My salary is, for reasons I won’t get into, something I can’t move away from my legacy bank. Even then, I’m not too hot on the idea of having an account with only one bank — I’d rather my day-to-day spending is split from my important bills, for example, so I’m not having to sift through my direct debits to see how much I spent on coffee.
Also, joint accounts. But they’re working on that, so ¯_(ツ)_/¯
Oops, I should have been more specific — I can’t move it away from my specific legacy bank. Even if I wanted to move it to another legacy bank, I couldn’t.
Years ago staff who worked for legcay banks were contractually obliged to have salary paid into a branch of their employers bank. I seem to recall that this practice was later banned under EU legislation, but I can imagine that this remains in place for particular non standard roles / contracts…
As @caribo has said it seems to be a requirement for some banks and their subsidiary companies, it’s been mentioned here before. Doesn’t really make sense as you can just transfer it out to your preferred bank after payday but I suppose it’s easier for their payroll department and probably cheaper
Oh, I didn’t realise it had been mentioned before. S’pose I should just say it — yeah, my employer is a legacy bank, so I have to have my salary paid into an account provided by them.
I could transfer the whole thing out, but I honestly like having a bills account and a day-to-day spending account.
I know one guy at a legacy bank who was not permitted to hold shares in other banks nor sell them for their personal benefit so they ended up giving them away to me free oh the bizzare nature of the legacy banks!
I mean, I wasn’t aware that there was a regulation banning this until I spoke to an employee of a different legacy bank who’d had the requirement removed for them. I’ve never really felt the need to challenge it — like you said, it works for me — but it’s very odd.
Does anyone know which specific EU regulation prevents this, btw? I might bring it up with HR or my union…