REDIRECT: Basic account effect on good credit rating

YorkshireBoy

ma5k wrote: »

I was looking for damage limitation in the event of online fraud.

A basic account won't give you any more protection than a standard 'prime' account will it?


So why risk it (the damage to your credit rating...your original concern)?

innovate

May be the OP thinks they can only have one current account? If so, OP, you can have many more than one. 2 is certainly no problem.

ma5k

YorkshireBoy wrote: »

A basic account won't give you any more protection than a standard 'prime' account will it?

My understanding is that with a 'basic account' only money which is actually in the account can be spent, in which case risk can be carefully controlled.

innovate wrote: »

May be the OP thinks they can only have one current account? If so, OP, you can have many more than one. 2 is certainly no problem.

No, got several other accounts as stated previously!

Thanks
~M

JuicyJesus

ma5k wrote: »

My understanding is that with a 'basic account' only money which is actually in the account can be spent, in which case risk can be carefully controlled.

This is true, but what it means is that any fraud will only wipe out your money rather than incurring any fees (which would be refunded anyway).

So you'd actually be no better off in the event of fraud. Not to mention, the Consumer Credit Act limits your liability if the transactions were to take you more than £50 overdrawn.

jonesMUFCforever

ma5k wrote: »

I was looking for damage limitation in the event of online fraud.

As others have told you - no difference at all in dealing with fraud.