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  • FIRST POST
    • mrrobinson88
    • By mrrobinson88 11th Jan 18, 9:05 PM
    • 2Posts
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    mrrobinson88
    Cashplus account
    • #1
    • 11th Jan 18, 9:05 PM
    Cashplus account 11th Jan 18 at 9:05 PM
    Hi,

    I noticed an envelope which had Cashplus on it, addressed to my stepson. He is 18 and is currently looking for work. I asked him what it was (as I donít want him getting into debt - he has no income, meaning potential trouble arriving at my door!) but he told me it was just rubbish and put it in his pocket.

    I have done some research on Cashplus and I have a feeling heís opened a Cashplus account as itís instantly approved. My question is, why would someone open an account like this, if they are out of work and already have a current account on the high st??
Page 1
    • john1002
    • By john1002 12th Jan 18, 8:41 AM
    • 910 Posts
    • 379 Thanks
    john1002
    • #2
    • 12th Jan 18, 8:41 AM
    • #2
    • 12th Jan 18, 8:41 AM
    Could be just a flyer looking to get him to open an account or he might want to build a credit history which this card can do for a small monthly charge. He might want flexibility or thinks it might be easier to get an overdraft or direct debit protection they offer after a qualifying time.

    John
    • eDicky
    • By eDicky 12th Jan 18, 10:25 AM
    • 3,520 Posts
    • 1,702 Thanks
    eDicky
    • #3
    • 12th Jan 18, 10:25 AM
    • #3
    • 12th Jan 18, 10:25 AM
    A prepaid Cashplus account costs at least a fiver per month, with dubious benefits. I think they also offer credit at high interest and even a credit card.

    You could suggest to him the Loot prepaid account instead to avoid the fees, and he may then tell you what he's using Cashplus for that Loot doesn't do.

    https://loot.io/
    • Anthorn
    • By Anthorn 7th Feb 18, 11:05 PM
    • 3,677 Posts
    • 951 Thanks
    Anthorn
    • #4
    • 7th Feb 18, 11:05 PM
    • #4
    • 7th Feb 18, 11:05 PM
    A prepaid Cashplus account costs at least a fiver per month, with dubious benefits. I think they also offer credit at high interest and even a credit card.

    You could suggest to him the Loot prepaid account instead to avoid the fees, and he may then tell you what he's using Cashplus for that Loot doesn't do.

    https://loot.io/
    Originally posted by eDicky
    There is another alternative and that's The Change Account from Raphael's Bank. It harks back to the Secure Trust Bank current account and is a virtual clone with the addition of a mobile app and instant notifications. To briefly sum up, you get a secure wallet account and a Debit MasterCard. Deposit money into the card and then transfer from the card to the wallet as needed. Thus money can be ring fenced against fraudulent transactions. The cost compares favourably with the Cashplus card.

    home page: https://www.thechangeaccount.com
    costs and usage limits: https://www.thechangeaccount.com/costs/

    Some people like prepaid cards because they know what charges they will pay every month (if any), there are no penalties, no overdraft to tempt you and depending on the account money is ring fenced against fraudulent transactions.

    Basic bank accounts have done away with the need for prepaid cards and bank accounts and it was basic bank accounts which Secure Trust Bank blamed for the demise of its prepaid current account. But prepaid still persist so there must be demand.
    Last edited by Anthorn; 07-02-2018 at 11:19 PM.
    • SnowTiger
    • By SnowTiger 8th Feb 18, 12:24 AM
    • 3,301 Posts
    • 2,275 Thanks
    SnowTiger
    • #5
    • 8th Feb 18, 12:24 AM
    • #5
    • 8th Feb 18, 12:24 AM
    There is another alternative and that's The Change Account from Raphael's Bank. It harks back to the Secure Trust Bank current account and is a virtual clone with the addition of a mobile app and instant notifications. To briefly sum up, you get a secure wallet account and a Debit MasterCard. Deposit money into the card and then transfer from the card to the wallet as needed. Thus money can be ring fenced against fraudulent transactions. The cost compares favourably with the Cashplus card.

    home page: https://www.thechangeaccount.com
    costs and usage limits: https://www.thechangeaccount.com/costs/
    Originally posted by Anthorn
    There's a charge of £4.25 a month;
    £1 per ATM withdrawal;
    50p to make a Faster Payment; and
    50p for each direct debit.

    Alternatively, Cashplus offers no monthly fee;
    ATM withdrawals are free;
    Faster Payments are free; and
    Direct debits are free.

