Dormant Or Little-Used Bank Accounts

[ScabHunter]

Re: Dormant Or Little-Used Bank Accounts

I shall have to give some serious thought as to what to do about my Co-op Cashminder account. I suppose there are three possibilities -

1) Keep it open as a basic account
2) Close it
3) Try to see if I can get it upgraded

The first option has some uses, in that I could set it up as the linked account to PayPal and protect my current accounts from any potential PayPal hack. The second option takes away a possible back up to the current accounts if anything happens to them, and it really doesn't achieve anything other than simplification.

Option three will not be available for another year, as the appo form specifically asks whether you have any defaults within the past six years. The terms and conditions also say that you need to have a regular payment such as a salary, which needs to be paid into the account. So, it is obviously another case of self-employed go to hell.

I'm probably better off leaving it alone, and just using the basic account as a link to PayPal. At least that way it is doing something, and why do I need another cheque book when I've got three already?

SH

[SA Gold]

Re: Dormant Or Little-Used Bank Accounts

The first option has some uses, in that I could set it up as the linked account to PayPal and protect my current accounts from any potential PayPal hack.

Or Paypal themselves! I have heard of a few cases recently where the robbing b@stards withdrew money from accounts as a charge back. You then have the ball ache of fighting them. If its linked to an account with Nada - they get Nada