Guaranteed Bank account for bankrupts

So_Sad_Angel

Banks only want to make profit. The target structure is so immense that they currently only `want` profitable clients ie those who they can charge!!!

What many people won`t know is that the banks make their highest return from credit balances (ie cummulative balances/funds that it can re-lend) & whilst `Mr Smith - bankrupt cash card` may only have £500 credit in it....a few thousand of these accounts add up & then the Bank starts earning again. Thats why Coop & Barc do it. If bad debts rise as expected then they will resort to the credit only ( & maybe a small monthly fee) accounts as will prove a good earner.

There is nothing wrong with a basic bank account...in fact in some ways the Banks willingness to add more `bells & whistles` to their accounts has caused more problems anyway.

Angexx

Rylynn

I agree in 1998 I had nothing more than a current account, a cheque book and guarantee card, no overdraft, no credit card, no loans. Those were the days, it was the days and years that followed with all that they would throw at me that ended me up being where I am today!

I also think you are right at least the two banks you mention have customers with money in their accounts, no they are not getting into debt so therefore not being charged, but surely those debts are why banks are going down the pan.

Diamond66

I was turned down for the Barclays account. Has this happened to others? Luckily I did manage to get a Coop Cashminder account.

ashbash204

Is it true that Post Office accounts are only for benefits and pensions? It would be the obvious basic account for those in the doo-doo as with only a cash card yuo could manage life really well....oh well, money under the mattress time..:)

gone_awol

...am I right in thinking not all benefits can be paid into a Post Office account? Housing benefit for example?

There seems to be multiple threads/stickies on bank accounts now...it's getting hard to keep up. I suppose the situation keeps changing, so I guess we'll all just muddle along as best we can.