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Additional Details
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Additional Details
I... |
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 Why would a bank refuse to open a debit/bank account for someone? |
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sunnyday | Please dont laugh at this question !!!! But do banks have a code of ethics/practice to adhere to? |
My query is that i researched the best isa and went into my branch to withdraw money to put it into another bank that was offereing a better isa rate.
The clerkess went to speak to someone and i was asked to go into another room where the person advised me to make an appointment to look at their products. she said that the one that i had looked at must have some penalty and that theirs was just as good (however i had looked at theirs and it was not). However i am a bit ignorant about these things and made appointment and did not open account in other bank.
My query is - can my bank advise me to open an account with them even if they know theirs is not the best? are they bound by any code of practice not to do this that is not in the interest of the customer? |
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City Exile
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their is a banking code (www.bankingcode.og.uk) but this wouldn't cover trying to sell you a product as they are a commercial business, they couldn't directly lie to you about what they offer but saying theirs is the best is just salesmenship and is a subjective point anyway. At the end of the day all businesses say they put the customer first, but their main priority will always be to shareholder profit. |
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*New Mummy*
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Of course your bank wants your business so they will tell you there account is better so that they earn from you not another bank!! All banks have codes of practice to adhere to laid down the FSA bu that does not mean that they cannot try to sell you a new product |
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gir_lee16
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Of course they aint!! they are in effect SALESpeople!! so they will tell you their stuff is better. make ya own choices. u did the research u put ya money where ya like after all it is yours!! |
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Scobill
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They can advise you , but obviously only on their own products and they should not be rubbishing any other banks product
If you are satisfied that your research has found a better home for your money , then just tell them that this is what you want to do .
The only time you will get independent advice is when you consult an in dependant financial adviser , but this information is NOT free .
If the staff at the branch are being difficult then perhaps you should consider if your really want to bank with them
I would listen to what they have to say in terms of comparison of products , but don't let them talk you out of something you are convinced is right for you. |
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rocking k
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All banks will try to keep your money in their bank. That is why when looking at the product you have to research the banks in your area for the best deal for you. They follow a code of ethics but that does not mean they will send you else where if they carry the same product. Sometimes, you will find a Representative that will tell you to go to the competitor but they are far and few between. Alot of Representatives make a commission on sales /accounts opened so sending you somewhere else takes money from their pockets. That is not unethical. That is why your research is so important. They will not be looking for your best interest unless it involves their products. |
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Serge A. Storms
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Not laughing. What they do is to say nothing. Try telling them about a better rate that you havfound and you will greeted with a blank stare. So they are not lying. I think I remember my grandmother telling me about sins of omission and commission. |
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birdie
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Businesses exist to make money not to "look out for the best interest of the customer". It is good business practice to try to keep you as a customer through good customer service as well as persuasive tactics like the delay you were advised to make. Personally, if I was sure I was right about being in a better situation at the other instutution I would have demanded my money. |
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Capt Jack
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It's really down to you to decide with the information to hand what's best for you. Any business will try and persuade you that its product is best- there is nothing unethical in that. It is common sense that advise from a bank is not unbiased.
You should never withdraw cash from an ISA to transfer it to another one- you should always open the new ISA
If you haven't yet toped up your old ISA since 5th April, you can still open a new one. |
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Linda M
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you can put your money in more than one bank to get the best rate they can not force you to keep an account with them, you can close out an account as long as all is paid and their are no bills pending like automatic payments or you will have problems. talk to your personal banker and he or she will walk you through your account and you have to notify all the companies that get automated payments out of your account and when you have a new account. this protects you and keeps your credit in good standing with your bills. |
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Suz225
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A bank can do anything (legal)to try and retain a customer....often if you explain the details of another bank's offer, the Branch manager or investment manager may offer to meet and beat the deal.....As far as codes and ethics....almost all banking regulations have been allowed to lapse since Bush took office....which is why there are credit card offers with rates that would make a loan shark look like a good deal! It may not do any harm to meet with your bank rep before you change banks to see if you can negotiate a better deal before you leave....but you may not be that vested in that particular bank relationship and feel it is worth giving up without the hassle. You can decline to meet with anyone when asked.....
hope this helps. |
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FaxMan
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Remember, a bank is a business with a goal of making money. When giving financial advice, a bank does not have a fiduciary responsibility to you, the consumer. Take their advice with a grain of salt.
A certified financial planner is your better bet as they do have a fiduciary responsibility to you as well as following a strict code of ethics.
http://www.cfp.net/ |
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daft
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Yes banks have to follow rules by the FSA (Financial Services Authority). I know how banks work because i used to be one of the counter staff. They have targets to meet, the same as any business so if someone comes in and asks to move their money to another bank then they have to try to do all they can to stop you leaving. Whilst this is annoying i totally sympathise with the clerkess as i hated working in a bank. it's all targets and no customer service anymore. while i was there i would read through the details of the account that the customer wantd to open and try to help them out as best i could, given what information was in front of me. i wouldn't advise them, i wasn't allowed, you have to give them the info then let them make their mind up. I was friends with alot of customers and if our account wasn't as good, i'd tell them. |
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Peter C
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Most banks will have a written ethical standards statement that they communicate to their employees and the public, but it is a guideline with little concrete direction. Any employee of the bank who tells you another bank's offer is superior is showing disloyalty to their employer and should be fired. Reserving such an opinion is completely proper for the employee. If this bank's employee states "theirs is just as good", ask for a comparison point by point to back up that claim. Sometimes there are additional features to a product that are hard to compare, but which would make the employee state equality. Cut them some slack--they are just trying to keep you as a customer! |
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Eddy T
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Banking is the activities of using money and supplying banking services for profit.
If you are a customer of a bank, that bank will try its best to offer you the best interest rates, products and efficient service for you to continue to be its customers. In banking this is called 'good bank and customers relationship.'
Banking is a very competitive business and banks are not bound by any code of practises to do their business.
However, the amount of interest they give to customers are the same, but their banking charges they charge their customers are different and the products they offer their customers comes in different forms.
The real benefits which banks can offer their customers is how quick and efficient services it can provide, and the various types of loans it can offer to their customers for their business or personal needs. |
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Turkish_soldieress
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there sure is. u can pick up a broshure guide from ur local branch |
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