Basic Bank Account Thread

Anneka12345

I cant understand why no one will give me a basic account with a debit card! I have been through them all! even co op who said they except 98% of people wont let me have one and its my money I am accessing.

benpaul

Anneka12345 wrote: »

I cant understand why no one will give me a basic account with a debit card! I have been through them all! even co op who said they except 98% of people wont let me have one and its my money I am accessing.

Anneka, Well you check out my post on 03-05-2008, 3:39 AM #448

This will I hope shed some light on why you are maybe being declined on your attempts to open an account. It is basically information tallying up they are looking for.

If you wish you could state your situation i.e. are you currently bankrupt, have CCJ's or defaults. If you post here maybe someone could offer some additional advise.

Don't despair, I am sure someone here can help you.

Bosie

benpaul wrote: »

Anneka, Well you check out my post on 03-05-2008, 3:39 AM #448

This will I hope shed some light on why you are maybe being declined on your attempts to open an account. It is basically information tallying up they are looking for.

If you wish you could state your situation i.e. are you currently bankrupt, have CCJ's or defaults. If you post here maybe someone could offer some additional advise.

Don't despair, I am sure someone here can help you.

Hi Benpaul
I've just read your posting from 03.05.08 and it makes good sense, I too applied for a Lloyds TSB account and got declined. I phoned them a head and told them my situation, I am a discharged bankrupt, more than 3 and a half years. The adviser I got in LTSB more a less told me there and then you won't get a basic account!
I have also been cleaning up my files to get them marked as satisfied, wonder if that could of had a marking on their decision?
Bo x

benpaul

Bosie wrote: »

Hi Benpaul
I've just read your posting from 03.05.08 and it makes good sense, I too applied for a Lloyds TSB account and got declined. I phoned them a head and told them my situation, I am a discharged bankrupt, more than 3 and a half years. The adviser I got in LTSB more a less told me there and then you won't get a basic account!
I have also been cleaning up my files to get them marked as satisfied, wonder if that could of had a marking on their decision?
Bo x

Hi Bo,
Thanks for your comment. Yes indeed LTSB do a FULL ON credit check now on their Basic Cash Account.

This is due to the way that this bank works and I believe due to the fact that they offer a VISA Debit and not a VISA Electron card on the Cash Account. The VISA Debit card allows payments to go through without checking your account balance I believe.

This is a problem if you do not have any overdraft facility as on a Cash Account and can cause problems. So I guess depending on your history, LTSB would maybe be a bit selective on who they would want to open an account of this kind. Though you being a discharged bankrupt, should not be a real problem I would of thought.

Take a look at this PDF file from The FSA Money made clear website:
http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts_ink.pdf

Check with LTSB and ask to which credit agency they use. Then get your credit file and check the details on it. I would guess maybe some information on it is well out of date. This is maybe why you and many other people get turned down on their applications.

Good luck and let us all here know how you get on with any attempts you have on this or other applications.

Bosie

benpaul wrote: »

Hi Bo,
Thanks for your comment. Yes indeed LTSB do a FULL ON credit check now on their Basic Cash Account.

This is due to the way that this bank works and I believe due to the fact that they offer a VISA Debit and not a VISA Electron card on the Cash Account. The VISA Debit card allows payments to go through without checking your account balance I believe.

This is a problem if you do not have any overdraft facility as on a Cash Account and can cause problems. So I guess depending on your history, LTSB would maybe be a bit selective on who they would want to open an account of this kind. Though you being a discharged bankrupt, should not be a real problem I would of thought.

Take a look at this PDF file from The FSA Money made clear website:
http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts_ink.pdf

Check with LTSB and ask to which credit agency they use. Then get your credit file and check the details on it. I would guess maybe some information on it is well out of date. This is maybe why you and many other people get turned down on their applications.

Good luck and let us all here know how you get on with any attempts you have on this or other applications.

Thanks again for the information and advice, I see what you mean about the account having a full Visa debit card function. I have membership of Credit Expert at the moment (Experian) also, Equifax membership, so I checked and Lloyds TSB did a 'current account' check with Experian only,also an ID check.

I have a feeling it may not be scored but definitely fully credit checked, it's more than a standard generic check.
I wrote to LTSB and they sent me a very standard letter and said why not apply again:eek:
I had a phone call from a person from the FSA today and I said about the Basic Bank account being more for people with problems being excluded from a normal bank account. She said the bottom line, they can still refuse at the end of the day and this is happening:o
It was even suggested to maybe get one of their savings account, but reading the print to get one them, it says:
Before opening an Account, we may take up references or otherwise satisfy ourselves of your identity and suitability as an Account holder.

So what do they mean by suitability? :rolleyes:
Plus there are only about 2 accounts open to non customers.
I'll let you know what happens, also anyone else had problems opening a basic account with LTSB?

Bo x

darcyvuqua

hi i just got a coop cashminder account does anyone have a link to there electron card

sadken

For all you basic bank account searchers, I have recently got approved (and have a fully open( Halifax easycash account with a shiny green Visa Electron card and online/phone banking.
OK, I have over £15K of debt that I have been hiding from Lloyds bank for over 4 years, I have defaulted on payday loans and even Provident turned me down recently.
Seriously, it is unlikely there are many people out there with worse credit rating than me and I got it...there is hope!
The only things I could see in my favour is that I have not had any ccj's, have lived in my flat for a year and have had the same job for 7 years.

Sabina

Just opened an account with these guys, very quick and easy. It's cheaper than a pre-pay credit card as there are no transaction fees, no credit check, deposits can be made at Natwest bank and you get a Mastercard which acts as a debit card.
www.simpleaccount.co.uk

PROLIANT

The site is not secure, it does not have a certificate, until this site can be verified then I would not post your personal data on their, just in case.

RWGThomas

PROLIANT wrote: »

The site is not secure, it does not have a certificate, until this site can be verified then I would not post your personal data on their, just in case.

Good point Proliant - if it doesn't have a have a secure certificate or go https: when you sign in, don't touch it with a barge pole. On the subjects of barge poles, don't touch LTSB either - trust me. However, on the budgeting front as well as CCCS Budget Tool and MoneyMadeClear Budget Tool, both of which have good advice and a snap shot of your current position, a new website has just been launched which allows you to have a real time budget forecast - the service is called Your Money in a Nutshell - some might find it very useful this video explains more about it.