Basic Bank Account Thread

PrepaidResearcher

Hi, I am doing some research into prepaid bank cards, and looking into designing a range of prepaid cards which come with different tariffs, similar to mobile phone tariffs, which allow users with different requirements to get different benefits and fees on their cards. Please take a few minutes to fill out these questions, which will be extremely useful in our market research, and hopefully resolve some of the problems users are unhappy about, with the existing range of prepaid cards available.

Thanks

Age:
Gender:
Country:

Do you use prepaid bank cards or currency exchange cards?
If no, would you consider using prepaid cards, and what is the reason for your answer?
If yes, which companies have you used prepaid cards from?
Have you used prepaid cards from more than one provider?
What made you choose the provider you currently use?
Are you satisfied with the service you receive from this provider?
What is your main reason for using prepaid cards? (e.g no bank account, to give money to childen, currency exchange, savings etc)
Do you use Pay Monthly cards or Pay As You Go?
Are you satisfied with the charges/fees on your prepaid card?
What additional benefits do you receive from your current provider?
Are you happy with the speed of transfer and ease of topping up your prepaid card?
What, if any, are your security concerns about using a prepaid card?
Do you have a bank account with a high street branch too?
Do you have children?
Would you use a prepaid bank card to give your child money to spend, as an alternative to cash?
Why?
Do you exchange currency, or make international transfers from your bank account?
Would you use a prepaid card to take money abroad or to send money to someone else abroad?
Why?
Would you be interested in using an e-wallet, or contactless payment system, instead of a traditional chip and pin card?

united66

???? Spam?????

innovate

yeah, he keeps spamming all over

Best if everybody just ignores him. Or spam-bomb him

dj91

Hi, I was hoping someone could offer some advice.

I currently have a Natwest basic account which is great except I only have access to RBS/Natwest and Tesco ATM's.

I need the following from a debit card:

Visa debit card
No overdraft option (and if I do go over - no charge)
Access to all ATM's

I've looked at all the other basic accounts offered by the various banks but they only offer LINK, which isn't great for me as I use my card for online purchases. So my question is, if I got a 'normal' current account i.e. not the most basic one, and selected a no overdraft option, if I did go over are there current accounts that wouldn't charge me, and so be the same as a basic account in terms of not getting charged for accidently going over?

Thanks,
Dan

pmduk

Most banks offer debit cards with their basic bank accounts., Only Lloyds TSB and RBS/Natwest have restrictions on the ATMs that can be used. Choose from the list here.

innovate

dj91 wrote: »

No overdraft option (and if I do go over - no charge)

Sorry, you cannot borrow money for free (apart, may be from your family and friends).

If you go overdrawn, you need to pay for the borrowed money. Many banks offer a tiny free "buffer" if you go overdrawn for a few days - e.g. £10 Lloyds, £12 at Santander. Some banks, like First Direct are offering some customers a larger buffer (£250) - but they require an immaculate credit record and they pay no interest if you are in credit.

If you don't want to go overdrawn, you have various options

1. manage your finances so you don't go overdrawn (no charges)
2. use a pre-paid card instead of a debit card. Pre-paid cards usually carry charges
3. pay a monthly fee for an account that doesn't let you go overdrawn

dj91

Sorry I wasn't specific enough, I meant banks that offered as their most basic debit card a VISA card. It seems all the UK high street banks don't offer VISA debit cards, only LINK debit cards for basic accounts.

On the second point, with my card you can't go overdrawn but if I do it simply means I can't buy the item in question and I don't recieve a charge either. I didn't mean I want a card I can go overdrawn in and recieve money and don't get charged. I meant if I got a normal current account and if I did go overdrawn would it act in the same way as my basic account - in that it won't allow me to buy the item and also wont charge me.

Cheers

innovate

I believe literally any basic account, if not all of them, will not let you withdraw more money than you have in your account. But this doesn't entirely protect you from charges.

E.g. if you have £100 in your account tonight and withdraw £50, you will be in deep doodaah if there is no new money coming in but there is an £80 utility bill by Direct Debit due tomorrow.

Either your DD will fail and you get charged a fortune for that, plus you might get a black mark on your CRA files, or the bank will pay the DD, and you will incur overdraft charges.

So whichever way you look at it, you have to manage your finances yourself, and you have to live within your means or you will face charges.

pmduk

dj91 wrote: »

Sorry I wasn't specific enough, I meant banks that offered as their most basic debit card a VISA card. It seems all the UK high street banks don't offer VISA debit cards, only LINK debit cards for basic accounts.

There are only a couple of banks, (HSBC and Santander IIRC) that don't offer debit cards with their basic bank accounts. I suspect you may be getting confused. Link provides a network of ATMs, but not debit cards. Visa is an inter-bank card processing network that operate debit cards.

dj91

I know a basic account wont which has been my experience but was wandering if this would be the same with a standard current account they offer where an overdraft is available and you choose not to have an overdraft. I don't have any DD.

Ah I see so a link cash card isn't a debit card, sorry, thanks for the info. :-)