Why's opening a current account such a big deal?

masonic

khurammm wrote:

What did he say to you in German? hehe

I don't think you need to speak a word of German to work it out.

techno_geek

How are things done in Europe?

Well, in France there's generally no restriction on getting a debit card, other than age. Banks will, however, charge around 30€ a year for the card.

Cheques are used more widely, and writing a rubber cheque will result in the bank of France placing a legally-upheld ban on you writing cheques for 6 years, which can cripple most people (esp. those who can't/don't use online or telephone banking), but the increasing popularity of debit cards can help them overcome this.

Overdrafts can only be used 15 days (consecutive or not) in a month, and limits are kept under control. Interest rates are similar to those of the big 4 UK high street banks.

As far as I know there are no restrictions on opening an account (unless you've been banned from writing cheques). Not too sure on this though.

Beate

khurammm wrote:

What did he say to you in German? hehe

You'd like to know, eh?

gt94sss2

auslaender wrote:

All this shouldn't be that painful as it is. I know the banks have got the discretion. I mean bank account without a VISA/MasterCard/ Maestro etc debit cards. Come on..this is a developed country. I don't think any American bank offers anything but VISA or MasterCard debit card. No they don't have cash card or such at all. They give a check book as well. But, US banks don't give any interest (0% current,0.25% regular savings).

What's the situation in Europe? Do they refuse to open bank accounts or offer accounts without a proper debit card?

US banks do have cashcards only.

Visa Electron cards are proper Visa cards and are available worldwide (apart from the United States, Canada and Australia) - the only limitation is that the balance of your bank account is checked each time (hence some retailers don't like them)

All banks in the UK will credit check you for opening a bank account including a basic one..

More interesting would be why Barclays closed your account - if they did not give you 30 days notice, I believe they will have broken the banking code

Regards
Sunil

savvy1_2

banks prey on the financially unaware and try will try to sell you as much as possible, it is a money making business after all. What a customer may percieve as good customer service is actually a slick ploy to get you to 'buy in' to your adviser (seller) so they can talk you into buying products, as many as possible! They are not interested in getting the best all round deal for you, only the best deal they can offer, so it helps to be financially aware, as most of the members ofthis site are. Unfortunately, not everybody is. It is amazing and sad how many bank customers havent a clue and are being sucked into expensive products & debt. It shouldnt be allowed.

auslaender

Sunil:For the sake of curiosity, which US bank(s) give cash cards ? I don't mean for kids only.
And I didn't get any 30 days' notice.

khurammm: I asked you a question about credit ref agency and you are more interested in what I said in German. Get a Daily Mail or like :-).

masonic: I am still getting to understand the relationships between credit ref agency, bank account , checks, imprints and all. This misfortune is new to me. I will come to know about recorded (or not) searches when I receive my credit report.
Someone else on this forum used the term Mickey Mouse card first. But, I find it quite amusing. I would love to use a VISA Electon instead of VISA if lot more retailers accept it. You can't even book an air ticket/train ticket. Anyway, thanks for the info.

techno_geek: Interesting to know the French system. I find it pretty good.

m_dorph

The banker even suggested that I may get an account with a VISA debit card (I won't fall for that).

I've been in the same position coming to the UK. Still can't get a credit card anywhere but I'm quite happy with my VISA debit card that I can use online and in all shops here as well as abroad. In the beginning I had no overdraft facilities but since they were never needed that wasn't a problem for me.
Was just wondering what I have missed since you were not interested in the VISA debit card?

khurammm

auslaender wrote:

khurammm: I asked you a question about credit ref agency and you are more interested in what I said in German. Get a Daily Mail or like :-).

Lol,
I called Equifax and told them that I am new in UK and dont have any credit file here. They told me to send them an ID and address proof. I did that and thus my credit file was created. Meanwhile I also got my self registered on the electoral roll.

s1h

It was me I have just read this thread and cant believe that one of my comments has become a well used phrase.

Yes I have to take the credit for the "mickey mouse kids card account"

Good evening and thankyou.

auslaender

m_dorph: I was also happy with my VISA debit card till the account was closed. And I need a debit card. The banker at Llyods wanted to do search for a basic cashcard account and suggested that I may even qualify for a VISA debit account. I refused because I knew I would be rejected and would have left one more imprint.

My credit report has arrived and I am being penalized for:

- Being not on electoral roll. (I can get on electoral roll but it will take lot more time to get records updated.)
- Having spent a couple of months at an address (previous) which was used by a couple of fraudsters.

According to CIFAS guidelines, linkage of an address to an fraudulent activity doesn't result in any blacklisting and shouldn't result in outright rejection. It's a warning and further validation should be done by the bank. But, I think no bank is interested in further validation.

Am I also being perceived as a potential fraudster and getting rejected for a bank account ?

Can I do anything to get a bank account with a debit card ? How is this information regarding warning about address processed by the bank?

I am planning to apply to Yorkshire bank but if information is passed onto Experian - it will dish out a rejection, again.