Getting a current a/c with Visa Debit when not paying much in?!

Owlish

I'm asking this question on behalf of my fella. We have a small business (limited company) and a company bank account.

Fella has his own bank account with Nationwide, but they won't give him a Visa Debit card as to get one he has to pay in at least £750/month. We probably tend to stick £200-£300 in his account each month, as everything else runs through the business and is sorted out by the accountants at the end of the year. We don't want to change the amount we pay into a bank account for him, but it's a bit of a nightmare that he doesn't have a debit card (other than the company one) and has to remember to get cash out.

We asked Barclays (who have our company bank a/c) about a current a/c for him, but they turned him down and said that they couldn't tell us why.

His Experian credit score is 'Fair' (808), apparently the National average. We also applied for a joint a/c with Nationwide (I bank with them, have a Visa debit card and an 'Excellent' (999) score which we thought might help and make it more likely to be accepted). They turned us down for reasons unknown :rolleyes:

I don't see why it's so difficult He doesn't want an overdraft facility, can show good company accounts, and all he wants is easier access to his own money.

Can anyone suggest a bank that he can try given the problems? I'd be really grateful for help on this one!

Lokolo

Lloyds?

They have VISA debit cards. Don't think they have a minimum going in either.

psychic_teabag

Are there any rules about where the £750 comes from? If you have savings, can you just put it in and take it straight out again. Or can you bounce £250 out and in 3 times? Could try to get a halifax reward current account use that as the temporary account - bouncing money back and forth between that and nationwide to get the £5 reward from hfax and the visa card from nationwide. (Or the hfax account could be in your name, of course, if your credit score is better.)

See also this thread which asks whether someone can be added as an additional cardholder to another account.

gt94sss2

Owlish wrote: »

His Experian credit score is 'Fair' (808), apparently the National average. We also applied for a joint a/c with Nationwide (I bank with them, have a Visa debit card and an 'Excellent' (999) score which we thought might help and make it more likely to be accepted). They turned us down for reasons unknown :rolleyes:

I don't see why it's so difficult He doesn't want an overdraft facility, can show good company accounts, and all he wants is easier access to his own money.

Can anyone suggest a bank that he can try given the problems? I'd be really grateful for help on this one!

Instead of spending money on getting the credit scores which are really meaningless - its better to get a copy of his credit file to see what that shows. Also, ensure that his details appear on the electoral roll..

If Barclay's won't offer him a current account, despite him having a business account there, they may be something 'wrong' or missing from his credit file.

I would advise you not to keep trying to open current accounts, as too many credit searches on his file will mean its more likely he will get turned down in future..

It may be, our OH's best bet is to open a basic bank account - some of which come with debit cards..

Regards
Sunil

book12

You could try Barclays again, but this time, try the 'Cash Card Account'. It's not credit scored, and it comes with a debit card (despite the name of the words 'Cash Card'). It's similar to the 'Barclays Bank Account', but without overdraft and chequebook.

Nationwide are quite strict on giving debit cards out. I suggest you swtich banks altogether (i.e. close the Nationwide account), or open a bank account with another bank (without closing the Nationwide one).

Failing to get a current account, try opening a basic bank account (most of them come with debit cards): http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

brightonman123

Natwest do a basic 'step' a/c- used mine to receive benefits.

Debit card, standing orders, but NO overdraft.

www.natwest.com (/step?)

psa- they gave me one, so there's hope for almost everyone!:beer:

rb10

psychic_teabag wrote: »

Are there any rules about where the £750 comes from? If you have savings, can you just put it in and take it straight out again. Or can you bounce £250 out and in 3 times? Could try to get a halifax reward current account use that as the temporary account - bouncing money back and forth between that and nationwide to get the £5 reward from hfax and the visa card from nationwide. (Or the hfax account could be in your name, of course, if your credit score is better.)

The Halifax account will come with a Visa Debit, so that would solve the problem, and the £750 wouldn't need to be bounced around for Nationwide.

