Think Money - Think Again! - Must Read

jlfrs

This may not be possible but have you considered doing a Switch as part of opening the new bank account?


What will happen is that your new bank will write to TM informing them that your account is to be closed and all funds and direct debits to be transferred over. It's a regulated process and it takes 1 week. As part of this process TM will write to you to say they've been told you are closing your account and to settle any overdraft within the Switching period. As you claim to be in credit, this is no issue.


In theory, your new bank will do the hard work for you, if there's a problem, TM will have to begin a dialogue but it will either flush out the issue or you'll simply transfer over, which sounds like you want to anyway.


If you have opened a new bank account with HSBC, Co-Op, Yorkshire Bank, Clydesdale, Halifax, M&S or First Direct, you could be eligible for a tasty bonus as an extra sweetener.


So, in short, your new bank could not only solve this issue, but pay you do it, what's not to like?

Archi_Bald

I don't believe Think Money are one of the participants in the current account switch service.

But even if they were, if the account is currently blocked, they wouldn't (be allowed to) agree to switch it.

Anthorn

Let's get it straight: Thinkmoney is not an alternative current account. (For "alternative" read "prepaid"). It's a budgeting service for people who cannot budget. You have your wage, salary, benefits, pension, etc. paid into the account, they hold back the funds needed to pay standing orders and direct debits holding those funds in one pot and put the remainder into a prepaid credit card pot which you can then spend.


It sounds like your account has been withdrawn and that would happen if you failed to pay in sufficient funds and one or more standing orders or direct debits bounced. In fact any prepaid account or card would similarly close the account in such curcumstances.


An alternative current account would be for example a Cashplus card or a Secure Trust Bank account. Both of these examples have lower fees than Thinkmoney because they do not have a budgeting element. Secure Trust Bank is closest to Thinkmoney in that there are two pots but there is no budgeting service to move money from one pot to the other: You have to do your own math.

Paul_1977

They have over 100,000 customers. I can only suggest you close the account when its sorted and move to a real bank account with a real bank.

How anyone can not budget is beyond me.