any reason not to keep existing bank account?

bigjl

As a short term fix to ensure you can get paid or pay direct debits.

You could consider a CashPlus pay as you go card.

Is basically a Coop Bank Account in all but name.

I had a Coop Bank Acc after BR but they were extremely inflexible

Much prefer Barclays.

For example if you can't get to the Bank to pay money in to ensure a DD goes out. If you are at Coop when they open on the day ot goes out, in my case a Monday morning, even though the money is there the DD will have already gone.

In the same situation Barclays allow you till midday.

With no overdraft or credit card to help when money is tight or as in my case when you are not paid on time i think that little bit of leeway is very handy.

I had two DD go out 2nd time in 4 years and they closed my account with Coop.

And reasonable bank could see i was not paid when i normally was.

Looking at the state of Coop at the minute i think Karma can be a b***h.

I have had no issues with Barclays.

And they also have a very good Banking App which i use all the time.

Barclays also didn't get upset or charge me when i went overdrawn by a few quid a month or so ago.

I now know that when you use Pay at the Pump it takes a few days for it to be taken from your account. So you can actually spend it twice if you don't realise.

I don't think Coop would have been as understanding. It was onpy for one day though.

egrescrimp

You have until midday for outgoing payments with the co-op too

I've never had a problem with the co-op but have opened a Barclays account just incase

bigjl

Not on a Basic Bank Account. Which i had till Jan 2013 from Oct 2008.

On two occasions they returned DD when the money was in there within 5mins of the front door opening.

Perhaps they have different facilities for normal current accounts.

Barclays have this facility on the Basic Bank Account.

egrescrimp

bigjl wrote: »

Not on a Basic Bank Account. Which i had till Jan 2013 from Oct 2008.

On two occasions they returned DD when the money was in there within 5mins of the front door opening.

Perhaps they have different facilities for normal current accounts.

Barclays have this facility on the Basic Bank Account.

It was introduced after your account closed / you left them

http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/cashminder/cashminder-terms-and-conditions.pdf

• you do not have available money (by way of cleared funds in your account by 12 noon on the Business Day) to cover payments that are due to be made, have been agreed or have been authorised from your account regardless of whether or not they have yet been deducted

alastairq

As above, Co-op have changed their policies since then.

Also, they now give 'real-time' balances on their internet access.


Co-op allows cash & cheques to be paid in to one's account via a Post Office too.


There is no reason whatsoever for waiting until after a bankruptcy petition, to organise one's financial well-being.

[Unless one has a BR thrust upon one unawares, of course].


So, even if only at the stage of considering the possibility of BAnkruptcy, go out and open two or three basic accounts as above.

They will not be closed by the banks once the BR petition is granted....and the OR has informed them the OR has no interest in the accounts.

For this, the OR will ask the BR whether those accounts are simply used for day-to-day living expenditure..[and not for hiding considerable financial assets.]

I had two Co-op accounts running..the OR was even impressed when I told them how I used them! Thought it was a good idea to aid budgeting.

Co-op is still a sound way to go, despite their current severe financial and moral troubles.

bigjl

Then they are certainly an option

Still think their attitude stinks a little though

billyneighbour

It is no problem to have a Barclays Basic Account opened before the bankruptcy proceedings. When the OR notifies Barclays you will still be able to use the account however online and telephone banking facilities are suspended whilst you are an Undischarged Bankrupt.

thinkpositive1

So...open a Barclays basic account as a contingency. If existing bank HQ closes down my current account once I have petitioned bankruptcy then I have the Barclays one to use, but if they don't I carry on with the existing bank?

alastairq

thinkpositive1 wrote: »

So...open a Barclays basic account as a contingency. If existing bank HQ closes down my current account once I have petitioned bankruptcy then I have the Barclays one to use, but if they don't I carry on with the existing bank?

I suggest moving the account over right now?

Will save any uncertainty and inconvenience, especially at a a time when one doesn't want inconvenience?

[as I always advise , pre-BR, get one's ducks-in-a-row first?}

Be aware, if you use internet access to manage your finances, Barclays have a policy of denying such internet access whilst Undischarged.

Co-op, on the other hand, maintain internet access throughout [their system currently is as good as any other bank's system]...

I also recommend, before BR, actually opening two such accounts....[a policy recommended by the debt charities too, also, in Co-op Bank's advice on managing debt or low incomes..see their website?]

This helps with budgeting..one account solely for outgoings such as DD's, SOs, etc...fixed bills, and so on.

The other account for income, and casual spending....when income arrives, transfer required amounts to meet bills, etc, to first account, then leave it alone.

That way,, one doesn't have the issue of whether one has spent some of the money required for an essential bill?

With Co-op [Cashminder account] this can be done online very easily.

thinkpositive1

Thanks. Hence me wanting to keep my existing account (as I use online facility to check balance regularly and to make transfers etc.) but Co-Op sounds an option.

I asked Barclays about 2 accounts for the very purpose you state. They seem ok with that. Think I will stick with my appointment with them next week and get that sorted (or try Co-Op too).