Co Op to stop basic accounts for BR

sam-wileman

http://www.thesun.co.uk/sol/homepage/news/money/4539623/Co-op-bank-account-OK-for-crims-but-bans-bankrupts.html

I have just come across this and quite honestly cant believe it!

With the amount of people suffering and facing BR through no fault of their own (crashing house prices, job lose, rise in living costs!) I think it is a very bad move indeed

kepar

You beat me to it Sam.

If it costs so much for them to run these accounts, will they just stop new accounts being opened or close existing accounts of those who are as yet not discharged.

Tupperware_Queen

I don't like the final bit, which says bankrupt wait a year before borrowing again. I've not borrowed a penny since my BR 2 years ago

Loopy1

and what if your debt is with Barclays? what happens then?

My DH is about to go BR should he open the account now. I wasnt sure if he opened it now it would be frozen with his other account when he is made BR?

PippaGirl_2

Shocked! And sad.

Will we all be booted off our accounts? Will we have to close them? Or are they just not accepting any more?

It implies they are stopped the cashminder account so everyone will be offered the chance to apply for their classic which of course BR people will not be approved for.

No idea how I will manage without a bank account.

Hiddendeath

Hi

I just spoke to them. The official line is that this is being announced on monday but the CS rep did say existing accounts are unaffected and this applies only to new applicants.

PippaGirl_2

Oh thank goodness for that. I am so relieved! Lets hope that is made really clear on Monday.

eta from what I've heard the cashminder is a lot better than the Barclays basic so I'm not surprised they have been flooded. I wonder if this will bring to the attention how the downturn is affecting people and causing more BR to the Government?

Now you know what will happen, as Barclays basic will be the only one left .. they will be even more flooded and then what will they decide?

fermi

They need to change their logo, as it's clearly not "everyone" now.

IF

I'm shocked……..this is unbelievable!! Whatever happened to the Governments:-

Banks 'to be forced' to provide accounts for all - http://www.guardian.co.uk/money/2010/mar/23/budget-2010-bank-accounts

Now we are just left with just the one BR friendly bank and that account can't be open until after BR!! :mad:

ticktockclock

I'm a new user so can't post a link but they do have an announcement on their web site.
google:
industry failure on financial inclusion forces the Co-operative Bank to review its basic bank account

Deep_In_Debt

Loopy1 wrote: »

and what if your debt is with Barclays? what happens then?

My DH is about to go BR should he open the account now. I wasnt sure if he opened it now it would be frozen with his other account when he is made BR?

You might still be ok opening an account if your debt is with Barclays. My ex OH went BR in 2008 and opened an account with Barclays and they were one of his biggest creditors in BR and they still accepted him.