Application for new bank account question


G

Gary Maine

Can someone tell me why when you fill out an application form for a new
bank account they always ask you if you have an existing account elsewhere
and want the sort code and account number ?

Can I have a proper answer from someone who knows, not a theory about it.
Thanks a lot
 
Ad

Advertisements

T

Tumbleweed

Gary Maine said:
Can someone tell me why when you fill out an application form for a new
bank account they always ask you if you have an existing account elsewhere
and want the sort code and account number ?

Can I have a proper answer from someone who knows, not a theory about it.
Thanks a lot
LOL, usenet isnt for people who know, its for people who have theories!

Mine is that our 12ft lizard masters want to get their hands on your money.
 
S

straighteight

I would suspect its because they are in a position, if you are willing,
to transfer your funds across from this account and close it on your
behalf. In fact, forget the willing bit...they'll do it anyway!
 
W

Wireless Reader

Gary said:
Can someone tell me why when you fill out an application form for a new
bank account they always ask you if you have an existing account elsewhere
and want the sort code and account number ?

Can I have a proper answer from someone who knows, not a theory about it.
The correct answer is that they don't always ask this question. I have
completed an application form which didn't ask for details of an
existing account.
 
J

john boyle

Wireless Reader said:
The correct answer is that they don't always ask this question. I
have completed an application form which didn't ask for details of an
existing account.
Thats a partial answer.

The other parts are :

1) Many banks 'credit score' new account applicants at the point of
application. Many credit scoring techniques use the existence of another
bank account as part of their analysis. The provision of the sort code &
account number gives some degree of authenticity to this request.

2) Many Banks analyse their new account applicants for marketing
purposes. The provision of sort code and account number tells them where
the previous account is resident, and whilst the account number is not
used directly or checked each bank knows the system which each other
bank uses to allocate its account numbers and can elicit information
from the previous account number, i.e. type of account, or an indication
of how long the account has been open.
 
T

Tim

... each bank knows the system which each other bank uses
to allocate its account numbers and can elicit information
from the previous account number, i.e. type of account,
or an indication of how long the account has been open.
This bit interests me.

My account was opened on "Date1" at Branch1 - many, many years ago.
Later, it was transferred from Branch1 to Branch2 which then became a
"sub-branch" to Branch3, and I later transferred the account to Branch4. On
each change of branch, the sort code & account number changed. I also
cannot remember when each of these changes, even the last, occurred!

So, if I fill in a form and quote the current sort code & account number,
saying I opened my account with that Bank on "Date1" - will they believe me,
or think I'm lying because the latest sort code & account number relate to
the date that the account was transferred to Branch4 ??
 
Ad

Advertisements

J

john boyle

Tim said:
So, if I fill in a form and quote the current sort code & account number,
saying I opened my account with that Bank on "Date1" - will they believe me,
or think I'm lying because the latest sort code & account number relate to
the date that the account was transferred to Branch4 ??
Its not a hanging offence, it will be used more for market research, and
it certainly wont be picked up at branch level. Id add a note to the
effect of 'date with bank =mm/yy, datre with this branch dd/yy"
 
T

Tim

To find out whom they are nicking customers off.
If that's all they are after, then wouldn't it be easier (for both the
applicant and the new bank) to just ask "What bank were you previously
with?" ?
No "looking-up" required by either side, much easier & therefore more likely
that the applicant will complete that question etc etc ...
 
J

john boyle

Tim said:
If that's all they are after, then wouldn't it be easier (for both the
applicant and the new bank) to just ask "What bank were you previously
with?" ?
No "looking-up" required by either side, much easier & therefore more likely
that the applicant will complete that question etc etc ...
Yes. Im not justifying it, just explaining it.

Halifax ( as an alternate example) on the mortgage app forms merely ask
'do you have a current account? If yes, how long have you had it?"
 
Ad

Advertisements

J

JF

X-No-Archive: yes
Wireless Reader said:
The correct answer is that they don't always ask this question. I
have completed an application form which didn't ask for details of an
existing account.
Which reminds me. ING Direct have been up and running for about a year
now. The so-called honeymoon period predicted by a poster to this
newsgroup hasn't happened... Yet. No top rate only on deposits over 20K
string has appeared. All very refreshing.
 
Ad

Advertisements

G

GSV Three Minds in a Can

Bitstring <[email protected]>, from the wonderful
person JF said:
Which reminds me. ING Direct have been up and running for about a year
now.
Well over a year.
The so-called honeymoon period predicted by a poster to this newsgroup
hasn't happened... Yet. No top rate only on deposits over 20K string
has appeared. All very refreshing.

No, but their rate has drifted back to 'only .25% over base rate', which
is about .5% down from where it started iirc.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top