    And punters earn £4.05 (paying a £5.95 for card and getting a £10 credited to their account). Sign up via https://www.moneysupermarket.com/prepaid-cards/.

    Cashplus customers are also likely to be offered a credit card after keeping their account in good order for a while.

    Or there's Loot. It doesn't offer direct debits or standing orders at the moment. It's easy to get an account and there's (virtually) no charges.

    • paragon909
    • By paragon909 8th Feb 18, 1:08 PM
    • 1,343 Posts
    • 1,356 Thanks
    paragon909
    • #6
    • 8th Feb 18, 1:08 PM
    • #6
    • 8th Feb 18, 1:08 PM
    Loot is rubbish, I would use Monese, It's free, Offers free faster payments, direct debits, contactless card costs like £4.95, free deposit using post office and bank transfer, And it also offers paypoint which I like. Get your own account number and sort code.

    No problems with that app so far.
    • SnowTiger
    • By SnowTiger 8th Feb 18, 1:48 PM
    • 3,301 Posts
    • 2,275 Thanks
    SnowTiger
    • #7
    • 8th Feb 18, 1:48 PM
    • #7
    • 8th Feb 18, 1:48 PM
    Loot is rubbish, I would use Monese, It's free, Offers free faster payments, direct debits, contactless card costs like £4.95, free deposit using post office and bank transfer, And it also offers paypoint which I like. Get your own account number and sort code.

    No problems with that app so far.
    Originally posted by paragon909
    ATM withdrawals £1 each. £4.95 for a real card.

    Monse has flipflopped. It was free, then brought in charges, now mostly free again.
    • Candyapple
    • By Candyapple 8th Feb 18, 2:37 PM
    • 2,909 Posts
    • 2,247 Thanks
    Candyapple
    • #8
    • 8th Feb 18, 2:37 PM
    • #8
    • 8th Feb 18, 2:37 PM
    Hi,

    I noticed an envelope which had Cashplus on it, addressed to my stepson. He is 18 and is currently looking for work. I asked him what it was (as I donít want him getting into debt - he has no income, meaning potential trouble arriving at my door!) but he told me it was just rubbish and put it in his pocket.

    I have done some research on Cashplus and I have a feeling heís opened a Cashplus account as itís instantly approved. My question is, why would someone open an account like this, if they are out of work and already have a current account on the high st??
    Originally posted by mrrobinson88

    If it was just rubbish, why didn't he throw it in the bin? Sounds like he's hiding something.

    Could he possibly be in debt/overdrawn with his other current account?

    Or perhaps he may have fallen foul to money launderers due to his age. Lots of threads about this who target younger / vulnerable / unemployed people with the lure of easy money:
    http://forums.moneysavingexpert.com/showthread.php?t=5790196
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • eDicky
    • By eDicky 8th Feb 18, 2:44 PM
    • 3,520 Posts
    • 1,702 Thanks
    eDicky
    • #9
    • 8th Feb 18, 2:44 PM
    • #9
    • 8th Feb 18, 2:44 PM
    Loot is rubbish,
    Originally posted by paragon909
    In what way? Have you used it?
    • paragon909
    • By paragon909 8th Feb 18, 3:27 PM
    • 1,343 Posts
    • 1,356 Thanks
    paragon909
    In what way? Have you used it?
    Originally posted by eDicky
    I've had a cashplus account in the past with their ridiculous fees and customer services. Or the high rate overdraft they give you... Or recording incorrect details on your credit file then cannot remove because they can't find the data.
    • eDicky
    • By eDicky 8th Feb 18, 7:53 PM
    • 3,520 Posts
    • 1,702 Thanks
    eDicky
    I've had a cashplus account in the past with their ridiculous fees and customer services. Or the high rate overdraft they give you... Or recording incorrect details on your credit file then cannot remove because they can't find the data.
    Originally posted by paragon909
    So what does that have to do with Loot, a totally different company and product that you say is 'rubbish'?
    • Abbey1991
    • By Abbey1991 8th Feb 18, 8:18 PM
    • 95 Posts
    • 11 Thanks
    Abbey1991
    Depressing that the "unbanked" pay more in fees whereas clued up MSErs run around milking all the offers, despite not needing the money.
    • Anthorn
    • By Anthorn 9th Feb 18, 3:37 PM
    • 3,677 Posts
    • 951 Thanks
    Anthorn
    There's a charge of £4.25 a month;
    £1 per ATM withdrawal;
    50p to make a Faster Payment; and
    50p for each direct debit.

