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donememoney
Junior Member
United Kingdom
195 Posts |
 Posted - 29 May 2009 : 09:42:28
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Ok bankers, In know you have had it good for many many years, but now you too like many of us are in a financial crisis. Unlike the Banks, we cannot plead to the Government for help and get our bills paid. We have to go throught the humiliation of Bankruptcy. Exactly why the head of the big failed banks have not done the same is beyond me???
Can I suggest a new business arm for our banks.... With the amount of discharged Bankrupts now in the UK (AND SIGNIFICANTLY RISING), Why does not any bank "bite the bullet" and realise that a huge amount of bankrupts are there through circumstance, partner etc.
There are a huge amount of salaried people who are finding it difficult to get proper banking and financial facilities. I lost £100k + in pension rights because of incompetent and criminal action by the pension people who "managed" my fund, yet they get away with it! I too lost over £100k due to an alcoholic wife who bled me dry. Am I a criminal??
No! The banking sector need to understand that honest and genuine people do get FORCED down the bankruptcy route and the first bank or financial institution to offer proper financial services to salaried ex-bankrupts, will make a fortune. In my case I take home £2,900 per month yet cannot get a debit card that only gets me access to my own money!.Q: WHAT EXACTLY DO THE BANKS RISK? A; Bugger all! I have been told that even if I went into a bank with a £7,000,000 lottery cheque, I woul;d be rejected REALLY???
Please if a -anker can answer this, please let us all know! In the meantime the number of "No fault bankrupts" continues to grow yet there os no way out for us! A sensinble and forward thinking banking isstitution will make a fortune!
Rant over! |
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FingersCrossed
Starting Member
United Kingdom
13 Posts |
Posted - 29 May 2009 : 10:39:37
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You sound like you're in the same position as me.
Was declared bankrupt last week, and since then have applied to every single highstreet bank for the most basic account they offer. I'm in desperate need of a simple facility for getting my wages paid in and my bills paid out and yet I get declined for everything.
If I wasn't able to get my partner to put things through her account it would be a major problem; e.g. bills & rent not getting paid, not being able afford train tickets and petrol for getting to work, or even food to eat.
It seems (much like hitting you with charges for going overdrawn, often purely because of the previous months charges) that the banks take every opportunity to kick you while you're already down.
While I appreciate that they are a business and out to make money, they could at least do so with some morals. |
Edited by - FingersCrossed on 29 May 2009 10:41:11 |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 May 2009 : 10:59:22
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Hi
I had the same problem too, apparently the banks dont really earn much from a basic account i.e no ccredit cards attached, and having someone with adverse credit rating on their books, I managed to use my coop account even though they were a creditor. There is a shift towards the prepay packaged and managed accounts, and I think all banks will follow this shortly.
There are a few managed accounts out there some only offer standing orders some offer both.
Stu J Byron |
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donememoney
Junior Member
United Kingdom
195 Posts |
Posted - 29 May 2009 : 11:45:52
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Hi
My point is that I do have a Nationwide Cashcard account. I pay just under £3,000 in salary per month into it and have only asked for a Debit Card TO GET MY OWN MONEY OUT! No credit of any kind.
I trust the Nationwide with my money each month yet they say they are unable to trust me with an electronic card that prevents me spending over my credit. IE: I CANNOT BE TRUSTED WITH MY OWN MONEY" How two faced and absurd is this
I laboured the point about a £7,000,000 lottery cheque and they went very quiet. I just think our banks and Building Societies should adhere to the rules they set themselves and stop asking the Government to bail them out whilst taking huge bonusses
I am still waiting on a decision from Nat West after they claim to have lost 2 applications already Wht is their saying... "There is a better way" Can someone tell me what it is |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 May 2009 : 15:31:23
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I no what you are saying, ive just had an hour of argueing with coop because they have authorised an electron payment without monies being available, and then they said that if it does go through they would either close the account or take my debit card and direct debits off me,
It shows that the pay for services are becoming more and more favourable.
Stu J Byron |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 29 May 2009 : 17:30:23
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FYI - There is a thread on another forum that mentions that from June the Co-op Cashminder account will have a Visa debt card rather than an Electron debit card. I don't know whether this is the case or not but it would be good if it was as very few companies allow Electron cards to be used.
As for the banks being more favourable to BR people, I think they will change as society changes. Banks have originally make money from lending money to people and charging interest on that money and still do.
