Banks need to wake up

Holes_in_my_pocket

Hi just dawned on me that banks must be mad to lose your business when bankrupt by closing your account..

The co op and barclays have it right .

Once your bankrupt it is likely you will have more money and able to save and these banks are throwing away potentially a good customers (no Debts) they are lookng at history rather then the future.

All they need to do is down grade accounts to basic with no overdraft facility .. BANKS NEED TO WAKE UP

Paul

k2nga

We have been saying this for a long time and im sure the penny with drop at some point that we would in fact be great customers for the banks to have.

The one reason i think they wont want us is i dont think the banks really like savers as they make there money from lending and if you are like me you will never want to borrow ever again so this might be one of the reason coupled with the fact that would not trust us anyway.

I would like to see a few more banks like Barclays and Co-op upgrade the account so you can have a proper visa card and maybe a cheque book. Not interested in the overdraft so they dont have to worry about that.

Holes_in_my_pocket

I will never have credit again once bitten twice as shy.. I have had a visa eletron crad for 6 yrs only been twice in 6yrs that i have been unable to use it .

k2nga

Yeah you right but its always in the back of my mind that it wont be accepted and i have found that with buying fuel at the pump which i never had to think about before.

What always annoys me is the shops that dont accept Electron as we actually have the money in our accounts and not on the never never.

Lost2

I have wondered why all shops don't take electron

Holes_in_my_pocket

Idavies the banks have been stung.. Buy why close account why not just down grade it..Tey have been stung on givn credit .. No more credit to bankrupts. Hopefully after bankrupt i will be able to save surely they should be happy for this business

k2nga

The banks have lent more than they ever should of to feed there greed for profit. I did i will hold my hands up but they dont stop you they just lend more.

I beat myself up over the situation i got myself into but as was pointed out by my OR i paid all my creditors on time every month (Minimum Payment) so they just kept upping my limit ensuring that i would be paying more in interest until i hit a wall and i was paying off on one of my cards less than £1 a month after the interest was added on. At least for the last 5 years i have had nothing i have lived on value food to try and beat the debt mountain i had got myself into and i lived in a lat riddled with damp and ricked my health as it was cheap but had to admit defeat when i lost my job and i wont be alone there will be many others just like me out there.

The thing is you cant just knock people who have found themselves facing BR as no one starts out to want to be BR. i will most likely never have what many have and will most likely have to rent for the rest of my life and im only 36 but at least i had the balls to face up to what i did and go through BR. Its not easy i can tell you that read my diary and see if you think i have had it easy i havent and you will find many others who have had it far worse than me.

Holes_in_my_pocket

no offence taken appreciate everyones views

fatou256

i have no debit card nor credi card and i dont miss them at all ! actaully i am far better now than i was last year .. i maanged to have some savings the first iem in years and years ! this for me it is an achievement .

my health as a result suffer quite a bitdue to pressure form creditors etc... as kinga

So_Sad_Angel

The Banks don`t see a basic account as profitable & it is`nt.

It actually costs the Banks to maintain an account that runs in credit all the time with no `add-on` sales. This is because there are tranaction costs that the consumer does`nt pay for ie - to produce & issue cards, DDRs, Statements, net banking etc

That is why they shy away from BR accounts because, quite apart from the risk, they can`t make money from them in cross sales. There is no potential for them....the Banks biggest profit comes from lending fees/interest & large credit balances...neither apply to basic accounts.

Hope that makes sense.

Mister-D_3

Shouldn't it be the case of the government makes its law that everyone is able to have a bank account (basic) irrespective of status. That was the intention of them (basic accounts) in the first place.

I personally do not care that the banks don't profit from me as they sure did when I was solvent.

In todays climate where almost all wages, benefits have to go into a bank account I feel that there should be some basic rights that all people should have:

banks must issue a debit card (be it Electron, Debit, Solo etc)
banks must allow DD and SO
banks must allow customer to monitor spending (either by phone, internet)

costs for these accounts must be realised from profits that the banks make.

Considering that many banks have been bailed out with tax payers money I don't see this as unresonable.