Basic Bank Account Thread

Clare1971

Don_Maverick wrote: »

Hello Clare,

I have had a very good experience with Nationwide so far although I have only been banking with them for over just over a month.

The account allows withdrawals at any ATM (Well, at least the ones I've come across) and Direct Debits and Standing Orders are allowed. I've just recently completed the process of moving my few DD's over.

I have paid some money in at the branch and was told that if I keep my account in good health (zero DD bounces, in credit over £750) for a certain period that I may well be eligible for an upgrade to a FlexAccount.

Online banking is decent enough compared to the others and the app for your phone is of a good standard.

It's all of course early days but if I am eventually upgraded to a FlexAccount, I'll be chuffed beyond bits. I am finally seeing the light at the end of the tunnel in regards to my debts and having a "normal" account again will be great.:j

Wow, thanks Don. I wonder how long you have to be in credit for before getting a FlexAccount? That would be brilliant! Thanks again for the info, I'm just waiting for my stuff to come through from them. I haven't had anything via e mail though, is that normal?

Don_Maverick

Clare1971 wrote: »

Wow, thanks Don. I wonder how long you have to be in credit for before getting a FlexAccount? That would be brilliant! Thanks again for the info, I'm just waiting for my stuff to come through from them. I haven't had anything via e mail though, is that normal?

I applied online and recieved my card first within a week and the pin a couple of days after.

My online banking details then arrived a few days after the card & PIN.

I didn't recieve any confirmation via email and they actually said I'd need to sign a declaration but instead I just recieved the card in the post.

I asked for further details about being "upgraded" to the FlexAccount and apart from the details she gave me which I mentioned in my original post I was told that it's done on an individual basis probably meaning that when/if you meet their criteria then someone will decide.

Just to be clear, I'm sure she meant as long as you pay in £750/month i.e. wages instead of maintaining a £750 balance but again I could be wrong!

Anything else I can help with, just ask and I'll try my best.

Clare1971

Don_Maverick wrote: »

I applied online and recieved my card first within a week and the pin a couple of days after.

My online banking details then arrived a few days after the card & PIN.

I didn't recieve any confirmation via email and they actually said I'd need to sign a declaration but instead I just recieved the card in the post.

I asked for further details about being "upgraded" to the FlexAccount and apart from the details she gave me which I mentioned in my original post I was told that it's done on an individual basis probably meaning that when/if you meet their criteria then someone will decide.

Just to be clear, I'm sure she meant as long as you pay in £750/month i.e. wages instead of maintaining a £750 balance but again I could be wrong!

Anything else I can help with, just ask and I'll try my best.

Thanks again Don. Paying in £750 each month sounds more feasible than leaving it in. I've had a Co-op Cashminder acount for a while now and when I asked for an upgrade (I just wanted a cheque book which I can't see a problem with) they didn't want to know! Let me know if you find out anything else and I'll do the same when I'm up and running.

catcollection

Hi All, sorry if this has been asked elsewhere or if it's in the wrong place, I'm really at my wits end. I'll try to be brief.

I've been on a DMP now for the last 4 years. I currently have a personal account with natwest and a business account with them too. I received a letter this morning informing me that they are closing both accounts in the next couple of weeks and will be chasing the debt. My current account is the simple part as it has no overdraft and I believe I can get a basic bank current account. The problem I have here is that my business account has an overdraft of £5000. Is there any way I can continue trading? (I'm a sole trader). Are there any "basic" accounts out there for businesses? i.e can I get a business account with a chequebook and no overdraft facility?

Can anybody help please?

Mulligan1

catcollection wrote: »

Hi All, sorry if this has been asked elsewhere or if it's in the wrong place, I'm really at my wits end. I'll try to be brief.

I've been on a DMP now for the last 4 years. I currently have a personal account with natwest and a business account with them too. I received a letter this morning informing me that they are closing both accounts in the next couple of weeks and will be chasing the debt. My current account is the simple part as it has no overdraft and I believe I can get a basic bank current account. The problem I have here is that my business account has an overdraft of £5000. Is there any way I can continue trading? (I'm a sole trader). Are there any "basic" accounts out there for businesses? i.e can I get a business account with a chequebook and no overdraft facility?

Can anybody help please?

Have they given any indication why they are suddenly closing the accounts? That (I would imagine) would have a big bearing on what banking options are available to you going forward.

catcollection

Mulligan1 wrote: »

Have they given any indication why they are suddenly closing the accounts? That (I would imagine) would have a big bearing on what banking options are available to you going forward.

