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MSE News: Charge-free basic bank accounts unveiled

Former_MSE_Helen
Posts: 2,382 Forumite
"A basic bank account with no fees for failed payments has been unveiled by the Government today..."
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Charge-free basic bank accounts unveiled

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Charge-free basic bank accounts unveiled

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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A full detailed summary of the agreement and details of new accounts.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/386953/141211_basic_accounts_agreement_text.pdfFree/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
You got to wonder whether this would ever have happened if it wasn't for the impending
- EU legislation
- general election
I guess it's a bit of both, and great news overall for those who want to make an effort to get on top of their finances.0 -
Too slow!
https://forums.moneysavingexpert.com/discussion/5134618
(Well done fermi for getting in first).0 -
Let's be honest; most of these accounts have no paper based facilities (i.e. Chequebooks) so there will be minimal human intervention in these refusals and the true cost of refusing Direct Debits is likely a few pence.
I suspect that the banks were given the choice of charging the true cost or nothing at all. If there was a disclosed true cost, then there would be pressure for the 'prime' account charges to reflect that...
But that is me being cynicalThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Archi_Bald wrote: »You got to wonder whether this would ever have happened if it wasn't for the impending
- EU legislation
As irritating as the EU can sometimes seem to be, we consumers just might miss it.Warning: In the kingdom of the blind, the one-eyed man is king.
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You have listed Nat West as one of the banks providing bank accounts in line with the EU Payment Accounts Directive.
I have tried to open an account with Nat West today but because I am an undischarged bankrupt they have refused my request.
Item 35 of DIRECTIVE 2014/92/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 23 July 2014 says:
Consumers who are legally resident in the Union should not be discriminated against by reason of their nationality or place of residence, or on any other ground referred to in Article 21 of the Charter of Fundamental Rights of the European Union (the ‘Charter’) when applying for, or accessing, a payment account within the Union. Furthermore, access to payment accounts with basic features should be ensured by Member States irrespective of the consumers’ financial circumstances, such as their employment status, level of income, credit history or personal bankruptcy.
I have pointed this out to a person in the branch I went to and to customer support on the telephone and I have been advised that they do not offer any kind of bank account to an undischarged bankrupt.
This means that they are not following the terms of the directive.
Are you prepared to question then on this as you are publishing information on your website that Nat West is one of nine banks offering bank accounts in line with the EU Payment Accounts Directive. But this is obviously not there case.0 -
Furthermore, access to payment accounts with basic features should be ensured by Member States irrespective of the consumers’ financial circumstances, such as their employment status, level of income, credit history or personal bankruptcy.0
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You have listed Nat West as one of the banks providing bank accounts in line with the EU Payment Accounts Directive.
I have tried to open an account with Nat West today but because I am an undischarged bankrupt they have refused my request.
There are three possible explanations I can think of why they turned down your application:- the bank staff are badly informed and not aware of their new Foundation account. Badly informed bank staff is, unfortunately, not uncommon. You can raise a complaint with Natwest if you think this might be the reason
- there is something that made Natwest conclude they do not want you as a customer. This is their right, and all you can do in this case is try another bank
- you have a CIFAS fraud marker. Did you check your credit history before you applied? If you have a fraud marker, you won't get an account with any UK bank, not even under the EU Payment Accounts Directive. All you can do in this case is try and get the fraud marker removed.
0 - the bank staff are badly informed and not aware of their new Foundation account. Badly informed bank staff is, unfortunately, not uncommon. You can raise a complaint with Natwest if you think this might be the reason
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