I don't want a financial check up, just want to open an account?

Discussion in 'Money Management & Banking' started by wylie, 16th Dec, 2022.

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  1. wylie

    wylie Moderator Staff Member

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    I tried today to open a few accounts in joint names. We can't open joint accounts in online banking but could do it on the phone or both go to a branch. I thought a quick phone call would be easy. How wrong could I be? :rolleyes:

    I explain to the banker that hubby doesn't know much about the intricacies of our accounts, as I do all the financial stuff. Hubby confirms this to the banker. He's asked three times for his full name, DOB and address. He's getting annoyed.

    He asked hubby what sort of accounts we have. We are on speaker, and I explain that I've renamed our loans and accounts so can't tell him the specific label the bank gives to the various accounts. This doesn't seem good enough.

    I log in and hubby can at least confirm what I've already told the banker whilst identifying myself, how many loans, how many accounts, credit cards.

    He thought he could just "identify himself and ask if I can take it from here"... but no, to open joint accounts, we are required to endure a 30 minute financial check up, with notes being taken and all recorded.

    I can sense hubby's frustration, matching my own and I say "thanks, but we will call into a branch together and open accounts there".

    What a stupid system. I didn't want a financial check up. I just wanted to open a few accounts.
    :mad::mad::mad:
     
    wylie, 16th Dec, 2022
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  2. Stoffo

    Stoffo Well-Known Member

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    Sounds like a better plan ;)

    *On the other side of things I'd prefer to go into a branch, how many times do we hear horror stories of people being coerced into signing a will or authorising another person to act on their behalf ? Only to strip them of their assets....
    The person you were talking with could easily have viewed hubby's lack of account knowledge as confusion/mental incapacity and your efforts to explain as coercion :eek:
    Not the case clearly, I'd be glad it wasn't so "easy"
     
    Stoffo, 16th Dec, 2022
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  3. Joynz

    Joynz Well-Known Member

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    If someone was able to impersonate you or your husband on the phone, and steal your money, I’m sure you’d be angry at the banks for not checking properly!

    The price of security, and your money being protected, is that you need to answer a lot of questions!
     
    Joynz, 16th Dec, 2022
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  4. wylie

    wylie Moderator Staff Member

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    I can see that side of it, but three times in five minutes?

    We've discussed it and agreed with all the problems, phishing scams, data leaks etc he was just being careful. Fair enough. But I didn't want a financial check up.

    Of course the problems with doing this in a branch is there are not many branches that haven't been closed, and when you do go into a branch, there are queues up the wazoo and nobody to help you.

    Anyway, into a branch we will go.
     
    wylie, 16th Dec, 2022
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  5. Stoffo

    Stoffo Well-Known Member

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    Got me thinking......
    10 different bank branches within 400m of me o_O
    And I still can't decide which I like :oops:
     

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    Stoffo, 16th Dec, 2022
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  6. skater

    skater Well-Known Member

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    We have a similar situation @wylie and when on the phone to the bank I have to log in, and then point at the accounts that I want to discuss so that Hubby can sound like he knows what I'm talking about. It's extremely frustrating for both myself and Hubby, and, as you say, going to the bank itself is frustrating these days.
     
    skater, 17th Dec, 2022
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  7. wylie

    wylie Moderator Staff Member

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    The banker actually suggested hubby log in to answer the questions. He wouldn’t know how to log in and I did that for him so he could at least see details on the screen. I guess if I had the pool guy pretending to be my husband I could do the same.

    One time a few years back the banker realized I was on speaker to help hubby answer questions about our outstanding loan balances and ended the call. Yesterday the banker was aware we were on speaker and suggested we open the banking app to help him.

    So he can’t have been too bothered if I had the pool guy with me.

    They’d best not try to do a half hour financial check up in the branch when we go in or we will both blow a gasket.
     
    wylie, 17th Dec, 2022
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  8. Gen-Y

    Gen-Y Well-Known Member

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    Sorry to hear you are frustrated.
    But they need to do their checks.
    They need to protect from scammers and fraudsters.

