Best bank for basic account w/ poor credit rating

BASFORDLAD

Because Sadken Debit cards are a form of credit, u can create an overdraft with, ie with a cheque book, 20 Guaranteed cheques @ £100 each = 2k , so thats why you cant be trusted.

sgx.saint

You wouldnt employ a thief in a bank would you?

Sorry, but I don't see how that comment is at all relevant.

Are you saying individuals who have fallen on hard times and can no longer repay debt to the extent that they were originally are infact thieves and should be treated as such?

Just because some acquires a Default, does not mean they cannot be trusted with money. I have 6 Defaults on 8 of my credit accounts. I was a Financial Advisor in a previous life and my money management skills are better than the most.

The reason I have 6 defaults? .... I took time away from a high paying job to care for a terminally ill relative. I knew my finances would suffer, but blood is thicker than money. I did the right thing, and if I was asked to do it again I would.

So it annoys me when people develop a high and mighty attitude over other people who have debt issues.

I would hate to see the day, god forbid, that you fall on hard times and banks turn you away for something as simple as a debit card.

In this day of modern technology, a debit card should be fully available in my opinion to all bank users. If you don't have an overdraft or any credit facilities then you cannot spend/withdraw what you don't have. So I don't see how refusing to issue a debit card benefits anyone. A "Debit Card" is not a form of credit. Hence the term "Debit" and not "Credit". A debit card will only debit whats in your account, overdraft or no overdraft.

Although admittedly it can get a little complicated when you talk about "Shop Floor Limits" which may allow a non-credit bank user to go overdrawn by say £3. I hardly see this as a major problem though.

Oh, I just keep reading your comments .....

so thats why you cant be trusted.

Perhaps you should have a read of Martin's thread:

http://forums.moneysavingexpert.com/announcement.html?f=76

I am not normally one to speak up on these boards when people say something that annoys me as it is a free world and everyone is entitled to their opinion as wrong as I may think it is. But your comments in MY opinion show you to be very naive.

Anyway, thats just my two pence.

BASFORDLAD

Sorry but i could not disagree more.

Banks are not going to let people have a debit card which could create an over draft if they have not been good at controling thier money in th past. People who have defaulted as you should know are going to be seen as a higher risk then people who havent.

So your saying just because you have defaulted in the past then you wont do it again. Banks etc dont work that they way.

I mean heres another anaology.

There was a story quite a while ago of a teacher who had a indecent assult conviction many years ago but when he was found out he was sacked. Why ?

Because of the risk he "may" have posed. This doesnt mean he would do it again it just means that there was a possibility

Its the same with the financial world.

sgx.saint

Banks are not going to let people have a debit card which could create an over draft if they have not been good at controling thier money in th past. People who have defaulted as you should know are going to be seen as a higher risk then people who havent.

Firstly, a Debit Card is not an automatic passport to an overdraft facility. As I mentioned in my previous post a Debit Card is not any form of credit, does not allow you to spend more than you have, why therefore does it pose extra risk to the bank to issue them?

If it did pose a risk, why then does Natwest, Nationwide and Natwest all offer a form of Debit Card on their basic accounts?

Again, in my opinion, backed up by the banks mentioned above, a debit card should be made available to all banks users.

If you read my post again, I never once disagreed or agreed with your comments about 'risk'. I agree that risk management is essential to any company and sector and as a result if you have defaulted previously you are higher risk. I accept that, don't question it and believe that it's completely fair.

My post was mainly in response to your 'attitude' regarding others who are in financial difficulty.

You wouldnt employ a thief in a bank would you?

Your analogy here was in poor taste. I understand the context of what you were trying to say, but disagree completely with the way you expressed it.

It was mainly comments like ...

tough but if you cant manage your finanaces then a bank isnt going to trust

... that I completely disagree with. As that is a very blinkered and incorrect way to view things. A lot of people including myself get into debt, and experience financial difficulties not through money management issues but through factors beyond our control.

Admittedly, some people are completely irresponsible and in cases such as that your comments ring true. But here you are tarnishing people with the same brush and I just find it a naive thing to do.

u can create an overdraft with, ie with a cheque book

Again, not true. A debit card does not imply an overdraft, I think you are getting confused with a cheque guarantee card which is a completely different thing. I have a debit card, but it is not a cheque guarantee card and I don't have a cheque book. So again, it is not a form of credit in any shape or form.

BASFORDLAD

The majority of debit cards (not YB basic account, or Co-ops pathfinder account) All have the potential to offer the facility to back cheques up, wheather you have a cheque book or not.

The form of debit card on the natwest account is the solo card which is always authorised much like the electron card (poor mans visa debit card)

Proper debit cards also give you the ability to say reserve a hotel room without it actually being charged. So again if there is no money in the account the is still the possibility of money coming out.

You say that if you have defaults then its wrong to say that banks wont trust you. But its plainly evident this is the case. You try walking to the halifax today for a full current account then?

In summary "proper debit cards which had the cheque hologram on the back" have the ability to create un authorised overdrafts,

Secondly people with previous credit problems are less likely to get a full account because they are to high a risk. This is not to say it is always the case but more then likely will be.

Edinburghlass_2

The question on finding a basic account is a recurring theme on this board and some of the comments that have been posted are of absolutely no help in answering the OP's question.

I'll spend some time at the w/end looking through the threads and see if I can't merge some threads which actually answer the question asked.