Trying to get a new bank account

Magi74

So I made a forum post a few weeks about highlighting the struggle to get a new current account (Still a new user so can't link to my previous thread) We've been victims of ID fraud and banks are even saying no to us having a saving account :mad:

Then we got thinking and came up with the following thoughts:

1) Are we being too honest? We're going to bank x saying "we've been victims of ID frauds, had thousands stolen from us" etc. etc.... is that sending a signal that we would be too much work - even for a basic account? Should we re-present ourselves? Just say "we just want a basic account as we've had financial issues" or say something else?

2) If all else fails we might have to look at managed accounts. Any recommendations?

We've not in a desperate state for needing a new bank account, but since Lloyds are coming under the HBOS banner "soon" we'll have to move on by then.

Appreciate all the help I'm gonna get (I've read the basic account guide on MSE and I'm speaking with CCCS on this tomorrow/Wed).

bottleofred

Hi Magi and welcome to the forum,

You could try the co-op basic bank account to see how you get on. I'm not sure how it'll work due the identity fraud, but it's worth a go.

Tixy

Hi

Have you looked on your credit files? are there lots of problems on them relating to the fraud (defaults, accounts not belonging to you etc), is your electoral roll correct?

barclays and co-op basic bank accounts should be the easiest to get in theory.

Magi74

We're on the electoral roll and the credit reports are on order.

In theory (like you said) Barclays & Co-op should be easy enough to get as they don't do a credit check. We went for the Barclays one (got squeezed into an appointment) and could only get so far in the process before arranging an appointment for a few days later to finish things off. We then had to rearrange that appointment and got told that they couldn't help us - again, I think that they didn't want us having a basic account.

Magi74

I'd really like some thoughts on this guys - particular what people said when they went to a new bank to get a basic account. Did you say "debt management place"...or something else?

This is something we need to solve fairly quickly now

thechippy

You could go for what's called a managed bank account which has no credit check and you apply on line.

They do charge a monthly fee of around £10 though.

One of the best for these is secure trust bank.
You get a mastercard which you load online from your account and use it like any other mastercard inc cash withdrawl.
They also do dd's so's and savings, plus telephone banking.

They get pretty good reviews and if you apply through the link on moneysupermarket, the fee is half price for 6 months.

A mate of mine just got this account and swears by it.
Ok a tenner a month, but they did seem pretty efficient.

Edit.

He said the whole thing inc getting card, pin and online banking was set up in a week and all done online.

Magi74

Thanks Chippy - I had heard some good things about secure trust so it's another recommendation if that's the path we end up treading.

Any other thoughts? I'm willing to bet that quite a few on this board have had to change accounts when starting a DMP - what did you say to your new bank? Would you mention ID theft problems to a new bank if you were in my situation?

This really is a big thorn in our plans so any advice is appreciated.

Tixy

Personally I probably wouldn't mention the ID theft when trying to get a basic account.

I have seen people post that when they opened their basic accounts (for a DMP etc) they simply told the bank that a basic account was sufficent for their needs and they did not want upgrading to a different account. Maybe you could try that tactic?
Equally others have posted that they told the bank that they were entering a DMP and needed to only have the basic account because of that.

BigCraigJohn

Yep I think you should apply by answering the questions asked and just that, see what happens. If your credit report is good I dont see why else they would be declining unless you are applying for the wrong accounts. Try applying for the Coop cashminder thing and see what happens, from what I gather they will give an account to almost anyone so if that gets declined you know somethings wrong.

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts

Magi74

Well we just tried to open a co-op account and it's been referred off. Answer in a few days so fingers crossed.

The stop-gap option of using a halifax account is even more iffy due to the Lloyds/HBOS merger (and we've got debt there) - it's not clear if we can even start our DMP without finding a new bank account. Oh, and we can't get a new account as we've been victims of fraud.

Can I just throw in the towel now? Apparently victims of fraud should be treated with contempt by the banking industry (which the tax payer bailed out) and we can't operate without a banking account

Sigh - off to cry a little I think. Then I'll regroup and continue to fight the system...

SusieT

The co-op basic cashminder account should be easily gettable for you. I have one and its easy to manage, although it did take a week for it to be officially approved and the account number sent to me.
No overdraft so credit record is not a problem and they really only check to make sure you are who you say you are so if you are on the electoral roll and can prove your address and identity properly then you should be fine with them.

Hope you hear from them soon