Prepaid Cards Guide Discussion Area

money08

eskbanker wrote: »

Is there some sort of CIFAS fraud marker against you perhaps? It's unusual not to be able to open any sort of basic account, so apart from checking all three of your credit files you might also wish to establish if CIFAS have anything on you, via https://www.cifas.org.uk/contact-us/subject-access-request. Did your bank give you 60 days notice of their plan to withdraw facilities or was it immediate suspension/termination?




Sorry, I don't know of any such cards that are that close to being a fully-functional bank account.

I'd forget any notion of being able to reinvent yourself in that way - any applications for credit (including utilities) will typically ask for previous addresses over three years, so, unless you plan on acting fraudulently by deliberately omitting facts, you'll have to keep the continuity going.

No they have done it before as well in a seemingly random fashion. I use the card all the time as well so its hardly dormant. No CIFAS issues.


If neccessary I will just say I lived abroad, which i have done now and again, or just wait the three years but using a prepaid card. I hate the banks anyway and how we have become chained to them and get nothing for our savings etc. Tragic we cant just use cash these days and to hell with them.

eDicky

money08 wrote: »

No they have done it before as well in a seemingly random fashion. I use the card all the time as well so its hardly dormant. No CIFAS issues.

There's a possible solution for your incoming USD payments, but I hesitate because you are likely to run into problems if you cannot identify and explain the behaviour that now prevents you from even opening any basic bank account.

Meanwhile there's Loot : https://loot.io
Or Cashplus - there may still be a link to get it without monthly fees on moneysupermarket.com

Anthorn

money08 wrote: »

I need a prepaid card into which my benefits can be paid and which can do at least standing orders, but maybe DDs too. Zero fees if possible and obviously reliable and trustworthy. Any ideas?

Several prepaid cards are about as close as it gets to a full current account with an account number and sort code, standing orders and direct debits but not for free and fees vary. As an example try Monese and The Change Account. The latter is described as a transactional account and the main difference from a savings or deposit account is that all funds are regarded as liquid/cash, about the same as a current account. Be sure to read the fees table. Others to try are Cashplus, Acorn, Eccount.
http://www.monese.com
https://www.thechangeaccount.com


Just to note that the last savings account which also allowed standing orders and direct debits, the Coventry Building Society MoneyManager account has closed down. So virtually the only alternative is a basic bank account and that's what you should try first.

money08

eDicky wrote: »

There's a possible solution for your incoming USD payments, but I hesitate because you are likely to run into problems if you cannot identify and explain the behaviour that now prevents you from even opening any basic bank account.

Meanwhile there's Loot : https://loot.io
Or Cashplus - there may still be a link to get it without monthly fees on moneysupermarket.com

Loot looks well dodgy and I don't want an app based account(is the Loot paper still going?)


I don't get the US payments in dollars they come in £s. Its not a problem as long as the prepaid cards provide an IBAN/Swift facility.

money08

Anthorn wrote: »

Several prepaid cards are about as close as it gets to a full current account with an account number and sort code, standing orders and direct debits but not for free and fees vary. As an example try Monese and The Change Account. The latter is described as a transactional account and the main difference from a savings or deposit account is that all funds are regarded as liquid/cash, about the same as a current account. Be sure to read the fees table. Others to try are Cashplus, Acorn, Eccount.
http://www.monese.com
https://www.thechangeaccount.com

That CHANGEACCOUNT looks good though I wonder if anyone has actually been using it or monese etc with success? and more importantly without issues because your money or transactions don't seem very safe if there are any disputes. I wonder how they will do DDs but not SOs?

money08

Do prepaid cards show up on credit file? Shirley those who offer direct debits must show up if you use DDs?

[Deleted User]

money08 wrote: »

Do prepaid cards show up on credit file? Shirley those who offer direct debits must show up if you use DDs?

No they don't.

And why would a DD mean it must show?

Anthorn

money08 wrote: »

That CHANGEACCOUNT looks good though I wonder if anyone has actually been using it or monese etc with success? and more importantly without issues because your money or transactions don't seem very safe if there are any disputes. I wonder how they will do DDs but not SOs?

Re. The Change Account which is the only prepaid bank account I have experience of through a close relative, both Direct Debits and Standing Orders come under the category of "Scheduled Payments". The debit card itself is issued by and therefore managed by British Bank, R. Raphael & Sons plc which is fully authorised by PRA and regulated by FCA. I haven't heard about any problem but due to the state of such things throughout British Banking I wouldn't be surprised if it did have a problem sooner or later.

SnowTiger

money08 wrote: »

Do prepaid cards show up on credit file? Shirley those who offer direct debits must show up if you use DDs?

Prepaid cards don't show up on credit files. The clues are in the names: prepaid card and credit file.

If you've pre-paid there isn't any credit involved.

As for direct debits; if there isn't money in the pre-paid account, a direct debit won't get paid.

The likes of LOQBOX and CashPlus offer options that, effectively, allow punters to buying positive reporting to CRAs by pretending to lend money.

Anthorn

SnowTiger wrote: »

As for direct debits; if there isn't money in the pre-paid account, a direct debit won't get paid.

True but not strictly so depending on the card: Cashplus offers the iDraft which is similar to an overdraft but I have seen it referred to as a PayDay loan. Watch out for arm and a leg fees though:

Representative example: Credit amount: £100 for 12 months, 0% interest, 75p per day flat usage fee, capped at £10 per monthly statement period, plus a one off arrangement fee of £20. Total amount payable: £240. Representative 230% APR.

https://www.cashplus.com/borrowing-money