Ten years ago if you wanted a mortgage you would need at least 10% (maybe more) deposit and you would only get a mortgage of 3 times your income for a single applicant or 2.5 times the income for a couple - two years ago you could get a 125% mortgage with no deposit and up to six times your income. This changed as the house prices sky-rocketed but incomes went up at a slower pace. If banks hadn't lent more money to people then the housing market would have stagnated years ago.
Banks need to make money so there will be a period of some 'common sense' however the longer the recession continues and the more people that are forced to declare BR the more the banks will 'loosen' their requirements for opening accounts, getting loans, having mortgages, etc.
The Co-op bank must be making a fortune with their Cashminder account at the moment. Pretty much everyone who is BR is opening an account with them and having their benefits/salary paid into the account so the bank can invest this money. Their is no danger of the bank losing money as there isn't an overdraft and they won't give any credit to anyone with a basic account. |
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kenji
Starting Member
United Kingdom
5 Posts |
Posted - 29 May 2009 : 17:42:58
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| I say there, sjbyron! Of course banks make money out of 'cashminder'-type accounts. As gettingoutofdebt makes the point, tens of thousands of BR peeps are lodging money with Coop daily. They have no overdraft risk on that cash and a pretty risk-free credit balance to INVEST each day. Millions £ I would think. Consider that! |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 May 2009 : 18:25:18
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I no what you are saying but thats what lloyds said to me when I asked to open an account,
I asked the coop today wether they will be offering visa debit and they said no plans, and its not something that a person who is bankrupt can have, again the banks words not mine
Stu J Byron |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 29 May 2009 : 18:31:26
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quote:
Originally posted by sjbyron
I no what you are saying but thats what lloyds said to me when I asked to open an account,
I asked the coop today wether they will be offering visa debit and they said no plans, and its not something that a person who is bankrupt can have, again the banks words not mine
The only limitations on a bank account that person who is BR can have are:
- 1 bank account
- No overdraft or any other type of credit
- The account must be a 'basic' account
I am not saying that you are wrong Stu, but there is no problem with a BR person having a basic account with a Visa Delta card as this does not give access to an overdraft or credit. The card is the same as the current Electron card as the card will be refused if you do not have sufficient credit in your account.
The rumors about the Co-op account and the Visa Delta card appeared on another board so I cannot say if they are true or not but just wanted to mention it to people here. |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 May 2009 : 19:34:04
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Hi the difference between Visa Delta and Electron is that Electron requires electronic online authorisations before the transaction delta doesnt therefore it can lead to a payment being authorised without funds and therefore going overdrawn.
Thats from the Visa Website
Stu J Byron |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 29 May 2009 : 19:48:25
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Thanks Stu,
As you mentioned in your earlier post it doesn't seem to make much difference now between a Delta and Electron especially if the Co-op will let you use your Electron card even if you don't have the funds:
"I no what you are saying, ive just had an hour of argueing with coop because they have authorised an electron payment without monies being available," |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 May 2009 : 20:03:49
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I No I no and it was an overcharge from BT too cant believe they authorised it,
but the main difference is that with Delta you can do that too much easier.
Stu J Byron |
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bang up
New Member
58 Posts |
Posted - 29 May 2009 : 20:30:28
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i particularly dislike the HSBC.
their staff are so rude, inconsiderate and have attitudes that seem to match their employer's crass policy of teaching customers a lesson by hassling them forever, pre and post bankruptcy.
since i'm not bothered about any stigma attached to my bankruptcy i'm pretty open about what happened and i gotta say i've found most of my friends and work colleagues have been supportive.
after telling them how i was treated by HSBC i know of at least three people who have now closed their accounts with that bank and moved elsewhere.
okay, so it's only three accounts they've lost but it made me feel better when i found out.
regards |
Edited by - bang up on 29 May 2009 20:35:07 |
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bang up
New Member
58 Posts |
Posted - 29 May 2009 : 20:33:57
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| on the other hand - i really like the co-operative and would recommend them to anybody. |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 May 2009 : 20:40:06
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What makes me laugh is the RBS would turn you down if you are a BR even if you are discharged where as if you offer them £12.50 they give you a full account, maestro card and uk based managed services under the umbrella of Thinkbanking, likewise for Natwest as OneBanking and Barclays as Quantum services.
Couldnt the bank just offer these services themselves with a lower fee?
Stu J Byron |
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BANKS PLEASE READ THIS!!