    Alternatively, Cashplus offers no monthly fee;
    ATM withdrawals are free;
    Faster Payments are free; and
    Direct debits are free.

    And punters earn £4.05 (paying a £5.95 for card and getting a £10 credited to their account). Sign up via https://www.moneysupermarket.com/prepaid-cards/.

    Cashplus customers are also likely to be offered a credit card after keeping their account in good order for a while.

    Or there's Loot. It doesn't offer direct debits or standing orders at the moment. It's easy to get an account and there's (virtually) no charges.

    Originally posted by SnowTiger
    you quoted my post but what is your point? It escapes me.
    • Anthorn
    • By Anthorn 9th Feb 18, 3:45 PM
    • 3,677 Posts
    • 951 Thanks
    Anthorn
    Depressing that the "unbanked" pay more in fees whereas clued up MSErs run around milking all the offers, despite not needing the money.
    Originally posted by Abbey1991
    To elaborate on my post on this subject from this thread, with the existence of basic bank accounts there is really no need these days for anyone to go prepaid as they once did. However some people are unbanked by choice. What escapes me are those who think they are getting away from banks by going prepaid. Not so because their money is usually held, wait for it, in a bank!

    Do prepaid customers really pay more for their bank account? That depends on how often those with "real" bank accounts pay fees. It's already been said countless times by those better than I that free bank accounts are not really free!
    • Anthorn
    • By Anthorn 13th Feb 18, 2:55 PM
    • 3,677 Posts
    • 951 Thanks
    Anthorn
    There's a charge of £4.25 a month;
    £1 per ATM withdrawal;
    50p to make a Faster Payment; and
    50p for each direct debit.

    Alternatively, Cashplus offers no monthly fee;
    ATM withdrawals are free;
    Faster Payments are free; and
    Direct debits are free.

    And punters earn £4.05 (paying a £5.95 for card and getting a £10 credited to their account). Sign up via https://www.moneysupermarket.com/prepaid-cards/.

    Cashplus customers are also likely to be offered a credit card after keeping their account in good order for a while.

    Or there's Loot. It doesn't offer direct debits or standing orders at the moment. It's easy to get an account and there's (virtually) no charges.

    Originally posted by SnowTiger
    Ok how about the Arro Personal contactless Debit MasterCard then. Again compares favourably with Cashplus and has a separate credit building account. Practically the only eyebrow raiser is the £15 charge for failed direct debits. Currently under construction but the are offering an early access basic card now which me might refer to as "Beta".

    There are more prepaid cards and accounts available which one might not initially know about.
    • SnowTiger
    • By SnowTiger 13th Feb 18, 4:46 PM
    • 3,301 Posts
    • 2,275 Thanks
    SnowTiger
    Ok how about the Arro Personal contactless Debit MasterCard then. Again compares favourably with Cashplus and has a separate credit building account. Practically the only eyebrow raiser is the £15 charge for failed direct debits. Currently under construction but the are offering an early access basic card now which me might refer to as "Beta".

    There are more prepaid cards and accounts available which one might not initially know about.
    Originally posted by Anthorn
    I have one of those.



    There's a £1 fee for ATM withdrawals and outgoing faster payments.

    Direct debits are 'coming soon' according to the main blurb, but are detailed in their price guide: free to set up.

    Foreign usage is expensive.

    Card activation and customer service is via a 0844 premium rate phone number. Naughty and illegal.

    Card is quite pretty. It looks better in real life than it does in the scan.

    Like most of its competitors, Arro uses Wirecard for back-end services. Wirecard's reliability is up and down like a yo-yo.

    I'm not aware of any credit building features it offers.

    Definitely work in progress.
    • Anthorn
    • By Anthorn 14th Feb 18, 5:02 AM
    • 3,677 Posts
    • 951 Thanks
    Anthorn
    As I explained, Arro is under construction or what we might call under development. The link on their home page, "Improving your credit score with the Arro Credit enabling bank account" at this time leads to advice about improving a credit score" which at this time is not related to an Arro account.
    • Ian011
    • By Ian011 14th Feb 18, 1:38 PM
    • 2,027 Posts
    • 1,184 Thanks
    Ian011
    I have one of those.

    Card activation and customer service is via a 0844 premium rate phone number. Naughty and illegal.
    Originally posted by SnowTiger
    Report this to the FCA as a breach of FCA regulations GEN 7.2 and DISP 1.3.
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