Co Op to stop basic accounts for BR

TIMMY85

Just seen this on the BBC and think that it is really sad that they have done this and that it is sadder that other banks do not offer these accounts.

It is ironic that Co-op say they have done the most in the past but now they are going to be doing nothing.

http://www.bbc.co.uk/news/business-19621680

BASFORDLAD

I double checked this with local branch manager (Beeston) who confirmed it with her manager and said that not a problem opening an account if undischarged bankcrupt

http://www.thederbyshire.co.uk/Savings_Product_Info.aspx?id=176&ekmensel=2152299f_24_36_176_6

Cash Account
Have your salary or wages paid directly into the account, meaning less hassle and greater security.
Open a Cash Account with just £10 if you are 14 years old or over.
Make regular payments from your Cash Account to other Derbyshire Building Society accounts.
Fixed interest rate, until further notice.
Please read the Key Product Information for this account before you apply.
Access your money 24 hours a day, 365 days a year
Cash Card (link)

sniggings

I got a YBS savings account after BR but never really used it...no savings:(

tigerfeet2006

Just had this reply from Coventry

Dear Mrs XXX,

Thank you for your email.

I can confirm we do not offer any of our accounts whilst your status is Bankrupt.
When the Insolvency Service has removed your Bankruptcy you are able to apply for any of our accounts.

Should you need any further help, please reply back to this message. We aim to answer your enquiry within two working days.

Kind regards,

Rebecca Croke
Customer Support
Customer Service Centre

So that is one down.

Lou67

Thanks Basfordlad. This is very useful. I am OK for now, but have a very basic account with no internet banking or chequebook or anything. Does this account offer any more than this? (like chequebooks and internet banking?)

alastairq

Having read the press reports, and studied Co-op's website [poorly laid out, with boxes not fitting the information inside, etc]...I still cannot find any reference to Co-op actually not allowing people to open a Cashminder account...providing they meet the criteria...and are not undischarged BR's.

It appears they will still open accounts for those seriously in debt [ie, possibly on their way to BR]...or those who have been discharged as BR.....

So as I keep saying, the way around this issue is forward planning!

[One of the first actions any of the debt advice charities will give [apart from an SOA] is to move one's bank account out and away from any financial institution who may be a creditor, to another bank. An ideal opportunity to open a Co-op Cashminder or two...just in case? After all, as a basic banking facility it ranks as one of the best.]


The nub of Co-op's argument seems to be aimed at those banks who point-blank shut down/freeze/refuse basic banking facilities to anyone who even whiffs of BR.

And these pages have seen enough tales of those who have suffered in this way?

BASFORDLAD

Lou67 wrote: »

Thanks Basfordlad. This is very useful. I am OK for now, but have a very basic account with no internet banking or chequebook or anything. Does this account offer any more than this? (like chequebooks and internet banking?)

It offers internet access, as for cheques, case of going to a branch and getting them to issue one

BASFORDLAD

tigerfeet2006 wrote: »

Please would you be kind enough to add this to the thread where we are discussing bank accounts so we can keep them together as I nearly missed this.

This is definatly what you would call a basic account

Indeed but least its an account

Lou67

OK thanks again

kepar

Lou67 wrote: »

Thanks Basfordlad. This is very useful. I am OK for now, but have a very basic account with no internet banking or chequebook or anything. Does this account offer any more than this? (like chequebooks and internet banking?)

A chequebook is a form of credit, that is why you are very unlikely to get one with a basic account.