Multiple accounts with bank, but still charged for unarranged overdraft

takman

If you had put as much effort into sorting out your finances as you have defending your current methods then you wouldn't have any of these issues.

In summary you should look at:

-A current account for bills only (cashback account would be good)

-A Monzo/Starling account for everyday spending (balance is updated immediately when spending money and a notification on your phone)

-A Credit Card for everyday spending (this has the benefit of cashback/rewards on spending, section 75 protection and building up your credit history).

You seem to want the bank to change how they operate which won't happen. So instead you need to move to other banks/products that will operate how you want them to. You can also benefit from some cash bonuses by switching to certain banks.

EachPenny

OliB150 wrote: »

As far as I’m now concerned, this topic is done and can be closed. The point has been made that yes I am in the wrong (we’ve covered the fact that I said this was a possibility from the offset). I still don’t agree with some of the points, but that is how it is. I think it could be run differently; maybe when I come to power, I’ll make a bank with my bright ideas and watch the masses come flooding to me because I look out for the customer by offering them easier ways to manage their money in the digital age where there is no reason not to provide systems which the user can customise to achieve such a feature

Go for it!

A good starting point would be learning about the rules and regulations that your start-up bank would have to follow. The FCA are quite demanding in that regard. You'll need to follow BCOBS for a start:-
https://www.handbook.fca.org.uk/handbook/BCOBS/

Unfortunately running a bank is a tricky business, rather more complicated than the task of ensuring an account is regularly topped up so that payments going out of it don't leave you overdrawn and subject to fees and charges.

And you certainly cannot take one client's money and give it to another client to stop them going overdrawn. Even if that is a service you think they would really appreciate.

P.s. I'm sure your existing bank provides a customisation feature called a 'standing order'