Secure Trust Bank

Anthorn

planteria wrote: »

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.

Not so. There has been a debate going on for donkeys years related to "banking the unbanked" and you can find info on that if you search for it. While some people undoubtedly choose STB because they cannot get any other bank account, there are those who choose it because they prefer to be unbanked and choose to stay in the alternative financial sector.


The big advantage of such an account is no fees and no overdraft charges except for the monthly fee which is expected and can be budgeted for. To some people that's worth it.

Dird

From what I've just Googled about the "unbanked" the only people using it are either rejected by mainstream banks (the vast, vast majority) or criminals hoping to avoid possession orders that banks would abide by.

I don't see why anyone would choose to pay £140/year for the privilege of storing their money somewhere when they could be paid interest somewhere else

Anthorn wrote: »

I think probably the major attraction though is that you're not allowed to go overdrawn so it is attractive for those who have been burned by the banks in the past.

I think they generally burned themselves. If I start a camp fire and you put your hand in it, am I the one at fault?

Anthorn

Dird wrote: »

From what I've just Googled about the "unbanked" the only people using it are either rejected by mainstream banks (the vast, vast majority) or criminals hoping to avoid possession orders that banks would abide by.

I don't see why anyone would choose to pay £140/year for the privilege of storing their money somewhere when they could be paid interest somewhere else



I think they generally burned themselves. If I start a camp fire and you put your hand in it, am I the one at fault?

You need to be careful which group you're talking about and whether they are unbanked or underbanked or both.

I call interest on interest and fee upon fee for overdrawing the same money or having social security benefits seized to repay the bank being burned by the banks. What do you call it?

But there are those who do make a conscious decision to stay out of the main banking sector simply because of the fees charged by the banks. I don't believe that can be denied.

As I said, knowing what fees you will be charged in advance is a very great draw for some people.

Dird

Your second sentence is incomplete. "I call interest on interest and fee upon fee for overdrawing the same money that doesn't belong to them..."

People are too willy nilly with credit cards/overdrafts like it's an entitlement and there for them to use without repercussions. This is why the Bank of Dird is regularly called upon to bail out my sister when "all of a sudden" she is overdrawn. Using an overdraft is basically like taking out a small loan & loans normally have fees/interest.

Anthorn

Dird wrote: »

Your second sentence is incomplete. "I call interest on interest and fee upon fee for overdrawing the same money that doesn't belong to them..."

People are too willy nilly with credit cards/overdrafts like it's an entitlement and there for them to use without repercussions. This is why the Bank of Dird is regularly called upon to bail out my sister when "all of a sudden" she is overdrawn. Using an overdraft is basically like taking out a small loan & loans normally have fees/interest.

Oh yes everyone should be perfect just like you. Bored with you now. Bye-bye

planteria

you say..

Anthorn wrote: »

Not so.

but then don't argue against my point, and there are other fees added, as mentioned above.

SBT is local to me and i know some people at the parent company, so i am biased in it's favour, but i can't justify having a Secure Trust account, unfortunately.

Anthorn

planteria wrote: »

you say..



but then don't argue against my point, and there are other fees added, as mentioned above.

SBT is local to me and i know some people at the parent company, so i am biased in it's favour, but i can't justify having a Secure Trust account, unfortunately.

In the same way that pre-paid credit cards have a fee table so does STB and it is possible to become overdrawn. Well, personally I would get upset if one of my DDs bounced because it took me 25p into the red for example. The terms and conditions also do outline fees. But what sets them apart is not the inability to overdraw but essentially the waiving of fees for doing so. But go overdrawn regularly and you'll find your account withdrawn and yourself up the proverbial creek without a proverbial paddle.


The alternative financial market does provide a service for those who are underbanked or unbanked either by choice or necessity and it exists as a safety net. It's just a shame that lenders such as doorstep lenders and payday loans take advantage of it. But those lenders wouldn't exist if there was no demand. What it eventually comes down to is a failure of the banks to provide services for everyone.

crystal_pixie_2

I can't help but feel there is some judging going on here.

I suppose you can class me as one of the "Unbanked" as it is only recently when I have been allowed to have a high street current account.

Am I a criminal? Not that I know of.

Am I on the breadline - no not at all, I am a higher rate tax payer.

Am I in debt? No not now I got myself out of it after divorce.

Am I penalised for this - you bet I am. When you take on responsibility of paying back what is owed you are seen as a second class citizen.

If you had told me five years ago I would be in the position I am - struggling to even get a mobile phone I would have laughed at you. Its very easy to find yourself in difficulty.

I was extremely lucky that my local branch of Handelsbanken took me on. Yes I pay for the priviledge but I do get a good service and I wasn't judged.