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Bad Banking.
Kenco King
Posts: 19,922 Forum Member
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I was called in yesterday by my bank manager.
They talked me into changing my account, by deciding to put majority of my money into this new account, But unsure on how to get hold of it.
They also got me to take out life cover, to pay for illnesses If I was to get ill.
Also they asked me which way would I like to leave my money once I Die.
I said my 2 sisters please. They then said leave your dad some as well.
Dad though will probably die before me, so I think thats a waste of time.
I was going to say which way I wanted the share to be split.
Before I could get a word in they did it there way.
So dad gets 60%
sister get 20% each.
I think its utterly wrong, having been dictated to
So I'm totally :mad:
They talked me into changing my account, by deciding to put majority of my money into this new account, But unsure on how to get hold of it.
They also got me to take out life cover, to pay for illnesses If I was to get ill.
Also they asked me which way would I like to leave my money once I Die.
I said my 2 sisters please. They then said leave your dad some as well.
Dad though will probably die before me, so I think thats a waste of time.
I was going to say which way I wanted the share to be split.
Before I could get a word in they did it there way.
So dad gets 60%
sister get 20% each.
I think its utterly wrong, having been dictated to
So I'm totally :mad:
0
Comments
Any distribution of your funds after death would be decidied by the contents of your will if you have one, not by bizarre decisions dictated to you by a bank manager.
I find it hard to stick up for myself.
Also he was talking like I should know it all.
He was talking so fast it sounded like Double dutch and Gobboldy gook
I'm not very good when it comes to money.
Anyway book an appointment to see the bank, write down what you want before hand and go stick up for yourself this time.
I only was told about this appointment Thursday lunchtime.
My sisters the best when it comes to dealing with money, She was busy yesterday.
I may go next week and demand it have it the way it was before.
As it was doing no harm.
Its just the Bank sticking there noses in, and wanting more.
You haven't been dictated too - you appear to have been well and truly taken to the cleaners.
Does your new bank account have a monthly charge? Was you old account free of charges?
Insurance policies that claim to pay out on illness often don't . They often exclude pre-existing illness and often you have to be paying in for set amount of time before they even consider a claim. If you didn't have to answer any medical questions to take out the policy then alarm bells should be ringing rather loudly.
Does your insurance policy pay YOU back any money after a set period of time or is it just a policy that only pays out on your death? Unless your father or your sisters are reliant on YOUR income on a week to week basis then it appears that you may have been miss-sold the policy. Possibly, you should only need such a policy if you have dependants.
A reputable salesperson would have explained all the terms and conditions of the policy (all the small print) and given you a copy before you signed anything.
As the bank manager called you in and then sold you inappropiate products that you don't understand write to the head office of the bank complain about the branch.
There is often a 14 day cooling off period for many financial agreements so don't delay if you have second thoughts about what you have agreed. Phone the bank on Monday and tell them that you now believe that the products you have been sold are inappropriate for your circumstances (mention miss-selling of financial services).
Also consider changing your bank if all of this started with a cold phone call to your home or a visit to the branch where they suggested that you urgently needed an interview to discuss your finances. It's a trick used by the bank to hard sell any old c**p that will make THEM more profits. If you fall for this type of trick they are already 90% of the way to ripping you off.
No both new and old are free of charge. Not sure how I get access to the new one.
TBH, I would find out when your sister is available and book a time to see the bank when she can go with you.
Which bank, which account name?
They called me in as they saw how much was in there, So they wanted to advise me on how to get better interest,
Only for there own benfit.
Yes sisters coming soon, so we'll have a chat and decide where to go from here.
I'm really uncertain of the future. I'm worried I'll have to scrap my Sky Subscription, also I may sell my computer.
to get some extra cash.
LLoyds Bank
But I stood my ground, said I was in a hurry and would think about it and just left. OP sometimes there comes a time when you do have to speak up
I got asked all this from Lloyds too
She went in to do a straightforward transaction and some jumped-up "sales assistant" tried to take advantage of her good nature and lack of money knowledge to earn a few bob of commission out of her. She knows now, they aren't trying to be friendly or helpful - just line their own pockets.
She has a trusted IFA who sorts out what goes where, not some snotty nosed bint eager to make a few quid!!
Sorry to hear that.
I'm thinking of going back next week, to have everything returned to how it was.
As it wasn't broke, so why try and fix it.
In the short term, why would sorting things out to give you more interest be for "there benfit" [sic]?
Because it will also give the banks more interest.
how old are you
I cant get my head round the fact your bank manager asked you to come in to the bank, has divided your money up, put it into a new account you dont know how to access and you might have to cancel some of your outgoings and sell your stuff ,not because you cant afford them but because you dont know where your money is ??
this is a serious question, do you have learning difficulties or a mental illness?
Because:
LLoyds Bank only do one "free" current account so if the OP has had it changed there will be a monthly fee.
The bank may have transferred the excess money to an saving account with a 3 or 5 year fixed interest rate and the money cannot be withdrawn (without loss of interest).
They tie you into an account that only offers a fraction of the interest a third party would provide. This may be more than the original account but it will not be the best easy access rate offered elsewhere.
They didn't only change the account but then sold life and "medical" protection insurance. One of these probably will not pay out, and if it does it will be only to pay the bank for the life insurance premium i.e. it protects the bank and not the payee. If the life insurance is one where no money is returned to the payee within their lifetime (assuming a fairly average life expectancy) then it is possibly unecessary. There is a fair chance it's one of those policies that only pay out on death and all money is "lost" if payments are stopped at any time.
No I find it hard to make decisions.
I'm 32.
No they just told me they were going to do it, gaved me no information on how to get hold of it.
Yes, I have Learning Dificulties. No mental illness though.
Quite.
My mum rang up her bank the other day simply to get a new debit card as the chip on hers is damaged.
Got a new one ordered and then the guy on the phone started on the sales spiel trying to get her to open new accounts and move money about. Took her a few firm no's and then a very firm GOODBYE! to get him to shut up.
I have to say, I did wonder that myself. Someone should be looking after all this, it's clear that the OP isn't able to do so.
I agree. The op also needs to take responsibility himself though. If he knew he had problems with this sort of thing he should not have arranged to go to the meeting by himself.
Either say a straight 'No', arrange the meeting for a time when someone you TRUST can go with you or get them to put any proposals in writing and post it to you so you can decide what you want to do in your own time.
Hopefully the op can get this sorted out and then know what to do in the future when the situation occurs again.
That's also true. There were a lot of points during that interview where the discussion could have been stopped and there would have been no pressure. The original intention of the bank was helpful, a lot of people have too much money in low interest accounts, but if the manager didn't know the OP well, they'd just assume that the OP's apparent agreement meant they were happy to go ahead.
Get the sister involved, go back to the bank, explain, and it will all be sorted. In my experience, they're all pretty good with cooling-off periods when you change your finances.