Basic bank account feedback thread

MadCat

For anyone having a problem opening a bank account I have opened an account at Yorkshire Building Society called a cash transactor account. Whilst actually a savings account, you get a cash card to use at any link machine, can set up standing orders and direct debits on the account and manage 1 time transactions online. Should you need to send a cheque, you can go into branch and they will write one for you. You can have your salary paid into this account. There was no credit check, a identity and address verification only. They were exceptionally helpful and from walking into a branch, I left 20 mins later with an account opened.

I was recommended to them by a friend of a friend as they knew someone who was an undischarged bankrupt and had managed to open an account easily.

If you need a debit/credit card facility you can of course use a prepaid card, essentially you have all the facilities you need from a bank account without having to go through the humiliating process of being refused accounts with the big banks.

It was actually a pleasure to be treated so pleasantly and respectfully by a financial organisation.

Chrishomer

I went to a central London Britania (Co-Op) to request a Cashminder.

The girl told me that it had been stopped, and even went to check with her superiors (or pretended to) and said 'nope'. She pointed me to the application form of a different current account, insisting it was the same thing.

I then asked if I could user her phone to call the 0845 number listed on the Co-Op website. She refused, saying it was a recent communication from head office - it's no longer possible to open them.

Chrishomer

Oh, one question - when the girl at CoOp asked me WHY I wanted a basic account, what should i have said?

I had said it was due to a poor credit score. To which she said it would be no problem, and I should apply for this other flavour of bank account (which seemed like an upsell to me)

The thing is -- I already have a Halifax Easycash account. I want to keep that open

So, I've given up on the Co-Op (Britania)

Wherever I end up going for my new (basic) bank account, do you think they will insist that I close Halifax EasyCash?

What should I say if they say WHY do you want two accounts? The real reason is that I want to compartmentalise my spending. It's just not very profitable for the banks, as it costs them money to run my account. So, what is the best answer to give?

(Some background: i have had my Halifax Easycash account since 2007! Halifax often try -- hard -- to get me to upgrade. I always decline)

Chrishomer

Went to Nationwide. They gave me a huge form + prepaid envelope to fill out.

There's no way I'm sending my passport in the post!

Chrishomer

Looking at the Nationwide Cash Card Application form: I'm not sure if they want the last 3 years addresses or the last 6 years

Firstly they ask for current address.

If you've lived there for less then 3 years then give previous address.

(I have lived here for about 2.5 years)

At my old address, I only lived there for 9 months. On the form they say if it's less than 3 years they want addresses going back 3 years. (Do they mean three years from TODAY or 3 years from back in 2009). They say

If you have lived here less than 3 years, please mark X in this box and provide your previous address on a separate sheet of paper and attach it to this form

Crikey, all this for a basic bank account? Do I really have to go back six years?

I wonder - if I just wait another 6 months, then I will have lived here (at my current address) for a full three years. Does that then mean that I don't have to list my addresses from 2006 to 2009? (from the wording on the form, that's my interpretation)

jalexa

Chrishomer wrote: »

Looking at the Nationwide Cash Card Application form: I'm not sure if they want the last 3 years addresses or the last 6 years

Somebody raised a project to design a form. Somebody designed a form. Probably there was a series of review meetings with tea and biscuits. A suit (probably a lawyer) signed-off the form. Who are you to criticise?:D

TBH, the literal interpretation is quiet clear (and flawed but that's lawyers for you). The "3 year trail" fails if the sum of residency periods on the 2 sections plus the piece of paper (having ticked the box:)) is less than 3 years.:rotfl:

I wonder - if I just wait another 6 months, then I will have lived here (at my current address) for a full three years. Does that then mean that I don't have to list my addresses from 2006 to 2009? (from the wording on the form, that's my interpretation)

I agree.

Joking apart, the rationale will be something to do with the Electoral Roll which is not guaranteed to capture short residency. You should really obtain and check your most recent Equifax and/or Experian credit report before you go any further.

It is in your interest that the credit report demonstrates the address data you submit (i.e. a 3 year residency history) and current Electoral Roll registration.

If it does then an online application may save some "post your passport" idiocy (!!!!!! signed that off?). I suggest Natwest/RBS. There is a Basic bank account link for a Basic account online application if you look for it carefully. And IMO excellent online and mobile banking.

Chrishomer

jalexa wrote: »

Somebody raised a project to design a form. Somebody designed a form. Probably there was a series of review meetings with tea and biscuits. A suit (probably a lawyer) signed-off the form. Who are you to criticise?:D

TBH, the literal interpretation is quiet clear (and flawed but that's lawyers for you). The "3 year trail" fails if the sum of residency periods on the 2 sections plus the piece of paper (having ticked the box:)) is less than 3 years.:rotfl:


I agree.

Joking apart, the rationale will be something to do with the Electoral Roll which is not guaranteed to capture short residency. You should really obtain and check your most recent Equifax and/or Experian credit report before you go any further.

It is in your interest that the credit report demonstrates the address data you submit (i.e. a 3 year residency history) and current Electoral Roll registration.

If it does then an online application may save some "post your passport" idiocy (!!!!!! signed that off?). I suggest Natwest/RBS. There is a Basic bank account link for a Basic account online application if you look for it carefully. And IMO excellent online and mobile banking.

Ah, I'm not on the electoral roll - I've had problems with stalking in the past,so I use a pseudonym so I can vote.

Maybe I should give up , and just be content that I have my Halifax EasyCash. (I've had the Halifax EasyCash since like, 2007. I'm happy with it)

Chrishomer

jalexa wrote: »

Joking apart, the rationale will be something to do with the Electoral Roll which is not guaranteed to capture short residency. You should really obtain and check your most recent Equifax and/or Experian credit report before you go any further.

It is in your interest that the credit report demonstrates the address data you submit (i.e. a 3 year residency history) and current Electoral Roll registration.

What confuses me is the credit history element -- for a basic bank account, why must they credit score? I hear that Santander don't do all this malarkey.

jalexa

Chrishomer wrote: »

What confuses me is the credit history element -- for a basic bank account, why must they credit score?

I don't believe they are "credit scoring" the application, or rather "credit score" is not relevant to the decision. Banks with a well designed on-line application process often use the CRA information to verify ID (or minimise the need for ID documentation).

In your case, unless a fraudster, bankrupt or (with some banks) a party to a voluntary arrangement, you should be accepted in principle and asked to send (or present at branch) your choice of 1 item from each of "List A" and "List B".

MadCat

From what I can ascertain, both Co-op and Barclay's now undertake a credit check on their basics accounts. The Co-op is backing away from these accounts big time. This isn't good at all, everyone needs a bank account and through this banks driven recession many of us feel uncomfortable with the banks we have given our lives to, to date.... From what I have managed to ascertain, being on the e role is important as is a home phone line to get your head through the door.

Like I have previously said a Yorkshire BS cash transactor account is an option, no credit check.