The BR friendly Basic Bank Account ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

[philnicandamy]

[FONT=Verdana][B]With immediate effect (from September 17, 2012) the Co-operative bank is no longer accepting new customers who are un-discharged bankrupts, this decision does not affect the bank's existing customers.[/B][/FONT]

[B][FONT=Verdana]------ > [URL="http://www.co-operativebankinggroup.co.uk/servlet/Satellite?c=Page&cid=1326094872357&pagename=Corp/Page/tplCorp&currart=1347603516505&currmth=09"]The Co-operative Banking Group - News 2012[/URL] [/FONT][/B]


[FONT=Verdana][FONT=Verdana]Since the recent press release the Co-op has assured other posters that if you [B]open[/B] a Cashminder account with them, [B]then[/B] go BR they will keep your account open. [/FONT]

[B]Cashminder[/B] will give you DD and SO, telephone and Internet banking, a visa debit card, you can use any Post Office or Britannia BS to deposit money or cheques, you can use any link machine to withdraw cash. Don***8217;t worry if they say you will have to be referred as they tend to "refer" 80-90% of new Cashminder accounts, you should hear something in the next few days from them. Sometimes they also ask for ID to be taken to one of their branches but this is rare. If they have declined your application then ask them you wish to appeal, this too is rare.

Co-op Cashminder can be opened over the phone 0800 123455

Cashminder - [URL="http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts"]Click here [/URL]

* Please be aware that the Co-op have a 3 strike rule, if you go overdrawn/bounced DD etc from your account three times they will close your account so be vigilant *

[/FONT][B][U]BARCLAYS[/U][/B]

If Barclays are a creditor you can open the Cash Card Account after you are BR.

With Barclays you will have to go in branch to open, you have DD and SO, visa debit card or a cash card, they do NOT allow telephone and Internet banking to BR's, you can go into any branch to deposit money or Cheques and withdraw money from any link machine.

Cash Card Account - [URL="http://www.barclays.co.uk/Currentaccounts/Packagedaccounts/CashCardAccount/P1242557963900"]Click here[/URL]

* At present with Barclays, there is a maximum charge of £8 a day if direct debit or standing order payments exceed the total funds in the account. However, from March 2012, this could increase to up to £24 a day *

[B][U]Most frequently asked questions :-[/U][/B]

[B]Can I stay with my Bank?

[/B]There are only '2' BR friendly banks, sometimes on rare occasions as long as your Bank isn't a creditor in your BR, they 'may' downgrade your account to a Basic one but don't rely on this being the case.

[B]Will the OR (Official Receiver) freeze my account?[/B]

It is the bank themselves that freeze bank accounts not the OR so when you speak to the OR's clerk on the phone (either at the court or later) they'll ask you a few questions and ask them you wish to use your Barclays Basic Account [FONT=Verdana]or [/FONT][FONT=Verdana][FONT=Verdana]Co-op Cashminder[/FONT] [/FONT]for your pay and DD's, they will then send to the bank form Bank2 option1 which specifically asks the bank to leave the account open (although the final decision rests with the bank) and they have no further interest in the account.

[B]Still can't open a basic bank account[/B]

[FONT=Verdana][FONT=Verdana]Make sure you are on the Electoral Roll, whilst a Basic Bank Account doesn't credit check you it does identity check you.[/FONT]

[/FONT]If your on the electoral role and still being refused check your credit files they may have CIFAS markers

-------->[B] [URL="http://www.cifas.org.uk/default.asp?edit_id=252-28"]CIFAS - Welcome to CIFAS[/URL][/B]

[B]News[/B]

[URL="http://forums.all-about-debt.co.uk/showthread.php?t=10579"]Change of law to help more bankrupts open bank accounts - allaboutFORUMS[/URL]

[fiscalfool]

Re: BR friendly Bank Accounts

I'll add to this:

I was advised also to try the Old High Street Building Societies, as they tend to have more relaxed account policies than the High Street banks.

All high street banks have to offer you an account ... but they always find a way not to do so!

