Cheque required to open a deposit account

Ok, I picked up on this on the other forum because there’s a discussion about cheque books. Apparently, in order to open a new savings account by post, one still has to do so by cheque with some Building Societies. My only thought on this is quite frankly, wow! and that should be read in the sarcastic tone it is meant to.

I honestly thought Banks and Building Societies would move away from asking people to make deposits by cheque, seeing as many of them no longer even issue cheque books. Basically, if you don’t have a cheque book and you want to open a new savings account and you can only do so by post, if you don’t have a cheque book, then you’re kind of stuffed. It’s hardly progressive banking in my opinion, more like banking trapped in the 20th Century :laughing:

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Yes, it’s not forward-looking in any way, but then neither are the customers or business models of many building societies!

(Birmingham Midshires actually aren’t a building society any more, but part of Lloyds Banking Group!)

There is a legitimate issue here, however, as people with basic bank accounts aren’t allowed a chequebook so they are “locked out” of these accounts.

That’s not really fair when there is no need for the initial deposit to actually be by cheque.

I guess in some ways however, savings accounts are now pretty much pointless for most personal customers due to the interest rates being effectively zero percent.

I certainly don’t bother having any savings accounts at the moment and judging by the way things are continuing, I suspect it will be years before interest rates return to a level decent enough to offer any worthwhile return.

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Probably true (sadly)!

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Opening an account by post is very old fashioned. Are there any postal accounts worth having?

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Yup, in 2021, unbelievably bonkers! I can open a brand new bank account with a Neobank, video selfie, credit check, all done in less than 10 minutes. And yet, still financial institutions living in the mid 20th century. It’s too ridiculous for words.

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I’ve seen a couple of references to “the other forum” recently. Anyone care to elaborate? Wondering what I’m missing out on :slightly_smiling_face:

Hot Coral my friend :laughing:

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Ah, that other forum :slightly_smiling_face:

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Not a whole lot. But go explore … :grinning:

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Whose name cannot be said. :smiley:

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One must be respectful lest one be oddjobbed by pointless metal card :rofl:

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Well I’m blowed - I didn’t know there was a verb !

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Be very careful on which forum you use that analogy :rofl:

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Well I don’t know WHAT you mean :scream:

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Back to the original point, it’s easily overcome by having a friend or family member write a cheque on your behalf (and give them the cash) to open a savings account.

This is how people overcame things before we all suddenly became hard of thinking because some outfit told us a pink card and some emoticons was a better way of doing banking.

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That might work, or it might not. I remember some building societies used to insist on a cheque in the same name as you were opening the new account in. It was a way of verifying your identity and ensuring that you were using your real name.

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Surely those days are gone…? :face_with_raised_eyebrow:

My experience was that the cheque was for exactly this reason.

@Graham tell that to Birmingham Midshires!

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