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Cannot open brokerage account due to credit checks

  • 18-07-2014 12:49pm
    #1
    Recondite49
    Closed Accounts Posts: 1,004 ✭✭✭


    A couple of weeks ago I applied to open a brokerage account with TD Direct.

    Two days ago I received a letter saying that they couldn't allow me to open an account due to a credit check they'd performed.

    When I was in the UK I ran up some debts due to my University trying to insist I paid an entire year's worth of tuition after I had to leave a course after four weeks. I never signed an agreement to the effect I would be liable for the entire amount so made an offer to pay pro rata for the time I'd spent which was refused. As TD are based in the UK, presumably they'd be privy to that information.

    I've e-mailed Davy Select and today they replied to say that they likewise do a credit check on people but encouraged me to apply anyway.

    To some extent I can see the sense behind this as it might be important if people want to trade on margin. Nevertheless it feels to me that it's unfair to penalise people who previously had money troubles, particularly people who want to start investing money instead of borrowing more.

    Has anyone else had this issue?

    I have decided to apply for an account with Keytrade who are based in Belgium, so presumably they won't have access to Irish/British credit records, I'm not optimistic...!


Comments

  • #2
    Recondite49
    Closed Accounts Posts: 1,004 ✭✭✭Recondite49


    I wanted to update this situation - TD have contacted me to say that this was a clerical error on their part and that if I applied again online and called them back, they could use the existing identity documentation I already submitted to open the account.

    I have now done so and plan to call them on Monday morning, watch this space.


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