Co-Op have been absolutely excellent with my recent BR, and kept all my account open and functional. They didn't freeze them, and the OR stated that so long as there wasn't pots of money in there, then they had no interest in an account used to receive salary and for day to day expenditure.

I was also advised to call my bank a week before and also on the day of BR to confirm I still wished to use my account.

[IF]

Re: BR friendly Bank Accounts

Unfortunately the other high street building societies will [B]not [/B] give you a Basic account the only two are the Coop and Barclays. I know hundreds who has tried, the odd few have been lucky and the others got an account only for it to be closed weeks later!!

Please see Rizzle's post, could be good but its just talk at the moment!!


------- > [url="http://forums.all-about-debt.co.uk/showthread.php?t=3746"]Access to bank accounts - new proposals - allaboutFORUMS[/url]

[5corpio]

Re: BR friendly Bank Accounts

[QUOTE=If...;128461]They are only [B]two[/B] BR friendly basic bank accounts. The Coop cashminder account and Barclays basic account, if the Coop are a creditor they are unlikely to accept you for a cashminder account, if Barclays are a creditor you can open the basic account after you are BR. Both provide debit cards but only the Coop allow access for internet banking. If you can open we advise you to open one now, both accounts will set up DD for your utility bills etc.


[B][U]CO-OPERATIVE BANK[/U][/B]

Cashminder will give you DD and SO, telephone and Internet banking, a visa debit card, you can use any Post Office or Britannia BS to deposit money or cheques, you can use any link machine to withdraw cash.

Co-op Cashminder can be opened over the phone [B]08457 212212[/B]

Cashminder - [URL="http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts"]Click here [/URL]

Right to offset?? Click on link below:-

[URL="http://forums.all-about-debt.co.uk/showpost.php?p=113123&postcount=14"]allaboutFORUMS - View Single Post - Unenforceability General Questions Answers[/URL][/QUOTE]


Co-Operative landline number:
[SIZE=2]Enquiries from new and existing customers[/SIZE] - [B][SIZE=2]0800 123455[/SIZE][/B] (If you have an iphone (smartphone), you can download a freeapp and it'll convert the 0800 number for you: being: [B]0191 480 2147[/B] <<--this number works ([I]tested 17th Nov @19.21 hrs[/I])...Forum Link: [URL="http://forums.all-about-debt.co.uk/showpost.php?p=104419&postcount=3"][COLOR=DarkOrange][B]LINKY[/B][/COLOR][/URL]

Might also get through with this number: [SIZE=2]
Automated Telephone Banking - [/SIZE][SIZE=2][B]0161 474 7123[/B] or [/SIZE][SIZE=2][B]01695 53760[/B] rather than an [B]08457[/B], if calling via a Mobile


[/SIZE]

[5corpio]

Re: BR friendly Bank Accounts

0870/0800/0845/08457 Say no

has vast list of number convertors to a landline number....... [B][URL="http://www.saynoto0870.com/search.php"]SAYNOTO0870.COM - Non-Geographical Alternative Telephone Numbers[/URL][/B]

[IF]

Re: BR friendly Bank Accounts

Link -----> [url="http://www.bbc.co.uk/news/business-16072694"]BBC News - Barclays basic account customers face fee rise[/url]

[Quote]

Basic bank account holders at Barclays face more frequent charges if they fail to have sufficient funds in their accounts.

Basic accounts, often opened by those with a chequered credit history, do not offer cheque books or overdrafts.

[COLOR="Red"]At present, there is a maximum charge of £8 a day if direct debit or standing order payments exceed the total funds in the account.
However, from March, this could increase to up to £24 a day.[/COLOR]


That is because a limit of just one transaction charge occurs at present, but this will be extended to charges for each of up to three missed payments in a day.

Barclays' move follows changes made by other High Street banks to cash machine access for customers with basic bank accounts.

Those with basic bank accounts with Barclays will not have the same restrictions on ATMs. Instead, the bank has decided to cut costs by increasing the frequency of charges.

[COLOR="Red"]It will also save money by a default option of only sending out paper statements once every three months, rather than monthly, although customers can ask for a statement each month if they would like it.

