Uaccount - Paul Lewis on Radio 4

Andrea_jardin

I thought I had heard of all the bank account providers but Paul Lewis talked about Uaccount today.
What is the point of Uaccount? Is it like Revolut but with a less emphasis on foreign currency?

colsten

The most salient point right now is that nobody can use their U account, due to the Wirecard scandal.

Andrea_jardin

That's very difficult for people who have that account then.
Shops need to start accepting cash again as a backup.

ceremony

Yes, U Account is an online account. U Account holds money in Barclays so it's protected, and they offer an app with budgeting tools - I use one because I'm terrible at budgeting, so I have my main account attached to a card and then move money into extra 'accounts' within the app and have direct debits come out of there.

It's an account anyone can get, no credit checks, only a basic ID check.

They use Wirecard for transactions so people are locked out at the moment, but to their credit they are sending daily emails updating people about what's going on.

Andrea_jardin

Interesting, thanks for explaining.
If you get your direct debit dates wrong, do they charge? 
Do you rely on cash as a backup or do you just use the U card? 

eskbanker

Andrea_jardin said:

Shops need to start accepting cash again as a backup.

You have that argument the wrong way round - those choosing to use accounts from small flaky unprotected niche providers need to ensure that they have proper accounts as a backup....

Andrea_jardin

eskbanker said:

Andrea_jardin said:

Shops need to start accepting cash again as a backup.

You have that argument the wrong way round - those choosing to use accounts from small flaky unprotected niche providers need to ensure that they have proper accounts as a backup....

I don't disagree, but I think some of those people can't get normal bank accounts. 

The_Urbanite

Andrea_jardin said:

eskbanker said:

Andrea_jardin said:

Shops need to start accepting cash again as a backup.

You have that argument the wrong way round - those choosing to use accounts from small flaky unprotected niche providers need to ensure that they have proper accounts as a backup....

I don't disagree, but I think some of those people can't get normal bank accounts. 

Indeed - a lot are aimed at that market.
There are probably well over 100 "accounts" out there with a load and spend function and various fees to boot - 50+ of them use Wirecard as the card issuer These account providers come and go.

 I make it my business to research each and every one of these firms just in case their product is of use to me!

eskbanker

Andrea_jardin said:

eskbanker said:

Andrea_jardin said:

Shops need to start accepting cash again as a backup.

You have that argument the wrong way round - those choosing to use accounts from small flaky unprotected niche providers need to ensure that they have proper accounts as a backup....

I don't disagree, but I think some of those people can't get normal bank accounts. 

Agreed - I was just challenging the apparent implication that because of Wirecard failing, shops should suddenly be expected to (re)start handling potentially disease-ridden bits of metal and paper!  The complete eradication of cash has been exaggerated but there's no doubt to me that this crisis has accelerated its demise, now that so many businesses are now cashless, with little incentive to change back again....

colsten

Andrea_jardin said:

eskbanker said:

Andrea_jardin said:

Shops need to start accepting cash again as a backup.

You have that argument the wrong way round - those choosing to use accounts from small flaky unprotected niche providers need to ensure that they have proper accounts as a backup....

I don't disagree, but I think some of those people can't get normal bank accounts. 

Unless they are a convicted fraudster or terrorist, every adult resident in the UK has a legal right to a fee-free basic bank account. Fee-free basic bank accounts have been offered by most, of not all, current account providers since 2016.

Andrea_jardin

eskbanker said:

The complete eradication of cash has been exaggerated but there's no doubt to me that this crisis has accelerated its demise, now that so many businesses are now cashless, with little incentive to change back again....

I feel sorry for the buskers, waitresses and charity fundraisers who won't be able to get as many coins .