Beware When you apply Bankwest Transaction account

[wxxnxs]

In my memory when I apply for a transaction account through the financial instituation, I never got asked to provide any income proofs. I went to the bankwest branch on Friday and tried to apply for their popular transaction accounts, and was forced to a credit application and also required to provide pay slips in order to get approved.

I wonder has anyone had this experience before, as I just like to open a day to day account not credit card/loan/mortgage, why they need to a credit application check. I didn't allow them anyway, this bank looks really weird.

 

[Mal]

It seems strange to me.

Did the account have an attached "Debit Visa/Mastercard" card ? Did you ask for a cheque book? Either of those *may* have triggered a better check of who you are etc (due to potential fraud potential with cheques / manual transactions on Mastercard/Visa etc) , although proof of income sounds strange.

Generally most banks want to know your income when you open an account, so they can upsell you to bigger and better things (Oooh - you earn $100K/year. Would you like a Plat Credit Card? Can we give you a loan for a new house etc ). But I can't say I've heard of banks requiring proof of income.

 

[mannej]

Nothing wrong with Bank West.

As someone who has just opened up an online account with them (in person at the branch), I too had to give a rough income estimate. It has something to do with them trying to sell you products they believe you are interested in. It may also be stored in their system to help create a customer rating for their own use.

All my banks that I am with have that information anyway so to me it does not seem like a big deal

 

[one9]

If you apply for one of the no monthly account fee transaction accounts at Bankwest, they will do a credit check on you. They justify this by giving you a $100 overdraft facility on the account. Also you can tick the box to apply for a credit card at the same time, and the one credit check can be used for both the transaction account & credit card.

I used to hold one of these Bankwest accounts but gave up on them after numerous mistakes as well as long delays in making telegraphic transfers to send money overseas (7 days vs 1 day with commonwealth bank). Also beware their standard ATM card does not work at overseas ATMs so make sure you request a visa debit card on your account providing you feel safe doing so.

 

[wxxnxs]

I don't mind doing a credit check but I can't figure out why they indeed need me to provide two recent pay slips. As someone mentioned, they do so because it will give you $100 overdraft facility, but is $100 really worth for these things? BTW, I didn't ask for a cheque book, the debit card is a only card they are gonna issue for your account, no choice. Even if I require a cheque book in other banks, I never got asked to provide income doc. Anyway, I won't bother them again better stick with my existing bank. Another good thing for NAB which I checked with their customer service again is you can overdraft your day to day bank up to $200 without any charge including interest, as long as you pay back within 7 days.