However, a £2 a month charge for a text service to alert account holders that they are close to emptying their funds has been cancelled. The service is now available free.[/COLOR]

Watchdog Consumer Focus is critical of all of the three banks' changes to basic banking which it says discourages the poorest and most vulnerable from using bank accounts.

"These changes to basic bank accounts are a backward step by banks which could increase financial exclusion," said Oliver Morgans, of Consumer Focus.

"Living without a bank account can make it hard to live in the 21st century and can create financial penalties for the households who can least afford it.

"The government already faces an uphill struggle to persuade customers to sign up to a bank account when many people distrust banks and the charges they make. These changes will make that hill even harder to climb."

However, a Barclays spokesman said: "We want to ensure this product remains financially sustainable so that we can continue to help those at risk of financial exclusion gain access to banking.

"We also want to ensure the product continues to meet the needs of those it is designed for. The changes we are making are based on solid research of our customer base and Citizens Advice Bureau clients."[/Quote]

[PlanB]

Re: BR friendly Bank Accounts

[QUOTE=If...;128461]They are only [B]two[/B] BR friendly basic bank accounts. The Coop cashminder account and Barclays basic account[/QUOTE]

Thank you so much for that helpful post :kiss I'm not BR yet but give it time :frown I have 16 Defaults on my credit file and a court case pending in January so maybe a CCJ (maybe not if Paul has anything to do with it!) so I am looking to get new banking facilities. Alas Barclays is one of my pursuers but not the Co-op so I'll give that a go. Do you know what 'proof' is needed for a successful application? I'm busy re-inventing myself in my maiden name. I've done the electoral roll (registered in October) , driving lincense and a Council Tax bill. Do you think that will be enough to open an account with the Co-op?

Plan B x

[philnicandamy]

Re: BR friendly Bank Accounts

all the cashminder bits & bobs are here

[URL]http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts?WT.svl=copy[/URL]

proof you have should be more than enough...didnt ask me for any when I applied a few years back & did everything on the phone

[IF]

Re: BR friendly Bank Accounts

[QUOTE=PlanB;135624]Thank you so much for that helpful post :kiss I'm not BR yet but give it time :frown I have 16 Defaults on my credit file and a court case pending in January so maybe a CCJ (maybe not if Paul has anything to do with it!) so I am looking to get new banking facilities. Alas Barclays is one of my pursuers but not the Co-op so I'll give that a go. Do you know what 'proof' is needed for a successful application? I'm busy re-inventing myself in my maiden name. I've done the electoral roll (registered in October) , driving lincense and a Council Tax bill. Do you think that will be enough to open an account with the Co-op?

Plan B x[/QUOTE]

I'm so pleased it helped and fingers crossed with Paul's help you don't have to go down the BR route. As Phil has said you've got everything you need. Were always here if you need any more help/advice.

Best wishes
If...x

[Susie]

Re: BR friendly Bank Accounts

[QUOTE=PlanB;135624]Thank you so much for that helpful post :kiss I'm not BR yet but give it time :frown I have 16 Defaults on my credit file and a court case pending in January so maybe a CCJ (maybe not if Paul has anything to do with it!) so I am looking to get new banking facilities. Alas Barclays is one of my pursuers but not the Co-op so I'll give that a go. Do you know what 'proof' is needed for a successful application? I'm busy re-inventing myself in my maiden name. I've done the electoral roll (registered in October) , driving lincense and a Council Tax bill. Do you think that will be enough to open an account with the Co-op?

Plan B x[/QUOTE]
I have a co-op cashminder and opened it at a branch. They were happy with one utility bill and a driving license, passport or Inland revenue documents. Did not take long to open and person was very nice we had a chat as we went through the questions and she said I would hear within a few days. I got the account details and card very quickly and the rest of the stuff followed within a week.

