UK bank employees MUST bank with their employer

Factual Questions
1

From the BBC;

Normally I reserve a bit of hatred for banks and bankers (except when Dad worked for them :stuck_out_tongue: ), but I was wondering, is this legal? It would certainly cause a lot of fuss if you had another preferred bank and had to either use a standing order to transfer money each month or swap banks. In the UK we’re asked to have money in our account ideally 48 hours before its debited anywhere through a direct debit or standing order, surely this is problematic?

2

To add further to your hatred of banks , did you see the BBC *Whistle Blower * programme on Wednesday night ? They put a reporter under-cover at Barclays and it revealed a whole catalogue of lying , fraud and bank staff being pressurised to sell products to customers. More details here

3

No idea on the legality, but I used to have Lloyds TSB as a client and all the employees also needed to have a Lloyds TSB account (their salary could only be paid into a LTSB account). However, they all prefered First Direct, so all had standing orders transferring the money straight over once a month. Seemed a bit pointless to me, especially as banks often run current accounts as loss leaders.

4

Barclays are single-handedly responsible for fucking up my credit rating, due to the exact overselling issue that Rayne Man has linked to.

I am extremely irritated by this.

[/hijack]

5

Until I read the entire story it sounded like it was a security issue. Just the same way lots of banks and financial instutions make employees take a full fortnight’s holiday once per year so that they can run a security audit on the individual. However, after reading it, it doesn’t appear to be the case, sounds like they’re being dicks.

6

Doesn’t go to the OP’s location, but here in the USA, financial workers are very restricted in the way that they handle their finances.

All of my accounts which have the ability to trade stocks/bonds and other securities, had to be transfered to my employer.

As a contractor, in the same job, same location, same everything (Except benefits), I did not have to comply with these rules.