I had a review with my business manager on the 'phone a couple of months ago, he tried to get me to apply for a loan to clear my overdraft. I told him about my DMP and he said that "they may still be able to sort something out" and that one of the "business team" would be in touch. This is the first contact since then. I guess they don't want me to have their overdraft facility any more even though they make money from it through charges etc.

Any ideas?

Dan

Mulligan1

catcollection wrote: »

I had a review with my business manager on the 'phone a couple of months ago, he tried to get me to apply for a loan to clear my overdraft. I told him about my DMP and he said that "they may still be able to sort something out" and that one of the "business team" would be in touch. This is the first contact since then. I guess they don't want me to have their overdraft facility any more even though they make money from it through charges etc.

Any ideas?

Dan

It sounds like a straight business decision then, much better than other scenarios (like if they have been informed of a CIFAS indicator etc).

You could do worse than contact Business Link who I believe offer good advice. I don't think I can provide a direct link but if you google it you will get contact details.

Alternatively you could just contact some other non RBS Group Banks and see what's on offer but I suspect you need to discuss your exact specific circumstances with a professional rather than receive general advice on a forum like this.

Good luck.

catcollection

Hi Mulligan 1. What is a CIFAS indicator? Sorry for my ignorance, never heard of it.

Thanks for your reply. Just my luck that this happens on a bank holiday weekend! Maximum worry time guaranteed.

I'll make some calls on Tuesday, firstly to Natwest to see if I can sort this, then to some other banks to find help if possible. Business link will be on the list too, thanks for the tip. My business is relatively tiny, I only turn over 25 to 30k a year, and now this, just when things had started to turn around (last 3 months showing a 30-35% increase in turnover compared to the last 3 years).

Another problem is that I have £3K of payments due to me on 1st June, some by BACS, what is the best way to "hold" these payments? They are due to be paid into my NW business account, can I possibly change my accounts and things as quickly as that? You might guess that I'm not a business genius, I'm just trying to make a living.

Dan.

Mulligan1

catcollection wrote: »

Hi Mulligan 1. What is a CIFAS indicator? Sorry for my ignorance, never heard of it.

Thanks for your reply. Just my luck that this happens on a bank holiday weekend! Maximum worry time guaranteed.

I'll make some calls on Tuesday, firstly to Natwest to see if I can sort this, then to some other banks to find help if possible. Business link will be on the list too, thanks for the tip. My business is relatively tiny, I only turn over 25 to 30k a year, and now this, just when things had started to turn around (last 3 months showing a 30-35% increase in turnover compared to the last 3 years).

Another problem is that I have £3K of payments due to me on 1st June, some by BACS, what is the best way to "hold" these payments? They are due to be paid into my NW business account, can I possibly change my accounts and things as quickly as that? You might guess that I'm not a business genius, I'm just trying to make a living.

Dan.

CIFAS is a database that holds records of fraudulent activity (google it for more information). It's very common (in fact it's par for the course) for a bank to close down accounts if they are informed of any information associated with their customers. I suspect they would have mentioned it in their letter though had this been the case, that's why I asked you if they gave a reason in their decision letter.

I'm afraid I wouldn't know about your payments, obviously you need to make alternative banking arrangements to get them paid to, or patch things up with NatWest but I doubt anyone on here can help you regarding that. It's just a case of getting professional advice for your exact circumstances.

Good luck.

catcollection

Mulligan1 wrote: »

CIFAS is a database that holds records of fraudulent activity (google it for more information). It's very common (in fact it's par for the course) for a bank to close down accounts if they are informed of any information associated with their customers. I suspect they would have mentioned it in their letter though had this been the case, that's why I asked you if they gave a reason in their decision letter.

I'm afraid I wouldn't know about your payments, obviously you need to make alternative banking arrangements to get them paid to, or patch things up with NatWest but I doubt anyone on here can help you regarding that. It's just a case of getting professional advice for your exact circumstances.

Good luck.

Ah, that's why I've not heard of it then, nothing dodgy to report!! Thanks for your help and kind wishes. I'll post back when I (hopefully) get this sorted.

Thanks again, Dan.

Edit, 7th May 2013.
After a call to the bank this morning, all appears to have been sorted. They've put me on a plan which reduces my overdraft by a fixed amount every month. As it stands, the maximum length of time this arrangement can be in place is 18 months, so that works out at about £280 per month (based on today's balance). Better than a loan (given my circumstances) and hopefully affordable. I'll just have to work a bit harder or put my prices up!! (or both)

Apparently, the reason they were going to close the accounts is purely because they want their overdraft back.