[philnicandamy]

Re: BR friendly Bank Accounts

and dont worry if you apply in person or telephone and they say its "referred" they usually do this with around 90% or so applications..nothing to worry about you usually receive details and account stuff in a few days afterwards

[IF]

Re: The ONLY BR friendly Basic Bank Account

Please note post 1 amended :pale

IF...x


[QUOTE]

[B]Industry failure on financial inclusion forces the Co-operative Bank to review its basic bank account[/B]
[LIST][*][B]Bank calls for a level playing field with all providers, including new entrants, genuinely performing on issue of financial inclusion[/B][*][B]No longer offering Cashminder current account to un-discharged bankrupts*[/B][/LIST]
In response to a lack of positive industry action on the issue of basic banking**, The Co‑operative Bank today announces a change to its basic bank account – Cashminder, for new customers.

With immediate effect (from September 17, 2012) the bank is no longer accepting new customers who are un-discharged bankrupts, this decision does not affect the bank's existing customers.

Explaining this change in more detail, [B]John Hughes, Managing Director of Retail Banking at The Co-operative Bank [/B]comments:

"Across the industry there has long been an un-level playing field in the provision of basic bank accounts, with our bank doing far more than most*** and we have been calling for some time for this to be addressed.

Unfortunately it has now come to the stage where our disproportionate market share of the basic bank account market has continued to grow significantly, and regretfully, we now need to take steps to address this."

For a number of years now The Co‑operative Bank has been only one of two providers in the market who offer bank accounts to un-discharged bankrupts. Whilst the bank will no longer be opening new accounts for un-discharged bankrupts, it remains fully committed to working with existing customers who find themselves in financial difficulty.

Commenting further, John Hughes adds:

"The Co‑operative recognises the importance of access to a bank account to enable people to participate actively in modern life, this is an issue that we have raised persistently in an attempt to encourage all providers to act equally. As a responsibly led business, over the years we have worked tirelessly to promote access to banking, for example by providing bank accounts to some of the most financially excluded groups such as prisoners, as we do believe that banks should play their part in offering people a fresh start.

However it is now time that all providers acted equally on this issue. Whilst we have had to make immediate changes to address our disproportionate market share, we remain committed to financial inclusion and are willing to lead the way in calling for current account providers, consumer groups and policy makers to work together to introduce a sustainable approach for basic banking that provides consumers with access to appropriate accounts and services.

Looking ahead we will closely monitor the industry to strike a balance between our commitment to tackling financial exclusion whilst also ensuring we operate in a sustainable manner that maintains our competitive position as a genuine alternative in the market. If the market changes and measures are introduced to ensure that all account providers, including new entrants, genuinely perform on this issue, we will review our decision."

[B]Notes to Editors[/B]

* Our definition of an un-discharged bankrupt is someone against whom a bankruptcy order has been made and who has not been discharged from bankruptcy. In most circumstances the customer is discharged after 12 months.
** Basic Banking refers to the provision of Basic Current Accounts, which are aimed at those on limited budgets who need to keep tight control of their finances and who don't require and overdraft or chequebook.
*** For a comparison of basic bank accounts, please visit: [/QUOTE]

[SXGuy]

Re: The ONLY BR friendly Basic Bank Account

Not saying you should do this, just saying it worked for me.

Had a barclays account prior to BR, didnt touch it during my BR at all.

Left it out of the OR list of accounts, it never got closed on frozen, and was able to use it again after i was discharged.

May help some who will find it hard to get an account after BR, of course i ran the risk of being in trouble, so only do it if you wish to take the risk.

[IF]

Re: The ONLY BR friendly Basic Bank Account

[QUOTE=SXGuy;232876]Not saying you should do this, just saying it worked for me.

Had a barclays account prior to BR, didnt touch it during my BR at all.

Left it out of the OR list of accounts, it never got closed on frozen, and was able to use it again after i was discharged.

May help some who will find it hard to get an account after BR, of course i ran the risk of being in trouble, so only do it if you wish to take the risk.[/QUOTE]

I'm glad it worked for you SX but really not to be recommended as if the OR finds out.......they could re open your BR, wondering what else you hid from them and it won't be worth the consequences tbh xx

[philnicandamy]

Re: The ONLY BR friendly Basic Bank Account

oh well i'll bin what i'd already typed for here seeing as you beat me to it IF