Basic Bank Account Thread

Adapazari

Thanks Mulligan, I'll have a look at LLoyds TSB.

I could kick myself about the CCJ. I was quite ill a couple of years ago and was on extended sick leave for almost a year. I've been back for 18 months and recently decided to add a note to my credit reference record about it. I basically didn't keep my eye on the ball while I was ill. I think Santander, having taken over Abbey are reviewing all lending. I'll go and see them but I'm worried they won't allow me to repay the overdraft in installments. When my salary goes in, I don't want them to retain it all to repay the overdraft. I guess I need to discuss it with them. And that's another thing, no local branch telephone numbers anymore and the advisor on the telephone banking said I would have to go into the branch. I'll have to walk in there just to make an appointment!

Thanks again.

Smart_Mart

Mulligan1 wrote: »

You also get a £10 buffer and you can get £10 out the ATM so long as you have at least 1p in the account.

:eek:

I never knew that and I have two Easy Saver accounts. I assume you're not penalised for going "overdrawn" then?

Mulligan1

Smart_Mart wrote: »

:eek:

I never knew that and I have two Easy Saver accounts. I assume you're not penalised for going "overdrawn" then?

No, there is no penalty for using the £10 buffer whatsoever, incase I was not clear I should add that the £10 buffer is on the Cash Account, not the Easy Saver. Another plus point is that the faster payments system is also available with the cash account so you can send/receive money from other banks (assuming they also employ faster payments) very quickly. When I still used my cash account I transferred money to my niece's account with The Co Op for her birthday present and it was received within 10 minutes.

Adapazari

Mulligan1 wrote: »

The Lloyds TSB (same group as Halifax/Bank of Scotland and you can only open this account in branch)) cash account stipulates that they can open an account if you have a poor credit history but will not open one if you have any history of fraud or are a undischarged bankrupt. You will get a Visa Debit card which will request authorisation with every transaction and it will not let you spend what you do not have available.

I went into my local Lloyds TSB today in order to open an account. They saw me straight away so I didn't need to make an appointment. One of the first questions the young lady asked was "Do you have a bank account elsewhere?" I decided to explain my whole situation and she was very helpful and said there shouldn't be a problem as the type of search they made depended on the type of account I wished to open. She took all my details and I showed her all my documentation and bank statements. She made a call in my presence and in the end she reluctantly said my request to open a basic account had been declined. She said it was a shame as she could see from the documents I had given her, that I was a genuine person, earning a high income and able to manage well within my monthly salary. It is my history from over two years ago that I think has affected the decision, history that I am dealing with comfortably.

I explained that my research regarding basic bank accounts had led me to them and she said that recently they were opening accounts for people more easily, but they were now tightening up on procedures.

Oh, well. Never mind.

Mulligan1

I am sorry to hear that. As I have said in my previous posts I have always personally considered LTSB very strict regarding their criteria to open or upgrade to a current account but I have never known anyone to be declined for the cash account so what you said about them getting stricter seems to be the case. I am sure you already have but I would want to see my credit reports from Experian, Equifax & Call Credit to ensure that the information they hold is correct.

Their website still says they will open an account with poor credit though, just not bankrupts or fraudsters.

I can only suggest you take a look at the 'money made clear' website from the FSA (google it to get the address) for a full list of basic bank accounts.

Adapazari

I've already checked my credit report and whilst it said it was rated "good", I would dispute that in view of the fact that I have one CCJ and one other debt that I defaulted on. This happened during a very bad time in my life which culminated in long term sick leave. I've been back at work (employed there for 16 years) for almost 2 years now, no further time off and I am repaying my debts after discussing my situation with the two creditors. I should be clear in just over 3 years time. My mortgage has never been in arrears and that will be fully repaid within the next 5 years. I have an overdraft with Santander and admittedly it's now hard core. It was my next debt to tackle, but I have a small wedding to pay for and wanted to wait until October (after the wedding). Santander beat me to it by sending me the expiry notice. I've never exceeded my overdraft but I think they've been reviewing their records and checked my credit reference files and don't like what they see.

I called in at a branch today and was told nobody at branch level could discuss the matter with me and that it was a matter for "collections" (in front of a line of customers I might add). I've been given a number to call but they aren't open after 7pm so will have to call tomorrow. I just hope they will allow me to reduce it each month rather than repay all at once. Once it's paid off, I won't need another overdraft. I am worried though that they will take my salary as repayment of the overdraft and then return all my DDs.

I've never been bankrupt and am no where near ever becoming bankrupt. Neither have I ever committed fraud.

One thing I did notice on my credit file relates to an old CC debt. It was originally £1200 and is now down to about £400 because I've been paying £55 a month, agreed repayment programme with the creditor. On my credit ref it shows the £55 every month but every month it is also recorded as being in default. Recently the CC company restarted statements and demand the full amount, yet they have agreed to £55 per month and I have honoured this . . . very peculiar.

pmduk

I wonder if Santander are reining things in a little, particularly in view of the problems in their main home market? If so , things can be expected to get more difficult for their customers.

Mulligan1

One thing I did notice on my credit file relates to an old CC debt. It was originally £1200 and is now down to about £400 because I've been paying £55 a month, agreed repayment programme with the creditor. On my credit ref it shows the £55 every month but every month it is also recorded as being in default. Recently the CC company restarted statements and demand the full amount, yet they have agreed to £55 per month and I have honoured this . . . very peculiar.[/QUOTE]


By any chance was the Credit Card held with a member of the Lloyds Banking Group? They own a myriad of brands and this could be a possible reason why you were declined for a Cash Account.

Unfortunately a default will always show as such, this refers to the initial non payment of the account but the balance will reduce as you pay.

It's Just a thought and I hope things work out for you.

Adapazari

Mulligan1 wrote: »

By any chance was the Credit Card held with a member of the Lloyds Banking Group? They own a myriad of brands and this could be a possible reason why you were declined for a Cash Account.

Yes , it's Bank of Scotland. Only a small amount though. Never mind. Thank you for your interest and support though.

cd1951

I applied to open a BBA (Step Account) online with Natwest. The site kept going round in cirles and I was completing applications for deposit & savings accounts as well.

I was accepted and even the deposit from my Abbey Current Account was taken!! Next day I received a load of paperwork - but the following day I received a letter stating that I was not welcome!! The letter also stated that the direct debit that I had set up from my Abbey account to fund the Step Account would not be used!! One week later the money was taken from my Abbey account by Natwest!! I phoned up my nearest branch (Edinburgh - 50 miles away)to find out what was going on and was told that if I wanted my money back, I would have to collect it from their Internet Banking Operations in Person!! The only thing is that nobody at Natwest seems to know where they are and as I am in the sticks in Scotland!! The statements that I received are devoid of addresses and telephone numbers!!

Looks like another case for the Financial Ombudsman Service, as the Edinburgh branch do not reply to my letters!! Although now majority owned by the government-the kindest thing would be to have let it go bust and save the country a lot of money and the 'unfortunate customers' a lot less hassle.!!

I have two cases before the FOS over lost accounts by Alliance & Leicester-been going on for two years now!!

My advice-avoid British Banks and use the smaller 'one branch' ones or foreign accredited banks in the UK!! I got an account at ICICI Bank plc.which has given me a Visa Debit Card (Not Electron) and a cheque book with a Knightsbridge, London SW1 address on it!! Customer Service is via an 0808 number 24/7 - not the best Customer Service, but it serves the purpose also Internet Banking!!

SO AVOID NATWEST/RBS, ALLIANCE & LEICESTER AND NOW ABBEY (BAD CUSTOMER SERVICE)!