    Options
    johnsmith1890 wrote: »
    First point - you now need a current account linked to the vast majority - if not all - savings and investment products.

    Really?

    I just checked Lloyds, Natwest and Barclays and all of them had savings accounts that don't state a current account with them is a requirement and all allow branch deposits and withdrawals so you don't need a current account with anyone else either. If I could be bothered to keep going I expect most bank and building societies offer at least one savings account that doesn't require a current account with them or anyone else.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    Options
    boo_star wrote: »
    Really?

    I just checked Lloyds, Natwest and Barclays and all of them had savings accounts that don't state a current account with them is a requirement and all allow branch deposits and withdrawals so you don't need a current account with anyone else either. If I could be bothered to keep going I expect most bank and building societies offer at least one savings account that doesn't require a current account with them or anyone else.

    Try sending a payment out of a Lloyds savings account online - then you will know why a current account is needed.
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    Options
    jonesMUFCforever wrote: »
    Try sending a payment out of a Lloyds savings account online - then you will know why a current account is needed.

    I'm not arguing with that, but his claim that almost all savings accounts and investments need a linked current account is complete nonsense.

    But then the claim that the authorities need to ask the CRAs for account details is complete nonsense too so I suppose it's all moot.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Options
    boo_star wrote: »
    I'm not arguing with that, but his claim that almost all savings accounts and investments need a linked current account is complete nonsense.

    But then the claim that the authorities need to ask the CRAs for account details is complete nonsense too so I suppose it's all moot.


    Increasingly you need a current account to operate other accounts, especially online, but while some savings accounts are still completely independent they are massively inconvenient to operate via a branch network, what with needing to go in with identification to make withdrawals - that's if you can find a branch. As for the second 'claim' - who made it? I didn't.
  • eskbanker
    eskbanker Posts: 31,076 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    johnsmith1890 wrote: »
    I wish people would do some basic research before pontificating on things they obviously know nothing about. First point - you now need a current account linked to the vast majority - if not all - savings and investment products. So it's very difficult to move money around and have access to it without a current account.
    As already pointed out by others, this isn't true, so while the CRAs hold plenty of valuable data, not by any stretch of the imagination are they "a central record of all bank accounts" as you claimed, because of all the accounts that they don't record.
    johnsmith1890 wrote: »
    You think the government, police, local councils and so on don't have unlimited access to CRA data?
    No, that's not what I was saying at all, I was saying that it's laughable that they'd rely on what is clearly an incomplete picture and that they'd wouldn't have access to underlying bank data if deemed necessary for law enforcement purposes.
    johnsmith1890 wrote: »
    Consider the situation of the police urgently wanting to track down someone - I don't know, maybe someone who's told a joke that someone else found offensive - one of the easiest ways of doing this is to look out for credit card and debit card transactions. How does the State know which financial institution(s) the wanted joker is using? Maybe they contact each and every one of the hundreds, or is it thousands, of financial institutions, or maybe the just mosey on over to the CRA databases, where a comprehensive record of address data and all accounts is held?
    As above, it's not comprehensive.
    johnsmith1890 wrote: »
    As for the ability to get an overdraft on a non-overdraft account. Yes, but not on a regular basis, nor anything large. So it's hardly worth reporting these accounts. But there they all are, listed by the CRAs, updated every month with zero balances. Why isn't it the case that these types of account are only reported if they do actually go into overdraft? On that basis, very many accounts would never be reported. That would potentially make it really difficult for the State to use financial transactions to locate a wanted joker. Just saying ….
    Are you seriously trying to make the case that such routine reporting of accounts that can go into unarranged overdraft somehow endorses your rather odd view of the role of CRAs in law enforcement?
  • EarthBoy
    EarthBoy Posts: 3,041 Forumite
    Name Dropper First Post First Anniversary
    Options
    jonesMUFCforever wrote: »
    Try sending a payment out of a Lloyds savings account online - then you will know why a current account is needed.

    My Lloyds Standard Saver account allows me to send payments to other people online without having to transfer the money to my current account first. The same with my Halifax Everyday Saver account.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards