Opening a new bank account for benefits only?

bengal-stripe

Goldie4711 wrote: »

I don't need to check the OED.

3. Precis without the accent (that brayan is so fond of) is not a word at all.
Check the OED if unsure.

You should have checked, as the OED states "precis" has no accent in English:

http://www.oxforddictionaries.com/definition/english/precis

wildwestfan

Goldie4711 wrote: »

Thanks.
What I don't understand is if I weren't to make a payment arrangement for my overdraft that was subsequently agreed by all parties, then what would be the advantages of opening a basic bank account for my benefits, as people are suggesting I do anywa, and as a matter of course?
I'm confused....
As for the "legal loopholes", I'm not looking for loopholes, I'm trying to understand what legislation governs my issue...that's all!!!

I guess that if you don't discuss the options and come to an agreement with the bank and open an account elsewhere so no money is going into the original account then your debt will be passed to debt collectors.

If you allow this to happen then credit won't be an issue for you in the future because no one will give you any.

Goldie4711

BillJones wrote: »

Wow. The OP spent the bank's money, yet it is the banks who are being greedy?

I genuinely can't even start to work out how different our moral outlooks must be that you'd be able to write the above with a straight face.

We certainly do have different outlooks. Mine reflects the consumer ---who had recent wins over the years over unfair and extortionate bank charges.
Please google "bank recharges" for further information or even Martin Lewis' forums on this - to learn more.
PS I have a car worth £1,000 but I'll sell it to you for £5,000 simply because I can get away with it. Is that okay for you , Bill? You want the car for £5,000...is that fair..just because I can "get away with it"?
Let's not enter the grounds of moral philosophy...as this is not what this thread is meant to be about.
Anyway, thanks for your concern over my morality....although it is rather creepy, to be honest...

NYM

Goldie4711 wrote: »

**You can certainly open a separate bank account, to stop your current bank grabbing your benefits**.
Is that legal? It all rests, I believe, in determining the legislation that governs this issue. i shall contact Stepchange.

Of course it's legal to open another bank account. Why wouldn't it be ?

The right to 'set off' applies to accounts that you hold with the same financial institution.

The Lending Code is a voluntary code and not covered by any legislation. However, if you are in financial difficulties, you should first approach your bank and explain that you are struggling financially. They can choose to stop the charges being applied but it's highly unlikely they'll wipe out the debt.

Be prepared for them passing the debt to a Collection Agency and of course, the likelihood of you being unable to get credit for quite some time.

Goldie4711

bengal-stripe wrote: »

You should have checked, as the OED states "precis" has no accent in English:

http://www.oxforddictionaries.com/definition/english/precis

We're not talking about "precis", which certainly is English.
We're talking about the fact that bryanb thinks "precis" WITHOUT an acute accent is a French word...but it's not.
"precis" WITH an acute accent is, though....and French is a Latin derived language.
Please refer to the original posts on this matter.

NYM

Goldie4711 wrote: »

PS I have a car worth £1,000 but I'll sell it to you for £5,000 simply because I can get away with it. Is that okay for you , Bill? You want the car for £5,000...is that fair..just because I can "get away with it"?

How do you think car dealers work ?

If Bill chooses to purchase your car for £5000 then it's his choice. No one forced him. Same with borrowings. You chose to spend money that wasn't yours to spend, the Bank chooses to charge you for the privilege.

Very simple...

Goldie4711

NYM wrote: »

Of course it's legal to open another bank account. Why wouldn't it be ?

The Lending Code is a voluntary code and not covered by any legislation. However, if you are in financial difficulties, you should first approach your bank and explain that you are struggling financially. They can choose to stop the charges being applied but it's highly unlikely they'll wipe out the debt.

.

Sorry, I worded that wrongly...
Specifically, I meant is it acceptable -under current legislation - that I specifically open a new bank account in order that bank charges can't be applied to it?
Will the bank simply apply the charges to the old account or, even if not that, simply defer them for now and then charge me them later?
Are they allowed to do that?......Yes, I agree, this will involve some negotiation with the bank on my part...
Should I quote "Lending code" or "BCOBS", when referring them to the fact that banks should be expected to look at customers' financial plight sympathetically?

Goldie4711

NYM wrote: »

How do you think car dealers work ?

If Bill chooses to purchase your car for £5000 then it's his choice. No one forced him. Same with borrowings. You chose to spend money that wasn't yours to spend, the Bank chooses to charge you for the privilege.

Very simple...

Good point...which makes it even worse to be charged £5,000 if you have NO choice....as we consumers didn't with bank charges.
Very simple.
Luckily, provisions were brought in which agree with my moral philosophy on this and so millions of customers got extortionate bank charges reclaimed successfully.
I'd prefer it if we could stick to the question raised in the thread. Thanks.

NYM

Goldie4711 wrote: »

Sorry, I worded that wrongly...
Specifically, I meant is it acceptable -under current legislation - that I specifically open a new bank account in order that bank charges can't be applied to it?
Will the bank simply apply the charges to the old account or, even if not that, simply defer them for now and then charge me them later?
Are they allowed to do that?......Yes, I agree, this will involve some negotiation with the bank on my part...
Should I quote "Lending code" or "BCOBS", when referring them to the fact that banks should be expected to look at customers' financial plight sympathetically?

I'm sorry, but you've confused me. :undecided

You would need to open an account with a different (unconnected) bank.
The original account would still attract charges to the account unless you negotiate with them. 'Set off' applies if you've one account in credit whilst the other is in debit with the same financial institution.

NYM

Goldie4711 wrote: »

Good point...which makes it even worse to be charged £5,000 if you have NO choice....as we consumers didn't with bank charges.
Very simple.
Luckily, provisions were brought in which agree with my moral philosophy on this and so millions of customers got extortionate bank charges reclaimed successfully.

They were disproportionate charges based on the management of accounts. They were not wiped out because someone couldn't manage their personal borrowings.

Goldie4711 wrote: »

I'd prefer it if we could stick to the question raised in the thread. Thanks.

Then please don't introduce ridiculous scenarios in an attempt to support your biased reasoning.