Bank Account - I don't have one

RiverRunDry

Hey All

I wondered if anyone else was in a situation like mine or might even have some advice.

I haven't had a bank account for around two years now. When I first got into strife with my bank (unable to pay back a loan and credit card bills) they closed my account. I've since tried to open a bank account with just about every bank on the High St and I've only been after the most basic of bank accounts too.....no frills! I was even turned down for a Cashminder account with the Co-op.

I manage to get by without one but it's not an ideal situation and I find that when I tell official people, for instance the DWP, they have a hard time believing me! If I do go BR I'm hoping I won't have a difficult time convincing the OR that I have no bank account.

I receive IB which is paid by giro cheque and I cash at the post office. I pay most of my bills at the post office and the two direct debits I have go out of a friends account and I pay them each month (for car and pet insurance).

I'm hoping if I do go BR that I will be able to open a Barclays account.....I've read a few people on here mention they have an account for BR's.

Tell me I'm not the only one!! :eek:

DON79

Sorry if this sounds a bit obvious but have you tried opening one at the post office - someone on here suggested this or another account a couple of days ago and I cannot find the post to show it to you! :rolleyes:

Other than that, what about a pre-paid card?

Sorry if this is not much help at all

Donna

RiverRunDry

Hi Donna.....thanks for your reply

The DWP sent me the invitation to take to the post office to open an account but as yet I've not done it because there didn't seem much point.....it's just as easy for me to take my cheque to the post office to cash it and I wouldn't be able to use the PO account for anything like direct debits.

Sadly I don't need an account to keep any left over money in because I'm lucky if I have a fiver left over at the end of the month....and nope, that's no exaggeration! It's ok though because I have enough money to pay my bills and to live on

What is a pre paid card though?

Thanks

DON79

You can get a pre-paid mastercard which has no credit facility at all and you just load it up with money, which you can do at the post office - and then use it like a debit card in shops when you need to pay for something - you can keep track of how much is in it online too.

Virgin do one and Cashplus and Paypal - others do them too but you would have to pay a one off fee to get one - usually around £10 - and if you are careful which one you get, there are low fees or no fees at all (the paypal one charges no fees at all I believe but check this).

It is another option certainly. I don't have one yet but intend to get one shortly.

Donna

RiverRunDry

Wow! I didn't know such a thing existed.....I'll look into it. Are you able to have the DWP pay benefits directly into it or is it just what you pay in yourself?

DON79

Hi, yes they exist but are fairly recent. I think you can have benefits paid into them but if not you could certainly put them into them at the post office.

Virgin do free top ups at the post office and charge 30 pence for every £10 used.

Paypal don't do free post office top ups, it costs £1 to top up but there are no transaction fees at all when you use the card in a shop but they will charge £2 for a cash withdrawal.

cashplus is also free to top up at the post office but i can't find much about exact costs for that one - will try do a little more digging.

philnicandamy

http://www.postoffice.co.uk/portal/po/content1?catId=19100189&mediaId=19200177

Post office benefits account...only benefits to be paid into NO direct debits etc available..

fiveyearplan

Why don't you try and open the Barclays account now?

So_Sad_Angel

I use my Virgin pre pay Mastercard as a back up.....have a small `emegency` fund in there....I always know that its a little bit I saved that is away from my day-to-day monies. It is fab as it looks just like a credit card except its MY money I`m spending....I love it!!

Paypal is great if you sell on Ebay....just transfer money straight onto it from Ebay/paypal & use it as you would any other card.

I have Coop account just for DDRs as I am aware tht account has to stay in credit.

TBH this is the most organised I`ve been in many years....well forever actually!!!

Dodger61

Agree with you So Sad Angel, the Virgin mastercard looks great. Riverundry, try re applying to the Co-op, it is unusal that you get refused, bearing in mind it is a card that most BR favour. Also try Barclays.

philnicandamy

Have you had a look at your credit files ? might be something on there that the co-op were not happy with even though they dont credit check......(CIFAS markers etc)

http://www.moneysavingexpert.com/banking/credit-rating-credit-score