Using a new bank account

confuzzled7

I went bankrupt last Weds. And promptly opened a new bank account which I have now received all the info for - my debit card, pin number etc. Is it ok for me to now pay some cash into this new account and get my wages transferred across (they're currently in my Mum's bank account), then start using the account as normal? Do I need to let the OR know I'm doing this? I've got bills etc that really need paying and my OR is only contactable on Tues, Weds, and Thurs. Would ideally like to get some of this sorted tomorrow but don't want to get my wrist slapped for it.

debtinfo

no problems with what you are doing, no need to tell th OR if opened after BO date

confuzzled7

Ah, ok - thanks. Just wanted to double-check.

sniggings

m8 which bank is it,as some don't allow BR people,it has been know for some to close/withdraw some services if they find out,might be worth opening an account with Barclays or co-op then swapping over just to be safe.

confuzzled7

It's with the Secure Trust Bank - they've assured me that being bankrupt won't affect it in any way.

diddly74

confuzzled7 wrote: »

It's with the Secure Trust Bank - they've assured me that being bankrupt won't affect it in any way.

Can I just ask why you chose to open a bank account that you have to pay for when a Co op or Barclays one are free?

We have been with the Co op since last June, and admittedly they ballsed up a bit when we went bankrupt, (not telling me, despite me asking that my account was not a Cashminder account so it would and has been stopped - but that was really 1 woman's fault - cos I bet if I had asked a different member of staff they would have given me the right info). I can't fault them for their helpfulness once alerted to my predicament, and the speed in which they have sorted me out a new Cashminder account has been excellent. I spoke to them on the evening of the 24th and by the 27th the account was open, they gave me the numbers and it was operational. I am still waiting for my card and pin, but all my direct debits have been set up, and I have been able to contact all the necessary people (child benefit, Tax credits, work, etc) to move our payments over to the
new account and I can sleep again!

I also like the fact that I can go into a branch and see a real person, not one sitting on the end of a telephone, if I have a problem.

D

Doucam

I was just going to ask the same thing!!

I just looked at their charges and it's 12.50 a month, and 50p each time you withdraw cash, that is an added bit on your soa that's not really necessary?

diddly74

I've even ordered a free O2 payg sim card, once that it up and running I shall apply for one of their free money manager cards (very like what Secure Trust give you) which I can top up with cash and use as a secondary debit card for just the food shopping and putting petrol in the car! That leaves my Co-op account just for the bills, and with a bit of luck they will let me keep my ISA open that I already have with them and I can use that for the money I need to put aside - if not I will apply for a Barclays account and use that until such time as I am squeaky clean enough to get my foot back on the ladder and can get the better savings accounts and get some propper returns for my efforts.

OH and I have been BR for just 14 days now, and the biggest change I have felt so far (apart from the quietness of the phone) is how weird it is paying for stuff in shops with CASH!!! [shock horror!] lol, and how fast it disappears from your purse. You don't realise this when you pay for stuff on your debit card!

D

Doucam

diddly, you can get a Yorkshire Building Society internet saver account for any savings, there are a few of us on here that have those.

I have just got a cashplus prepaid card and have opted for the credit builder facility, which will cost £4.95 a month but will be worth it for the little green ticks!

And I know what you mean about paying by cash, it is a fantastic feeling but boy does it disappear fast!!

confuzzled7

Er, because Co-op refused to open an account for me as my house name does not appear on their computer system. Got bounced backwards and forward between them, Royal Mail, and my local council for days on end with no-one willing to update their records. Was told by Co-op that if I went into one of their branches with the relevant id then they'd open the account for me in branch. Took the time off work and effort to travel the 25 miles to their nearest branch only to be told that they couldn't open an account for me either and that the info I'd been given was incorrect. So, gave up on Co-op, tbh.

Barclays are a creditor and when I mentioned my situation when trying to open a new account they admitted that they might use their right of offset to take back what I owe. I'm not sure whether this would actually have happened but it wasn't a risk I was willing to take.

Secure Trust Bank have been great from the start. Yes, I realise I'm paying for that service but I'm happy to do so for the time being to make sure everything runs smoothly during my bankruptcy. Having the option of going into a branch to 'talk to a real person' is of no interest to me whatsoever - as I work full time it's virtually impossible to get to a bank during their opening hours anyway. I'm quite happy to talk to a 'real person' over the phone or use their internet banking facilities instead.

diddly74

Did you know the O2 cards can be given to anyone 13 and up?

I have just looked at the cashplus prepaid card from your post Doucam, and I can see how it sells itself, and being able to use it wherever the mastercard sign is displayed is useful, but I think I will stick with the O2 one [my friend already has one for her hubby so he always has money to pay for petrol etc, without a chance he can clear out the current account or have to ask if its ok]

I have the Yorkshire Building Society internet saver account link saved here on my pc, waiting to be used. I probably will open one eventually.

I wonder if I was a squirrel in a former life? Cos I like to have all my money stashed separately. When I went BR I had 7 current accounts and 4 savings accounts and they were all responsible for different areas. My BR form took bloomin ages to fill out!

D