Co Op to stop basic accounts for BR

debtinfo

And it is worth mentioning that i dont think the banks really consider this a risk anyway, its more that they simply dont want to provide the accounts because they make no money from the bankrupt

Afterall they are happy to provide accounts for terrorists, money laundaurers, drug dealers etc contrary to laws prohibiting them because they have lots of cash swilling around in them

Mouse1812

Exactly Fermi

From the consultation page 34 - quoted by Fermi #120

19. Given that the property may no longer be in the possession of the bankrupt, s307 also stipulates conditions for the trustee to consider when making a claim for the property. It states that:

“Where, whether before or after service of a notice under this section—

.... a banker enters into a transaction in good faith and without such notice, the trustee is not in respect of that property or transaction entitled by virtue of this section to any remedy against that ... banker, or any person whose title to any property derives from that ... banker.”


From the consultation page 10 - quoted by Me #118

28. If the bank acquired the asset in good faith and without having notice of the bankruptcy order, the trustee cannot make a claim against the bank.


Spot the difference between those two.


Notice under S307 is NOT Notice of Bankruptcy. The bl**dy *ankers have even managed to confuse The Insolvency Service. That consultation is a very muddled document which fails to grasp the actual meaning of S307.


This is just like all those Health & Safety excuses. A cynical attempt to conceal the real reason why - as debtinfo points out - banks don’t want to deal with bankrupts. Nothing to do with risk just a matter of cost. So why not charge for a basic account then?

fermi

debtinfo wrote: »

And it is worth mentioning that i dont think the banks really consider this a risk anyway, its more that they simply dont want to provide the accounts because they make no money from the bankrupt

Afterall they are happy to provide accounts for terrorists, money laundaurers, drug dealers etc contrary to laws prohibiting them because they have lots of cash swilling around in them

Precisely. It is nothing to do with risk. That is a smokescreen/excuse.

debtinfo

ive just had a light bulb moment

Occasionally in my former employment you would have to interview bankrupts that are currently serving prison sentences.

Now given that the co-op has withdrawn accounts for bankrupts but remains commited to providing them for prisoners, you gotta ask......

pd52

awful! i did have a barcalys act whilst BR, however my lloyds full current account was included in my BR but was always run perfectly and after speaking to lloyds and the OR i was allowed to use it.

IF

We all come on here to help and support people who are at the lowest ebb in their life.

Lets all just count to ten and don't post, if anything is winding us up.

DI has been so kind/helped so many posters on this board and by pm's too. I don't understand all the mickey taking??

They are only a few of us come on here day in day out, so lets get along eh??

If...x

mysterio_2

and you wonder why most of the regulars left

PippaGirl_2

Ok, I've been away and have just returned to a handful of replies (most haven't replied at all)


Coventry don’t offer anything for BR (even savings)
Cambridge BS No current account facilities but allow BR forall savings accounts
Yorkshire replied saying please phone (so no answer todirect question)
Buckinghamshire do not offer anything to anyone BR
Beverley BS do not offer anything to anyone BR

fermi

To be mentioned on Moneybox tomorrow.

http://bbcsignups.external.bbc.co.uk/inxmail4/html_mail.jsp?params=1298209+paul.lewis%40bbc.co.uk+0+g04qk0gy0q00b7g5

capeverde

You have to ask, what is the point in banks giving accounts to bankrupts. They are in business and unless they are taking the really 'long game' approach, how are they going to make money from them. Most bankrupts dont have a lot of spare cash lying around to lend them, they cant have credit and so cant be charged huge amounts for the privilege and arent really potential clients for those fantastic bolt ons the banks like to try and flog nowadays. In a risk and reward scenario, this is actually pretty flat with regards to investments.