Basic Bank Accounts

jackjones01

[FONT=Arial, sans-serif]I was wondering if anyone could help me?[/FONT]


[FONT=Arial, sans-serif]At the moment I have several basic bank accounts including:[/FONT]

• [FONT=Arial, sans-serif]Halifax – Easycash[/FONT]
• [FONT=Arial, sans-serif]Natwest – Step Account[/FONT]
• [FONT=Arial, sans-serif]Co Op – Cashminder[/FONT]
• [FONT=Arial, sans-serif]Yorkshire Bank – Readycash.[/FONT]
• [FONT=Arial, sans-serif]Northern Rock – Currrent Account[/FONT]

[FONT=Arial, sans-serif]I was wondering from a banking or credit reference agency point of view. Does it matter how many basic bank accounts you have?[/FONT]


[FONT=Arial, sans-serif]As I was looking at possibly opening a Barclays Cash Account and closing my Co Op Cashminder account.[/FONT]


[FONT=Arial, sans-serif]Any thoughts or comments would be appreciated.[/FONT]

book12

It doesn't matter how many basic bank accounts you have.

It's a good idea to clse the Co-op Cashminder account. The card acts like an Electron, even it says Visa debit. Barclays Cash Card Account is good.

Loughton_Monkey

jackjones01 wrote: »

[FONT=Arial, sans-serif]I was wondering if anyone could help me?[/FONT]


[FONT=Arial, sans-serif]At the moment I have several basic bank accounts including:[/FONT]

• [FONT=Arial, sans-serif]Halifax – Easycash[/FONT]
• [FONT=Arial, sans-serif]Natwest – Step Account[/FONT]
• [FONT=Arial, sans-serif]Co Op – Cashminder[/FONT]
• [FONT=Arial, sans-serif]Yorkshire Bank – Readycash.[/FONT]
• [FONT=Arial, sans-serif]Northern Rock – Currrent Account[/FONT]

[FONT=Arial, sans-serif]I was wondering from a banking or credit reference agency point of view. Does it matter how many basic bank accounts you have?[/FONT]


[FONT=Arial, sans-serif]As I was looking at possibly opening a Barclays Cash Account and closing my Co Op Cashminder account.[/FONT]


[FONT=Arial, sans-serif]Any thoughts or comments would be appreciated.[/FONT]

I'm no expert, but if my own credit file is anything to go by, 'basic' bank accounts don't show up at all. I have current accounts with FD, HSBC, Barclays, and you wouldn't know at all from my file. Just credit cards, utilities, mobile phone etc.

However, what does show up are searches by banks you have applied for any account with. I was recently declined a Lloyds Current account. My credit rating is enviably high, but they saw several other enquiries and thought I was looking to build up a flurry of O/D facilities and then flit.

Turning up at the branch, proving that I had more money than the manager, and telling him to put "Nil" O/D facility got a reversal in that decision within 15 minutes.

I think, personally, some banks are getting a bit 'cautious'. Just because I had opened a Santander, Halifax, and Lloyds current account all at the same time, they somehow think I am going to put £2,500 with Santander (at 5%), £7,000 at Lloyds (at 4%), and keep a next-to-zero account at Halifax, while sending £1,000 on a 'journey' through all 3 accounts each month to earn my £5 a month Halifax bonus.

I cringe that they could have picked up such an outlandish idea!

jackjones01

Thank you for your replies.

At the moment Im feeling the Co op needs to go as there visa debit card is not worth the plastic its printed on. Plus to be honest they must be the worse bank at processing transaction ever and there internet banking is pants.

jackjones01

Loughton_Monkey wrote: »

I'm no expert, but if my own credit file is anything to go by, 'basic' bank accounts don't show up at all. I have current accounts with FD, HSBC, Barclays, and you wouldn't know at all from my file. Just credit cards, utilities, mobile phone etc.

However, what does show up are searches by banks you have applied for any account with. I was recently declined a Lloyds Current account. My credit rating is enviably high, but they saw several other enquiries and thought I was looking to build up a flurry of O/D facilities and then flit.

Turning up at the branch, proving that I had more money than the manager, and telling him to put "Nil" O/D facility got a reversal in that decision within 15 minutes.

I think, personally, some banks are getting a bit 'cautious'. Just because I had opened a Santander, Halifax, and Lloyds current account all at the same time, they somehow think I am going to put £2,500 with Santander (at 5%), £7,000 at Lloyds (at 4%), and keep a next-to-zero account at Halifax, while sending £1,000 on a 'journey' through all 3 accounts each month to earn my £5 a month Halifax bonus.

I cringe that they could have picked up such an outlandish idea!

All my basic bank account show up on my credit reports and show lots of green zeros. But on my report they show as current accounts so how would the CRAs know there only basic bank accounts?

Fedz

jackjones01 wrote: »

Thank you for your replies.

At the moment Im feeling the Co op needs to go as there visa debit card is not worth the plastic its printed on. Plus to be honest they must be the worse bank at processing transaction ever and there internet banking is pants.

You feeling the fact that they don't reflect pending debit card transactions in your available balance via internet banking for days on end?

That's what I detested & argued with them about & now account closed in disgust!

jackjones01

Fedz wrote: »

You feeling the fact that they don't reflect pending debit card transactions in your available balance via internet banking fpr days on end?

That's what I detested & argued with them about & now account closed in disgust!

Yes its my biggest pet hate how transactions do not show on your account for days on end. Im sure they do it on purpose with there 3 strikes your our policy. I love Natwest there great at least i know where I stand with them when it comes to my balance its all real time.

Fedz

jackjones01 wrote: »

All my basic bank account show up on my credit reports and show lots of green zeros. But on my report they show as current accounts so how would the CRAs know there only basic bank accounts?

Credit files also show account(s) balances at time of reporting inc. any OD so I presume that's how they know the difference.

jackjones01

Fedz wrote: »

Credit files also show account(s) balances at time of reporting inc. any OD so I presume that's how they know the difference.

Thats great ive always wondered how on earth the banks know

Can you apply for a Barclays cash account in branch or do you need to complete an application form?

Fedz

jackjones01 wrote: »

Yes its my biggest pet hate how transactions do not show on your account for days on end. Im sure they do it on purpose with there 3 strikes your our policy. I love Natwest there great at least i know where I stand with them when it comes to my balance its all real time.

True, very true. They make it as difficult as possible for you to monitor your account as it causes unnecessary confusion & extra work.

I argued with them for years about this from front-line staff to line supervisors to line managers to an official complaints on numerous occasions.

I told them out of the several basic current accounts with different banks I have they (co-op) are the only ones that do this but, they said I'm mistaken it's normal standard internet banking for all :eek:

You send yourself to an early grave trying to get them to better themselves & bring their internet banking to better, higher more useful standard that's fit for purpose in respect of increasing usage of Visa debit cards & quicker reflection of the usage on available balances via their internet banking ...

Fedz

jackjones01 wrote: »

Thats great ive always wondered how on earth the banks know

Can you apply for a Barclays cash account in branch or do you need to complete an application form?

Sadly, in branch only: Barclays > Cash Card Account.

HTH