Secure Trust Bank

Anthorn

Jules2012 wrote: »

So an annual cost of up to £150 to have a basic account for people who are usually struggling with cash flow?

It's not so much struggling with cash flow but handling the cash flow in the wrong way. We need to do the math and discover the options available to us as well of the consequences involved in making changes.

J33

can you pay the set up fee with any card?I ve got a non UK Visa debit card,will it do?

adg132

I have in the past had difficulty in managing my money, now that I have my head out of the sand Secure Trust has got me back on my feet by enabling me to control my finances better, the charges are a small price to pay against the High St banks who are just looking to fleece you when you fall behind in payments.


Not everybody are smart with their monies, its how you manage the issue once you are up to your head in debt and Secure Trust did it for me.


And before anybody replies back saying I should have done this and that and if I add up all charges throughout the year it comes too blaaaaa don't bother it has been a means to an end and that is ok with me.

jonesMUFCforever

Nobody's fault but your own I'm afraid if you think paying £150 to have a bank account is good every year with nothing to show for it.
Nothing more to be said as per your post.

The_pc_tech

Here's a better idea that helped me get my finances in better shape.

I had a package bank account and lived on my overdraft for a while in my 20s, nobody's fault but my own.

About 6 years ago I decided to get myself sorted so this is what I did.

I paid off the overdraft and switched banks (prompted by a bad customer service experience) for a non packaged account.

I set up a separate current account and set up a standing order to fund it with the total amount required for my regular bills, the standing order would transfer the money on payday so as far as I was concermed the blls had already gone out so it wasn't money I had to spend.

I'm pleased to say that six years on apart from perhaps three occasions when I've had to use a small amount of my OD facility I'm OD free.

Anthorn

I've said all that I really need to say about STB.


Just to add that this is in the alternative financial sector which is principally for those who are unbanked either by choice or by necessity. Yes it costs a set up fee and monthly fee. But the attraction is two pots so money can be split between bills and everyday spending. Useful for those who find budgeting difficult. If only one pot is required then the same service can be obtained at lower cost or free with a pre-paid card such as Cashplus.


Ultimately if basic bank accounts were what they were intended to be no-one would be without a bank account regardless of their financial situation. But they are not and so the alternative financial sector provides a useful and efficient alternative and safety net.

trade82013

Hi Everyone,

I opened an account with Secure Trust Bank back in May 2009 and got a Prepaid Mastercard and a Bank Account.

They have never charged me for a Direct Debit and I have always been able to withdraw cash abroad as I am a frequent traveller.

I have no problem in paying £12.50 a month for a good service.

This morning, I checked my statement and noticed two transactions that I did not recognise, one was for Virgin Media and the other for a Hotel.

I reported this to Secure Trust Bank and I actually had a hard time to get the operator to take this matter seriously. She eventually after some pushing put me through to their financial crimes unit and I explained the situation that I did not recognise these charges on my card statement.

She tried repeatedly to try and trip me up and make out I was making a false claim and went off to so call investigate it. She came back and said I have identified the transactions as being true, therefore as you have attempted to make a false claim, I am closing your account with immediate effect.

Thats it, nothing more, just f--off.

I said, I didnt recognise the charges thats all.

So after 6 years of loyal custom, I am told your account is now closed, we do not want any of your business and go and bank elsewhere.

So warning to everyone, if you have a charge that you do not recognise, then suck it up and don't report it. They will simply close down your account and say its the customers fault, whether it is or not.

A very sad day indeed. My feeling is this bank was very small once and looked after its customers because it didnt have many, now there shoulder to shoulder with the high street banks except your have to pay £12.50 for an account and privilege of being with them.

alanq

If the bank is alleging that you have made a false claim you will need to check whether it has put a flag against you with the CRAs / CIFAS. If it has then you will have even more difficulty than before opening a bank account elsewhere.

WhyisFreeBetter

@trade82013, interesting situation. I can't say anything about that matter, but I think you've hit the nail on the head. STB seem to be getting bigger fast. But they need to improve the service to justify the 12.50 fee.

Don't get me wrong, I am on the side fully of 'there is not such thing as free banking'. Anyone that thinks there is, is just not accepting that someone pays for their account, whether it is them or not. I do not believe in the idea that money-focused people come out better. There are more important things in life for many people.

We all know we can go to Barclays and get a free basic account. But I don't want to. I don't agree with their practices and I don't want someone else getting charged to pay for my account.

STB need to realise, and quickly, that loyalty is what makes customers go to them. The 12.50 fee is ok, but Faster Payments and UK ATM withdrawals (at least a few of them) should be free each month, paying in should NOT require their paying in slips, and they should accept the card is not a real Debit card (I have tried telling them).

They also need a quicker way to go from logging in to transfering money from account to card. On a phone / tablet at the moment is long-winded (compared to other accounts).

I wish I could know it's 12.50 a month with STB and that's it. Unfortunately with a few faster payments and maybe an ATM use, it's suddenly 1.20 more. Then there's the foreign ATM charges which make it unusable abroad.

Their customer service is good (much better than a high street bank), but not as good as it was. It's now more luck regarding who you get and what experience you will have on the phone.

planteria

if you are happy with them, fair enough..
but i don't reckon many people are choosing to be with them for the service.. most are with them because they aren't able to get a 'normal' bank account.