Basic bank account feedback thread

d3mon4ngel

I'd like to add that I opened a Co-op Cashminder account last year, and have not had anything to complain about really. I opened it in branch, and told the person I spoke to that I just wanted the Cashminder. I didn't have any "hard sell" or anything like that, they didn't try to make me go for the normal current account at any point. I took all the documents I thought they might need with me, and they photocopied them and sent them off. I didn't hear anything more from them for about 2 weeks, but when I called them up (using the regional number from saynoto0870) I was told that it had been approved and opened that day. Two days later my welcome pack arrived along with my card then PIN a few days later. The people on the phones have always been helpful whenever I've had to call them, and I have had no problems to speak of. They did do a credit search when I opened it, but I think this may have just been an address confirmation, rather than an actual search.

In summary:
Good points: Good customer service, no hard sell of current account, manage online, debit card works everywhere I've tried to use it (not tried at petrol pumps!)
Bad points: Did credit search upon opening, very slow to send confirmation letters

Overall, I would recommend the Co-op Cashminder to others.

sscott5581

[QUOTE
=debt2011;41399190](Posted in the other thread) I applied in the branch for the Co-op cashminder recently, throughout the process I said cashminder and basic bank account. They did not say they would try me for a current account first (which they did).

(I used a passport as I.D.) I just got a copy of my credit report and co-op did 3 credit searches on me for the cashminder:

1 x current account
1 x identification
1 x enquiry[/QUOTE]
The indentification and enquiry will not be visible to other lenders who view your credit file. Were you accepted for the full account?

COIAHLGW

COIAHLGW wrote: »

Do people get many calls asking for an "account review" for the basic bank accounts? I'm looking at opening up a basic bank account with my UK credentials/passport (not sure if I'm still on the electoral roll) on my next UK visit but I am an expat in America. Obviously if they call me for an account review I'm not going to be there . My preference I think would be Barclays because of the BofA connection.

Well, in an interesting turn of events - my American Chase Continental PPlus credit card no longer charges the 3% international transaction fee. So therefore my need to open up an English bank account has been lessened I apologize for the off topic reply, but thought it was interesting considering a credit card that is actually improving their terms to the customer!

Taffy99

My Partner suffers from both clinical Depression, and bad Debt problems. She goes through high's and low's, and the debt-based spending follows the depth of depression (and vice versa). Unfortunately, even when she has good days, the debts are obviously still there, and still growing through interest, last month's charges etc.

This all stopped when she finally acceded to opening a Basic Bank Account:

It's taken a long time to help her towards debt recovery, as she often resists being helped when down with depression, as debt is something none of us like dealing with, and depression multiplies the difficulties.

Its difficult, when the person does not want to be helped, even when you are so close. And debts in the family are not one person's concern: like a contagion, they infect and affect everything to do with life, and those around you.
It took a long time to persuade her to close her credit-based accounts (and be able to clear all the balances to allow closure).
Sensing restriction, she didn't want a basic bank account, but in one good month, was persuaded to close current accounts and open a basic account with HSBC.

Unfortunately, HSBC, alike with all banks, is there to make money, not to help.
So 14 months later (and one year depression free) when she fell back into bad habits and started having transactions declined (due to the fantastic way that basic bank accounts dont let you spend what you dont have), the bank calls her up, and quietly offers her a 'full' account 'upgrade', complete with overdraft :mad:
Six months later, calculating the profit of another successful debt-cycle, the bank accepts her further quiet request for an overdraft extension.

Since gaining access to credit, her Debts returned and spiraled through the various charges you get as part of your full 'upgrade' :mad: account.
Her Depression returned, fueled by the complications of bad Debt.

All this only became apparent to me recently, when she broke down and told me. Suddenly the Depression re-lapse that i'd helplessly watched happen over the last 9months, made sense. Her episodes back into Depression started the month of her 'account upgrade' :mad:

It took over 5 years to help her through Debt and Depression, to her own full recovery.
That recovery lasted (and it's a fragile balance to stave off depression) until the bank 'upgraded' her account, to access credit again.

Basic Bank Accounts are great, but banks should not be able to use them as a grooming tool, for selling unsuitable products to vulnerable individuals.

I feel helpless, because she is fiercely independent (or more correctly resists restriction), and there is absolutely no way to prevent, or even know when someone you love, a symbiotic part of your life, is creating a web of debt and deceit that will pull her and those around her down into a long term personalised hell .

(She and) I know the advice and best practice, have setup credit monitoring, online banking, online credit reports, text message banking & alerts etc etc. But its all meaningless, if the vulnerable person and bank hide behind the excuses of privacy and DPA, to hide the debts from you.
You can't make someone you love, show you their debt spending. But their debt spending can make someone you love, show you hell.

P.S.: In this country, depression is a 'dirty' subject for most - a taboo they'd rather not speak about or acknowledge - despite 1 in 4 (nearly 1 in 1 for celebrities) of us suffering, or going to suffer with depression in our lives. It's not 'sexy', it doesn't get people elected, doesn't pull ratings, or improve the brand of the 'famous', so instead it gets swept under the carpet.

P.P.S. I deliberately didn't post this in the 'depression' forum section, as you wouldn't be reading it, if i had done - it does have reference to Basic Bank Accounts though x

angelnorthern

I recently opend a Barclays Cashcard Account as per Martin's advice, and the bank rep nor anyone within the branch new anything about the £15 buffer allowed on this account. Does that mean that it doesn't in fact exist ? Or that the staff hadn't been fully informed. Therefore, if I acccidentally go overdrawn beneath £15, will I get charged ?

pmduk

I have one of these accounts and have never heard of it other than on here. I don't recall it being mentioned on the Money Advice service booklet here either

bhoy1976

I've just been learning about the basic bank accounts that come with Debit cards and I am looking for a change.

When my DMP began a couple of years ago, I opened up a Basic account with Santander with no overdraft, no debit card, no frills becasue I was told I couldn't have one. Its been tricky to do certain things and have had to ask people with cards to do stuff for me.

Now I need to get one of these basic accounts with a debit card as it will make a huge difference to me.

I just can't decide which one to go with. Because of Barclays recent PPI issue I thought about leaving them out of the equation, but I don't know if any bank escaped that issue!

DosyDaisy

Hi,
I have recently opened a Basic Bank account with Barclays beginning of April. This is because I am currently in the process of applying for an IVA, I've finally got everything in place - Direct Debits etc, and found out today that Barclays have bought the Egg credit cards on 29th April and I have to change bank accounts.

Anyways, they were really helpful with setting up the account, I was in the branch for over an hour though. I did get offered a normal bank account whilst I was there, and offerred Life Insurance, Home insurance and contents insurance, as well as her trying to sell me a more expensive bank account which I declined.

Overall I felt I was there much longer than needed just to open an account, to add to the frustration I had my son there, so I would have appreciated the procedure to be a little more speedy as he was very bored.

Can anyone offer advice on which bank to approach for a basic bank account if I am associated with the following cards already?
RBS,
Egg
MBNA

It was painful enough changing all my direct debits for this month, and now I have to do it again I want to make definately sure.
Thanks

ehlo

Co-op would probably be a good choice for you

DosyDaisy

Hi,

Thanks very much. I have been reading other threads regarding coop and they seem very easy to get going so I will definately get that going.

Regards
Dosy