BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

IF
IF Posts: 34,349
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edited 25 October 2015 at 4:34PM in Bankruptcy & living with it
With immediate effect (from September 17, 2012) the Co-operative bank is no longer accepting new customers who are un-discharged bankrupts, this decision does not affect the bank's existing customers.


> The Co-operative Banking Group - News 2012

Since the recent press release the Co-op has assured other posters that if you open a Cashminder account with them, then go BR they will keep your account open.

Cashminder will give you DD and SO, telephone and Internet banking, a visa debit card, you can use any Post Office or Britannia BS to deposit money or cheques, you can use any link machine to withdraw cash. Don’t worry if they say you will have to be referred as they tend to "refer" 80-90% of new Cashminder accounts, you should hear something in the next few days from them. Sometimes they also ask for ID to be taken to one of their branches but this is rare. If they have declined your application then ask them you wish to appeal, this too is rare.

Co-op Cashminder can be opened over the phone 0800 123455

Cashminder - Click here

* Please be aware that the Co-op have a 3 strike rule, if you go overdrawn/bounced DD etc from your account three times they will close your account so be vigilant *


BARCLAYS

If Barclays are a creditor you can open the CashCard Account after you are BR.

With Barclays you will have to go in branch to open, you have DD and SO, visa debit card/cash card, they do NOT allow telephone and Internet banking to BR's, you can go into any branch to deposit money or Cheques and withdraw money from any link machine.

Cash Card Account - Click here

* At present with Barclays, there is a maximum charge of £8 a day if direct debit or standing order payments exceed the total funds in the account. However, from March 2012, this could increase to up to £24 a day *


Most frequently asked questions :-

Will the OR (Official Receiver) freeze my account?

It is the bank themselves that freeze bank accounts not the OR so when you speak to the OR's clerk on the phone (either at the court or later) they'll ask you a few questions and ask them you wish to use your Barclays Cash Card Account or
Co-op Cashminder for your pay and DD's, they will then send to the bank form Bank2 option1 which specifically asks the bank to leave the account open (although the final decision rests with the bank) and they have no further interest in the account.

Can I stay with my Bank?

There are only '2' BR friendly banks, sometimes on rare occasions as long as your Bank isn't a creditor in your BR, they 'may' downgrade your account to a Basic one but don't rely on this being the case.

Still can't open a basic bank account

Make sure you are on the Electoral Roll, whilst a Basic Bank Account doesn’t credit check you it does identity check you.

If your on the electoral role and still being refused check your credit files they may have CIFAS markers


> CIFAS - Welcome to CIFAS


More Info on Bank Accounts.
"If wishes were horses, then beggars would ride"
«13456718

Comments

  • Any idea how long before the OR freezes the bank accounts?
  • IF
    IF Posts: 34,349
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    oopsydaisy wrote: »
    Any idea how long before the OR freezes the bank accounts?

    The OR doesn't freeze them the Bank does, once the OR writes to them saying you are now BR. So if you have one of the 'two' BR friendly banks and have asked the OR for either the coop/barclays bank to be your main account they will say to the bank they have no interest in it.

    Often 'other' accounts appear to be active until a user tries to use said account then it is promptly closed.

    If...x
    "If wishes were horses, then beggars would ride"
  • The OR doesn't freeze them the Bank does, once the OR writes to them saying you are now BR. So if you have one of the 'two' BR friendly banks and have asked the OR for either the coop/barclays bank to be your main account they will say to the bank they have no interest in it.

    Often 'other' accounts appear to be active until a user tries to use said account then it is promptly closed.

    If...x

    Thanks again for your info :) I have both Barclays and Co-op as creditors so will have to try Barclays once BR gone through... In February!! :(
  • Tink2107
    Tink2107 Posts: 15
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    Hi, Just a quick note.

    I opened a Coop account anyway just in case, however my account is with Natwest and they havent closed it and havent downgraded it either.

    I had to ring them the other day as I used Halifax ATM and there was a problem with there machine they pushed the card out but not far enough for me to get it and took it. So I rang Natwest and asked for a new card and they tried to get me to open a new account so I had to incase I lost my card again. I spoke to them and explained about my BR and they said ah right no you wont be able to open a new account, he went off to speak to his manager and came back and said come back when you get discharged but we will keep this account as it is for now. He was really friendly. I think it helped I dont have any debts with Natwest though.

    Thanks

    Tink
    18 October 2011 BR.... Fresh start!! Countdown to Discharge.... 18 October 2012!!
  • Redvee
    Redvee Posts: 140
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    Not sure if you can speak to somebody about opening an account with the Co-op but when I call them I use 01618295860.

    HTH
  • IF
    IF Posts: 34,349
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    edited 20 October 2012 at 6:35PM
    Tink2107 wrote: »
    So I rang Natwest and asked for a new card and they tried to get me to open a new account so I had to incase I lost my card again. I spoke to them and explained about my BR and they said ah right no you wont be able to open a new account, he went off to speak to his manager and came back and said come back when you get discharged but we will keep this account as it is for now. He was really friendly. I think it helped I dont have any debts with Natwest though.

    Thanks

    Tink

    Thanks Tink, there are always going to be an exception to the rule and have seen some posters accounts untouched......however we hear more stories the other way unfortunately.

    With me I had a Nationwide flex account and they weren't a creditor in my BR, they downgraded my account to a cash card + account and still use it today......as I say I was lucky tbh

    If...x
    Redvee wrote: »
    Not sure if you can speak to somebody about opening an account with the Co-op but when I call them I use 01618295860.

    HTH

    Thanks Redvee, I use 0800 123455 to check my balance :beer:

    If...x
    "If wishes were horses, then beggars would ride"
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030
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    And don't forget that the Co-op now offer a text service to give you the most up to date balance on your account. You need to ring Customer Services and set it up but it is a very useful tool to have.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • Thanks for this.. so is it better to open one of these accounts before I go bankrupt? and transfer all my DD etc? is your money safe in this account? or can they take it
  • Ineedaname
    Ineedaname Posts: 3,653 Forumite
    I opened my Co-op account about 6-8 weeks before going BR, that allowed plenty of time to get all income and DD/SOs transferred over and have the account fully operational before going BR.

    Then I just noted on my BR forms that it was my living expenses account and the OR was fine with it.

    Always adviseable to let the Co-op know why you need the account and then just ring them once you have actually gone BR.

    Remember though, if you have money surplus to reasonable living requirements the OR can ask for it and they will see on your bank statements if you have withdrawn a chunk of money before going BR and want to know what you spent it on.
    When I joined, I needed a name. The forum members gave one to me...I am INAN :D
    "Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt
  • dojoman
    dojoman Posts: 12,027 Forumite
    kaths101 wrote: »
    Thanks for this.. so is it better to open one of these accounts before I go bankrupt? and transfer all my DD etc? is your money safe in this account? or can they take it

    I opened mine 10 weeks before going BR, my pension was actually paid in to the account on the day of my BR, and therefore I could not take it out before going BR, but I informed the OR that this account was for my day to day living and they never questioned it. I have had this account for over 2 years and it has been running fine since day 1.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
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