An account that won't allow an overdraft?

rcpbiggles

Does such a thing exist?

I am looking for an account that will basically only allow withdrawals/payments if the money is there! Does such a thing exist?
My husband is a little slack on the control of his account and as such Lloyds kindly charge him £20 a go.... we've tried to get back on track, but every slight miscalculation causes more charges.

Does a SOLO or ELECTRON account mean you cannot go overdrawn - ie if you tried to make a purchase in a shop for £20 with only £15 in the account, would it get declined?

Or is the only solution a cash card only account?

SOOOO frustrating! People are only human and I'm sure we've all been caught out thinking a payment has cleared when it hasn't.....

HELP PLEASE!!! Thank you!

virgin_moneysaver

the short answer is no, some retailers floor limit will allow small payments thru without the account being checked, also there are a few days lapsed between the transaction being authorised & it hitting your account so even though you may have had the £20 when you were in the shop but a few days later when its debited you may have had a DD come out, or forgotten & cashed a tenner at the ATM - unfortunately you can't 'blame the card' for letting you spend, its down to personal control & management, maybe using Martins spreadsheet may help if your hubby has trouble learning to manage his funds & becoming aware of his income & expenditure - Good Luck

rcpbiggles

Thank you! Think it might be a cash card only job then!!!

JohalaReewi

I thought most banks offer a basic (or key) current account with no overdraft facilities. They just don't advertise them because they like it when you are overdrawn.

Not sure if you would get a cash/debit card though because that would allow you to go overdrawn.

fabwitch_2

My daughter just opened a basic account with the Abbeynational and has no overdraft facility. I doubled checked this as I did not want her to have this option.

jonesMUFCforever

Once the account is in credit ask your husband to go to the bank and ask for a nil strict limit be applied to his account. He should also change his card from Visa Delta to a control card (old Electron cards)or perhaps even just a cashpoint card.
However I must stress he will continue to be charged if there is insufficent monies in his account to meet direct debits or standing orders.
If the above can be achieved then he does not have to switch banks.