    At least you didn't have to wheel barrel your dead husband into the bank for verification.

    Read this funny story about an irish man charged.
    Irish man charged after carrying corpse into post office to claim money - National | Globalnews.ca
     
    Gen-Y, 17th Dec, 2022
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  9. skater

    skater Well-Known Member

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    Yes, but unless you've been on the other end of their calls, with a partner who trusts you, and has no interest in doing it themself, you don't know the frustration. I'm sure there's an easier way.
     
    skater, 17th Dec, 2022
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  10. wylie

    wylie Moderator Staff Member

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    I understand the requirement for checks, but let's face it, I could have any man with me and give him all the details he needs to do what we want to do.

    Asking my husband for his full name three times within two minutes just annoyed the crap out of him. And then to go through all the questions to ensure he was legitimate, to be told we can't just open the accounts, but must endure a 30 minute financial check up was just too much to put up with.

    Why not send a code to my husband's phone. If it was the pool boy with me, he wouldn't have my husband's phone.

    I use two factor ID on everything I can, and often have to give a code sent to my phone during the ID stages of a call. It just seemed clumsy to me.

    Had we identified him correctly and just been able to open the account, that would have been great. But no... we had to have a full financial health check. That's what is so annoying.
     
    wylie, 17th Dec, 2022
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  11. Stoffo

    Stoffo Well-Known Member

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    How big is your pool :D
    We are all jealous now :oops:
     
    Stoffo, 17th Dec, 2022
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  12. Joynz

    Joynz Well-Known Member

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    Was the financial checkup unrelated to the identification questions?

    If so, was it part of a sales pitch?

    Or was it related to the type of accounts being requested - seems odd if you just wanted a savings account?

    What sorts of check up questions were they asking?
     
    Joynz, 17th Dec, 2022
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  13. skater

    skater Well-Known Member

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    Was this Westpac? I hate their processes. Small basic password and three number code.
     
    skater, 17th Dec, 2022
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  14. wylie

    wylie Moderator Staff Member

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    No idea of the sort of questions they would ask for a financial check up.

    The questions neither of us could answer were what the accounts were called. I've changed all our accounts to nicknames that have meaning to me. He wanted to know what "type" of loans we had, the various names the bank calls them. Had I cleared our nicknames, we could have told him, but I wasn't going to do that.

    I've no idea what was involved in a 30 minute financial check up. It seemed odd to me too.

    He knew we were getting a chunk of cash shortly and were looking to break some fixed loans and open accounts to use as offset accounts. Perhaps he was hoping to sell me something. They'd better not try it when we go to the branch.
     
    wylie, 17th Dec, 2022
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  15. wylie

    wylie Moderator Staff Member

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    Bingo!
     
    wylie, 17th Dec, 2022
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  16. skater

    skater Well-Known Member

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    Went through a heap of stuff with them last week. Grrrr.
     
    skater, 17th Dec, 2022
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  17. Jingo

    Jingo Well-Known Member

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    Simple things are being made ultra complicated unfortunately. What a waste of time for you and your husband, Wylie.
    Next thing we’ll need to see a financial planner or gain certification from an accountant to open a simple account!
     
    Jingo, 17th Dec, 2022
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  18. hammer

    hammer Well-Known Member

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    My partner and I opened joint accounts with ING.

    Twas painless. Clicked a few buttons and we were good to go.
     
    hammer, 17th Dec, 2022
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  19. RENI99

    RENI99 Well-Known Member

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    Wait until you see the queue of people waiting at the bank. It might take you 1/2 hour to get through that. Not sure when the best time is to go but probably not Monday morning.
     
    RENI99, 17th Dec, 2022
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  20. wylie

    wylie Moderator Staff Member

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    You are right.

    The bank staffer offered to make an appointment for me at a branch, but we are a little way from settlement.

    But I will make an appointment so that at least we might avoid a long queue.
     
    wylie, 17th Dec, 2022
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