A new Bank Account!!

sweedart1

Hi Everyone,

Have to go and find a new bank account today. Declared BR yesterday. Do i tell them about BR or not!! Just a bit confused

Thanks All

Sweedart1 x

wherediditallgo

You have to tell them that you're BR. Try the Nationwide for their Flex account, or the Co-op for their Cashminder account - the Co-op takes weeks to sort out, but if you're not in a rush then fine. The Flex account comes with a cashcard, but the bonus with the Cashminder account is that you get a Visa Electron card, which can be used at Link machines, shops, the post office, online shopping etc. You can set up direct debits/standing orders on both accounts, & they also both have internet banking.

ClaireLR

Hi WDIAG.

Does the Co-Op account always take so long to be set up do you know? This is going to be the one I go for when I go BR, if that's the case I might open it now.

If I were to open it now and have my end of june wages paid into it, what should I do about the cash left in on 6 July when I go BR, will the OR be able to let the bank know that day that they have no interest in the account or is it a long process? Should I draw out any money left in it before BR do you think?

Thanks

rufus79

Hi, I'm butting into this thread as it seems easier to keep the bank questions together! If Nationwide is quicker to set up, is it ok to open an account with them the day I go bk (whenever that eventually is) and then apply for a Co-op one? Or would they question why I needed 2?

wherediditallgo

ClaireLR wrote: »

Hi WDIAG.

Does the Co-Op account always take so long to be set up do you know? This is going to be the one I go for when I go BR, if that's the case I might open it now.

If I were to open it now and have my end of june wages paid into it, what should I do about the cash left in on 6 July when I go BR, will the OR be able to let the bank know that day that they have no interest in the account or is it a long process? Should I draw out any money left in it before BR do you think?

Thanks

Mine took about two weeks to set up, but that's because I rang up & tore strips off them for it taking so long. Other members have waited over a month for the account to be set up, & if you need to have salary paid in then it could really affect whether you can access your pay or not.

I personally advise people not to set up new bank accounts until after they've gone BR, as regardless of what the OR says if a bank has a policy of closing BR accounts they'll do it. However, the Cashminder account is recommended for BRs, so you could take the risk & open it in advance. The OR can send a "No Objection" letter by fax to banks to let them know they've got no objection to you using the account, but it's unlikely to be done the same day as your hearing (not least of all because that's a Friday), so I'd withdraw all the money just before you go BR to be on the safe side.

When you meet with the OR's clerk on your hearing date, tell them you need the "No Objection" fax sent (put the fax number for the relevant department of the bank on your SOA to save them having to look it up). Speak to the bank on the day you go BR & ask them to send you a letter confirming that you can still use the account. Arrange to pay any bills etc at the post office or at another bank using the cash you withdrew until you've had confirmation from the bank (not the OR) that you can still use the account.

wherediditallgo

rufus79 wrote: »

Hi, I'm butting into this thread as it seems easier to keep the bank questions together! If Nationwide is quicker to set up, is it ok to open an account with them the day I go bk (whenever that eventually is) and then apply for a Co-op one? Or would they question why I needed 2?

I don't see why they should question why you need two accounts, as you can have as many accounts as you can get opened. If you don't need to have the Visa Electron card & just want somewhere to get your bills paid etc, then yes you could do it that way.

rufus79

wherediditallgo wrote: »

I don't see why they should question why you need two accounts, as you can have as many accounts as you can get opened. If you don't need to have the Visa Electron card & just want somewhere to get your bills paid etc, then yes you could do it that way.

Oh thats good. It would be useful to have the electron card, but short term I think its more important to be paid!!