Basic Bank Account Thread

PARIS_5000

It will be hard to get a basic account if you are not on the electoral roll. The Co-Op does not credit check you for the cashminder account but they will id you using the electrol roll which is why your OH was declined becasue he failed the id check.

stickman

Hi All,
Having read various posts on the site and contacting the various banks I have come to the conclusion that if you have a basic bank a/c all of the debit cards issued require "electronic" verification of sorts and that if the retailers/online purchasing do not have/use that facility then you cannot purchase.
I currently have co-op cashminder with visa debit but when I go to use some sites/retailers don't accept. Contacted co-op who said that though card shows visa debit it still is in fact an "electron" type card and that due to my circumstances I can't go to "full" visa debit by opening a "current" a/c.
Fact is I don't want all the facilities of a current a/c just the visa debit side of it. My friend has co-op current a/c but has declined overdraft and cheques and cheque guarantee facilities of that a/c.So in essence he has exactly the same facilities as me ie can only spend what is in the a/c but his card is accepted everywhere unlike mine. It is obvious that the "electronic" side of basic a/c cards is the stumbling block.
Why can't basic a/c holders be afforded the same debit card facilities as current a/c holders with the above qouted stipulations.
Thanks

book12

Minxipoo wrote: »

Hi there guys,

I looked at this thread yesterday as my OH has bad credit and isn't on the electoral role. After looking at the reviews & also my sister is with them and recommended them. They are currently with HSBC and having very bad problems (can't even get a student account with them) and want to start moving their accounts & savings. They applied for a Cashminder with Co-op yesterday and the guy did it over the phone & said they would do a credit check! This morning they have been declined.

Having phoned various branches each one says different things as there will be a credit check and there won't be.

Has anyone else had any of these problems? They are going to visit an assistant branch manager to try and sort it out but obviously having a credit search creates issues and in the past old debt (which wasn't theres but an ex partner's) has risen its ugly head, even though they are trying to get a d-link letter together to get it removed.

Thanks for any tips!!

M

Try Barclays. I got an account with them without being on the voters roll (but now I am).

Purple_kitten

After discussing it with my husband, rather than Co-op we would like a basic account that also has a branch locally which leads me to the Natwest Step account.

My eyes are blurry from searching, but needless to say our credit history is poor and the reason for the basic bank account is a safe haven to put some cash in away from debts we are paying off.

We are fine with ID checks but do Natwest run credit checks for the step account?

Techhead_2

Purple_kitten wrote: »

After discussing it with my husband, rather than Co-op we would like a basic account that also has a branch locally which leads me to the Natwest Step account.

My eyes are blurry from searching, but needless to say our credit history is poor and the reason for the basic bank account is a safe haven to put some cash in away from debts we are paying off.

We are fine with ID checks but do Natwest run credit checks for the step account?

I don't know whether they run credit checks, however I have a very poor credit record and was accepted. If you have ID I would recommend opening the account in branch. I used the on-line service and found it time consuming and less than satisfactory.

davidgmmafan

stickman wrote: »

Hi All,
Having read various posts on the site and contacting the various banks I have come to the conclusion that if you have a basic bank a/c all of the debit cards issued require "electronic" verification of sorts and that if the retailers/online purchasing do not have/use that facility then you cannot purchase.
I currently have co-op cashminder with visa debit but when I go to use some sites/retailers don't accept. Contacted co-op who said that though card shows visa debit it still is in fact an "electron" type card and that due to my circumstances I can't go to "full" visa debit by opening a "current" a/c.
Fact is I don't want all the facilities of a current a/c just the visa debit side of it. My friend has co-op current a/c but has declined overdraft and cheques and cheque guarantee facilities of that a/c.So in essence he has exactly the same facilities as me ie can only spend what is in the a/c but his card is accepted everywhere unlike mine. It is obvious that the "electronic" side of basic a/c cards is the stumbling block.
Why can't basic a/c holders be afforded the same debit card facilities as current a/c holders with the above qouted stipulations.
Thanks

I applied for, and got, a Natwest basic account. It says VISA Debit card and looks like the regular debit card I have. Haven't tried i yet, dislike Natwest but have to admit (grudingly) I was impressed with the facility, and also the fact I could apply online (very few basic accounts seem to allow this.

MarkyGoz

Warning to all students if you take out a Lloyds student account they will charge you £5 everymonth that you are overdrawn - so thats £60 a year talk about ripping you off - tell me any student that doesnt go overdrawn?

Purple_kitten

Change of plan yet again, whilst we get back on track we have been accepted for the COOP basic Cashminder account as a joint account.

We also have the O2 pre pay debit card as a back up - now to save some money onto it!

This forum really is a wealth of advice on the posts and history :-)

Sinonthenet

Just thought I would let anyone know who didn't notice, but just got a call from RBS advising that they are removing all interest rates from their current accounts (okay it was 0.1-0.5% before but it's now ZIP - 0%).

Now I know that paying monthly fees for a current account isn't wise (but it does save me money). However when i asked why they were doing this, RBS advised (nice chap) that current accounts are not designed for making money, you should transfer out to a savings account for this.

Makes sense,but I like not having to manage my money every day of every month and move it about on a regular basis. If I miss 0.5% for not moving my money today, I don't want to feel guilty about it.

How much - time/effort v pence gain - is there to constantly having to sit on all the constant changes in the financial industry? Martin has a full time job doing it, how long do you think the average Joe Blogs should spend on it?

Personally - I would love a Bank/BS to come up with a simple account structure (to incentivise you to stay with them on the same account)with say - additional bonuses for how long you stay with them.. Surely would earn them some more custom.

JMHO

col24

HI

I need to open a basic bank account but dont want to be linked with my old address, i've been at my current address for 3 yrs and have had no credit or bank account to start with a clean sheet.
I have waited to open an account when this address is all I will need. I am on E roll. Can anybody please help xXx