Do the Banks pay up by cheque or not?

angelmouse_2

Sorry if this has been done before but i have a £100 overdraft with Natwest which is up to the limit.

I want to reclaim charges which i guess will be about £700 ish. Yet i am having trouble opening another account. I am a stay at home mum and the only money that goes into my account is child benefit and tax credits, totalling about £170 a month. I have tried Lloyds, HSBC and even the post office and they will not let me open an account.

Also if i am sucessful in claiming, do they use the money to 'pay off' the OD or do i get a cheque to pay into another account? I had plannned to pay off my OD at about £10 a month by DD from my new account and use the reclaimed money for other things.
Thanks
:A xxx

k1mmie

Could you not open a step account with Natwest that offer no o/d or credit facilities at all - or are you totally anti-Natwest now!

The normal procedure is to pay the money into the account you are claiming for and withdraw it from that account also.

angelmouse_2

I am very anti natwest but i need another account, so if they are the only option, i will have to do it!? would they allow me to open another account? Surely its me they don't want! If they pay the money in and then close the account straight away, i won't be able to take the money out...or does it not work that way?

Mandy x

k8teep

Hi,

I've got an overdrawn (and defaulted) account. Halifax gave me £1000 back in charges into that account, and the overdraft swallowed it up. I asked them to send me a cheque but they said they can only pay into the account that was complained about. The £100 that you have as an overdraft will be paid off but you'll be left with the rest. I shouldn't imagine they'd close your account but if they do you still have that left.
I had difficulty finding a bank account like you, but the Cooperative bank did an application over the phone for a 'Cashminder' account which is a straight-forward account with no credit facilities and just a Visa Electron card. Got it straight away and my credit history is awful!
Give them a ring and I bet you you'll get one! Good luck.
kate

Phaelok

Hi Angel,
Whilst I am one of few who agree with the way bank's charges its customers, I wanted to reply to your query below.

You can open a step a/c with the same bank and have your income crediting that a/c - if you wish to transfer money over to the existing a/c per week or month, then that is possible to do.

If, however, you decide to pay the money directly into your main a/c, the bank will allow you to withdraw a certain proportion of your income received into a/c to gradually repay the o/d back.

Third option is to speak to the bank's debt management unit who will agree a repayment plan with you.

Hope this helps

angelmouse_2

Sorry i missed off a zero! I have a maxed out £1000 o/d!! And my charges amount to approx £700.

Thanks so much for the replies so far though!

Edinburghlass_2

You can ask for a cheque but generally the banks will pay any monies reclaimed into the account that they have been claimed from especially if there is a debt on that account.

angelmouse_2

I was afraid you would say that! Nevermind! Would they close the a/c even if there was money outstanding, even sfter the refund had been paid in?

IZZY01

angelmouse wrote: »

Sorry if this has been done before but i have a £100 overdraft with Natwest which is up to the limit.

I want to reclaim charges which i guess will be about £700 ish. Yet i am having trouble opening another account. I am a stay at home mum and the only money that goes into my account is child benefit and tax credits, totalling about £170 a month. I have tried Lloyds, HSBC and even the post office and they will not let me open an account.

Also if i am sucessful in claiming, do they use the money to 'pay off' the OD or do i get a cheque to pay into another account? I had plannned to pay off my OD at about £10 a month by DD from my new account and use the reclaimed money for other things.
Thanks
:A xxx

Have you tried the co-op for an account. I think they may be able to help you
Izzy

estrela_2

My bank has made me an offer which I wanted to accept, however I was told that the money would be deposited into my account.<O:p</O:p
I owe them some money from a loan so I'm afraid they’ll just take it away as soon as it hits my account.<O:p</O:p
I've asked them to pay me by cheque but they've refused.<O:p</O:p
Can anyone help me with a solution? Can they refuse to pay me by cheque? What if I closed my bank account would I have to pay back my loan at once?<O:p</O:p
Many Thanks!!<O:p</O:p