Basic Bank Account?

Mimi_Arc_en_ciel

Hi,


I'm trying to help my brother sort his finances out and I've noticed he has a basic bank account. He very rarely uses the bank (Literally his money goes in, he removes the lot and everything is paid for in cash - if he has to use a bank card as payment he will ask to use other peoples then give them the cash) and lives very much like this.


Is it worth trying to get him a "normal" account? or even trying to change his ways?!


He is constantly borrowing money from family (me!) until "next pay day" which is why he's now asked for me to help him sort things out.


Thanks

paragon909

Mimi_Arc_en_ciel wrote: »

Hi,


I'm trying to help my brother sort his finances out and I've noticed he has a basic bank account. He very rarely uses the bank (Literally his money goes in, he removes the lot and everything is paid for in cash - if he has to use a bank card as payment he will ask to use other peoples then give them the cash) and lives very much like this.


Is it worth trying to get him a "normal" account? or even trying to change his ways?!


He is constantly borrowing money from family (me!) until "next pay day" which is why he's now asked for me to help him sort things out.


Thanks

Only santander don't offer debt cards with basic accounts., So I assume it's a santander account??

Some people don't like being told what to do, Or doing things others do it, All you can do is kindly ask and if he refuses then that's his decision, You can't force him.

ikkie

I think Barclays also doesn't offer debit card with basic account.

grumbler

Mimi_Arc_en_ciel wrote: »

He is constantly borrowing money from family (me!) until "next pay day" which is why he's now asked for me to help him sort things out.

A debit card won't help with this, but he will be likely to get overdrawn and charged for this when using a debit card instead of cash.

pmduk

ikkie wrote: »

I think Barclays also doesn't offer debit card with basic account.

Barclays do offer a debit card on their basic account.

Dobbibill

The type of account he has is not going to change whether or not he borrows money off you.

grumbler has a good point about 'debit card v's overdrawn' so it may be better to start with why he is borrowing money from you between pay days, maybe encourage him not to take all his pay out of the bank on pay day. He can always revisit a cashpoint mid week to make another withdrawal.

PeacefulWaters

Is it worth trying to get him a "normal" account?

No. Why confuse him? Why put overdraft opportunities in front of him. If he's financially basic he's got the right account already.

or even trying to change his ways?!

Stop lending to him. Encourage him to leave money in his account. But don't mess with the account itself.

Nebulous2

Breaking his month into smaller time periods will make budgeting easier. He may have bills to pay, such as rent on a monthly basis, but once these are paid leave the rest of the money in the bank. So instead of taking out £200 all at once, take out £50 a week.

I agree that a more sophisticated banking arrangement is likely to just leave him with fees, rather than improve his budgeting.

Mimi_Arc_en_ciel

See I wasn't sure whether there was any fee's etc with a basic account (I couldn't find any info but I guessed not)


I'm going to get him to do an SOA and see where his money goes, see if we can reduce his bills then try and get him to stop borrowing.


I have a horrible feeling that he has debts is hasn't told me about

Dird

Has he given a reason for his weird lifestyle? Big brother paranoia or something else?

Mimi_Arc_en_ciel

nope - he just said that because he "never has money" when he gets any he withdraws is and [Strike]wastes[/strike] spends it...