Fidor - current account w/o credit check

Archi_Bald

Archi_Bald wrote: »

I have signed up for a laugh

That was on the 18th.....today, an entire week later, I received a security / verification code that I had to enter in my online account. Apparently now my "Fidor Smart Current Account is on its way!". They certainly aren't fast, and they are testing my patience.

I also notice that the interest rate has now dropped back to 0%. Not that I was interested in the 0.25% they offered last week.

Paul_1977

Chino wrote: »

Fidor Bank admits that it doesn't offer a debit card:

"Soon you will also be able to get your Fidor Debit MasterCard".

and:

"Coming soon: Debit MasterCard"

https://www.fidorbank.uk/personal-banking/smart-account

Metro bank issue debit master card.

Archi_Bald

My account is finally open - 10 days from application. The functionality is somewhat underwhelming as there aren't any SOs, 'Faster Payments' will only be carried out in batches a few times a day, and incoming payments also appear to get processed in batches a few times a day. Not sure whether "day" includes weekends, and I don't know whether they work with BACS (needed for DDs, and for payments from companies).

The Banking part of their website is apparently a Beta. As we already know, there is presently no Debit Card. You got to wonder why they didn't wait with their launch until they are ready.

Still, for someone who can't get an account anywhere else, this might be a step forward. I will now transfer out the fiver they kindly gave me and leave the account to go dormant.

System

Easy to check - what is their sort code?

Archi_Bald

Only just seen that Q: my sort code is 40-60-80.

Registered to "VOICE COMMERCE LIMITED"

Faster Payments can be sent to this sort code.

Bacs Credit payments cannot be sent to this sort code

Bacs Direct Debits cannot be set up on this sort code.

CHAPS Payments can be sent to this sort code.

Not eligible for Cheque & Credit Clearing.

System

Seems a bit of a Mickey Mouse setup for a current account.

You ideally need a standard sort code and account number plus the ability to receive incoming BACS credits / outgoing debits.

Archi_Bald wrote: »

Only just seen that Q: my sort code is 40-60-80.

Registered to "VOICE COMMERCE LIMITED"

Faster Payments can be sent to this sort code.

Bacs Credit payments cannot be sent to this sort code

Bacs Direct Debits cannot be set up on this sort code.

CHAPS Payments can be sent to this sort code.

Not eligible for Cheque & Credit Clearing.

SnowTiger

Heng_Leng wrote: »

Seems a bit of a Mickey Mouse setup for a current account.

You ideally need a standard sort code and account number plus the ability to receive incoming BACS credits / outgoing debits.

I think it's all part of the unbanked thing.

Ffrees makes a big deal about being an unbank.

Presumably it's aim at those who want a bank account but don't want to use a bank.

Accounts are easy to get. No credit check; only an identity check. And no overdraft charges.

Fidor will be issuing debit cards soon. And I gather from their forums that they plan to give customers a unique account number in the future.

Anthorn

Re. unbanked: It's highly possible to be underbanked but not possible to be completely unbanked if we use a banking service since the money is in a bank somewhere. In general we use the term as a form of short-hand which describes those who don't have a bank account at all. It's not possible even to be un-bank-fees since in dealing with one or more banks you are subject to their fees for certain services. Ffrees makes a big deal of it because it's their selling point but their fees are in some cases exhorbitant and prohibitive.

On compensation schemes I've made no secret of the fact that I don't differentiate between national compensation schemes. Compensation is compensation and I don't really care where it comes from.

But the situation on compensation has changed: It looks to be likely although not certain that U.K. will exit the E.U. stage right. So at what point will U.K. residents cease to be eligible for what amounts to foreign compensation schemes and what effect will that have on foreign bank accounts?

Other than the above I would have no hesitation in recommending Fidor to the unbanked except that I only recommend those services I have personally used. Hey I might open an account. I've wanted a German bank account for a long time

SnowTiger

Anthorn wrote: »

Re. unbanked: It's highly possible to be underbanked but not possible to be completely unbanked if we use a banking service since the money is in a bank somewhere. In general we use the term as a form of short-hand which describes those who don't have a bank account at all. It's not possible even to be un-bank-fees since in dealing with one or more banks you are subject to their fees for certain services.

We have free banking in the UK, so it's quite easy to avoid banking fees.

Many people without a bank account, the unbanked, are likely to pay fees anyway. For example fees for not paying bills by Direct Debit. And, of course, they miss out on interest, cashback, etc.

Unbanked is a fad that's been imported from the US where banking is different.

Anthorn

SnowTiger wrote: »

We have free banking in the UK, so it's quite easy to avoid banking fees.

Many people without a bank account, the unbanked, are likely to pay fees anyway. For example fees for not paying bills by Direct Debit. And, of course, they miss out on interest, cashback, etc.

Unbanked is a fad that's been imported from the US where banking is different.

Basically two areas, those who don't want a bank account and those who can't get one. Fees is where Fidor is different. Contrast that with most prepaid products.

Anyone opening an account needs to have provision for handling cheques because Fidor doesn't do cheque transactions. Personally, I haven't seen a cheque for a long time. Haven't found anything else to be wary of. For me low fee SEPA transfers is a plus.