Co-op stops offering accounts for Bankrupts

TIMMY85

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

Just seen this on thed BBC and think that there should be more basic bank accounts, especially, as the article states universal credits will be paid into banks.

innovate

TIMMY85 wrote: »

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

Just seen this on thed BBC and think that there should be more basic bank accounts, especially, as the article states universal credits will be paid into banks.

The Universal Credit payment is a red herring. People who have no bank account can have their benefits paid into a Post Office Card account. No reason to believe this will change with UTC.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/BeginnersGuideToBenefits/DG_10021388

BugsyBrowne

adouglasmhor wrote: »

I hope you don't end up needing to go bankrupt I wouldn't wish it on anyone, but it can happen to anyone.

On the other hand I hope you do learn not to be so nasty, it's not good fr you.

At the end of the day there are plenty of people who play the system like they do benefits either way it's an easy ride whatever way you look at it.

Yes there are plenty of people who Unfortuantly have no choice to go bankrupt but there are also thousands who live well beyond their means knowing full well that they are spending what they haven't got.

bobobins

Bankcruptcies are up by a large margin and the unemployment lines are much longer than they were a few years ago.

Now maybe this is because of the economic changes that have occured over the last few years or maybe it's just because a whole lot more people suddenly decided they were going to be stupid and lazy from now on. I know what i'm going with.

ironlady2022

To be honest, I'm an avid fan of Coop and agree with their latest move. Agree all banks should offer loss leaders, but when ppl only have 1 out of 2 choices, it's a wonder their savings rates aren't as good because normal current account customers like us are subsidising the cost of the basic bank accounts.

They still need to make profit at the end of the day and unfortunately these customers do not make the bank money. Issusing cards, pins and statements do cost something, and somewhere down the line, the cost needs to be absorbed.

BugsyBrowne

mayling03 wrote: »

To be honest, I'm an avid fan of Coop and agree with their latest move. Agree all banks should offer loss leaders, but when ppl only have 1 out of 2 choices, it's a wonder their savings rates aren't as good because normal current account customers like us are subsidising the cost of the basic bank accounts.

They still need to make profit at the end of the day and unfortunately these customers do not make the bank money. Issusing cards, pins and statements do cost something, and somewhere down the line, the cost needs to be absorbed.

Well said that man I totally agree to me they've all become debt free probably kitted their pad out nicely all free of charge of course and now they want the banks to look after them well I say bollo*ks.

I hear the same old crap off bankrupts'but you don't know the circumstances and job losses etc yeah right these are very rare.

ironlady2022

BugsyBrowne wrote: »

Well said that man I totally agree to me they've all become debt free probably kitted their pad out nicely all free of charge of course and now they want the banks to look after them well I say bollo*ks.

I hear the same old crap off bankrupts'but you don't know the circumstances and job losses etc yeah right these are very rare.

Agree with you to an extent, I worked at Coop bank previously and every week there were at least 3 bankruptees who came in. I never judge these ppl of course but bankruptcy is just too easy a way out nowadays, no wonder the country is in debt.

We should be admiring Coop and Barclays that they are willing to open these accounts. But now gone are the days when you can have something for free.