Owlish

book12 wrote: »

You could try Barclays again, but this time, try the 'Cash Card Account'. It's not credit scored, and it comes with a debit card (despite the name of the words 'Cash Card'). It's similar to the 'Barclays Bank Account', but without overdraft and chequebook.

I've just called Barclays on this, and they have advised me that it is a cash card only, no debit card facility! The did suggest that we speak to our business relationship manager and ask them what our options are for a current account with debit card, so am waiting to hear back from them.

gt94sss2 wrote: »

Instead of spending money on getting the credit scores which are really meaningless - its better to get a copy of his credit file to see what that shows. Also, ensure that his details appear on the electoral roll..

If Barclay's won't offer him a current account, despite him having a business account there, they may be something 'wrong' or missing from his credit file.

I would advise you not to keep trying to open current accounts, as too many credit searches on his file will mean its more likely he will get turned down in future..

It may be, our OH's best bet is to open a basic bank account (LINK SNIPPED BY OWLISH not allowed to post links as am a new user) - some of which come with debit cards..

Thanks Sunil. He's on the ER and the only issues on his file are as follows:
- there's not a massive amount of activity as most bills go through the business account.
- there's only one 'problem'. He had a problem with Lloyds and ended up around £1,800 in arrears. This was later almost all returned to him when he claimed his charges back (think he paid them £60). But of course the file doesn't say that.

I don't think there's much we can do about either of these things.

I shall see what Barlcays say and then go through that list of Basic Accounts and quiz them all on whether their debit cards really are debits and see about a new account.

Thanks for the other suggestions. I think the bouncing £ around one's probably not going to work for us, but thank again.

I shall update once I've spoken to Barclays and let you know

book12

Owlish wrote: »

I've just called Barclays on this, and they have advised me that it is a cash card only, no debit card facility! The did suggest that we speak to our business relationship manager and ask them what our options are for a current account with debit card, so am waiting to hear back from them.

Thanks Sunil. He's on the ER and the only issues on his file are as follows:
- there's not a massive amount of activity as most bills go through the business account.
- there's only one 'problem'. He had a problem with Lloyds and ended up around £1,800 in arrears. This was later almost all returned to him when he claimed his charges back (think he paid them £60). But of course the file doesn't say that.

I don't think there's much we can do about either of these things.

I shall see what Barlcays say and then go through that list of Basic Accounts and quiz them all on whether their debit cards really are debits and see about a new account.

Thanks for the other suggestions. I think the bouncing £ around one's probably not going to work for us, but thank again.

I shall update once I've spoken to Barclays and let you know

The Cash Card Account (CCA) does come with a debit card. They are wrong about the account only offering a cash card. Print it and show them the website (http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=12866).

As you know the 'Connect' card is the debit card. I have the CCA, and have a debit card!

The arrears will be a problem when opening an ordinary account.

Most banks offer debit cards with their accounts (refer to the link I posted above).

Owlish

book12 wrote: »

The Cash Card Account (CCA) does come with a debit card. They are wrong about the account only offering a cash card. Print it and show them the website (LINK-SNIPPED).

As you know the 'Connect' card is the debit card. I have the CCA, and have a debit card!

The arrears will be a problem when opening an ordinary account.

Most banks offer debit cards with their accounts (refer to the link I posted above).

Thank you for helping with the insisting bit! Barclays have now agreed that yes, he can have that current account with a debit card, and just no cheque book / overdraft, which is great!

Thanks so much to everyone here - a happy outcome for us thanks to you guys :T:T:T

book12

Owlish wrote: »

Thank you for helping with the insisting bit! Barclays have now agreed that yes, he can have that current account with a debit card, and just no cheque book / overdraft, which is great!

Thanks so much to everyone here - a happy outcome for us thanks to you guys :T:T:T

The CCA comes with a debit card automatically, even though the website says the customer has a choice of a debit card or a cash card.

Just wait 2-3 workings days for the PIN and card to come. Since the account is opened today, PIN arrives the next day, then the day after tomorrow the card comes. Online/telephone banking details comes in 5-7 working days.