Can't get a bank account !!

Watchet

I recently had to close my bank account because I had serious money problems - direct debits bouncing etc. I'm in the process of making offers to my creditors etc so I'm trying to sort stuff out. However now I can't get anyone to accept me as a customer, because of my awful credit history and scary bank statements. I need to make payments to the I.R. and keep some direct debits active, but I can't get a bank account now. I tried A&L and RBoS who both do these new 'basic' bank accounts but was rejected both times. I know all of this is my fault - I'm a lousy prospective customer, but now I've actually pulled my head out of my whatsit and am trying to properly address my finances - I have this problem. I've heard the Post Office do some kind of basic account so I'll check that out. But has anyone out there any idea's ?????

soolin

The GOvernment were pushing these 'bank accounts for all' and as you say I think they are post office linked, so that is probably the best place to start.

Co Op bank used to do a basic, no credit account, can't think what it was called but it was aimed at refugees and people on low incomes who did not have any credit score. However, if you have already been turned down twice I would think it unlikely that any high street bank will be able to help. Having no credit score isn't the same as purposefully walking away from a previous bank account debt.

Do you absolutely have to have a current account, I don't know much about debt in general but maybe if you say to these people that you don't have an account for DD purposes they might be able to offer another way of you paying them.

Also, ask over on the debt free wannabbee board, they are a clever lot over there.

Soo

jen_jen_2

you should not be refused a basic bank account because the point of them are that you cannot get into debt with them, however the banks just dont make money out of them and tend to be unhelpful

first are you sure you were refused because of your poor credit or was it an id or proof of address problem, if it was id then you will need to get the proper id whichever bank if its poor credit you will have to go into the bank and tell them very clearly its a basic account you want as you have debt problems, it may be possible even though you asked for a basic account they still credit checked you for a current account and refused you- this seems to be a common occurance for most banks

the co-op due to their ethical problems tend to be a bit more understanding than others and you can ask for them to send out paperwork over the phone, but each bank is different and each branch of each bank is different. Natwest and LLoyds TSB are generally not interested (in my experience) and Barclays and the scottish banks are better - again im sure others will have had different experiences.

the Post office cash account is only for benefit payments and you can only withdraw cash it will be no good for you to set up payments etc.

if you still have problems go to the British banking association website and read their info on basic accounts and make complaints to the banks involved.

happy bank hunting

jen_jen_2

co ops ethical problems............... :rotfl:

i mean ethical policies

muddy697

Hope this info helps re this matter:
If you want a basic account ( no credit facilities)....
1) i hear that nationwide are probably the best the only thing they are meant to be difficult about is a record of fraud. Even new bankrupts get accounts with them apparently.
2) cooperative (certainly in Leeds) are supposed to not need to credit check customers if they provide more than the one requested proof of id and one proof of address that they ask for on the application forms , i.e. provide 2 proof of address+ 2 proof of id.
3) it may be worth trying a small local building society or maybe one of the bigger ones in the high street.
4) basic accounts aren’t money spinners for the bank so this may be a reason why they don’t always approve customer requests for one.

Staffs_Flyer

Abbey used to do an Instant Plus account, which gives you a cash card and SO and DD facilities. After 6 complete months, if you have run the account satisfactorily (hard not to really) they will upgrade to Bank Account with cheque book and Debit Card.

They did it for me and I'm still using it now!

Fatboy_NSS

Abbey don't do the Instant Plus any more. You would have to get a Basic ac with us and then apply to get it upgraded after 6 months. If you've been bankrupt within 6 years you'd have to wait before we'd even give yo a Basic ac tho.

Fedz

The PO account is indeed given for benefits payments. You can't use it for much more than that.

I'd recommend:

The Co-Operative Bank (Cashminder Account)
Card Type: Visa Electron Debit Card and Link.
You can apply on-line, by phone OR at any branch.

Halifax (Web Saver Account)
Card Type: Link
You can apply on-line.

Both the above you can use at cashpoints, have full banking facilities (salary paid in, standing orders, direct debits, online account access ...etc).

Side Note: I was bankrupt with the co-op bank to the tune of many-a-thousand and they happily give me a current account (Cashminder).
The co-op bank have been very, very good too me despite my misgivings!

cifpower

The Coventry Building Society have a savings account called Money Manager which allows DDs, SOs and BACS. Unless you live near a branch, you get a Link cash card which can be used free at any Link cash machine. To lodge a cheque you post it off. You cannot post cash though. The internet service is really good as is the telephone service. And because it is a savings account there are no credit checks and the interest rate is 2.52% net per annum.

https://www.coventrybuildingsociety.co.uk

JoseChungsDoomsday

id also recommend the halifax instant saver account, you can set up dd's on it but you only get a cash card