My wages gets paid into a Natwest step account ( no credit card, no overdraft, no cheque book ). I assume this will get closed by the OR???
Is it usual to setup a new account ( maybe with the Co-op ) before or after BR. Or is it wise to get my wages paid into someone elses account for a couple of months prior to BR and when the deeds done, setup a new account then????
If the Natwest account is listed on the SOA then it will be frozen even if it is only temporarily. If you want to keep the account you can call the bank and let them know you are declaring BR and whether this will be a problem or not. On the day you are BR you can then draw all of the money out and the account should be unfrozen when the OR contacts the bank to say that they don't have an interest in the account.
The other option is to open another account (as you say Co-op) and the best way would be to do this before you go BR but do not put it on the SOA. When you have the OR interview mention it to the OR then and this should stop it being frozen.
Managing Bank Accounts
Posted - 28 May 2009 : 15:15:08
