A question about : BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]
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.
------ > The Co-operative Banking Group - News 2012
Since the recent press release the Co-op has assured other posters that if you open a Cashminder account with them, then go BR they will keep your account open.
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. Don'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 - Click here
* 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 *
BARCLAYS
If Barclays are a creditor you can open the CashCard Account after you are BR.
With Barclays you will have to go in branch to open, you have DD and SO, visa debit card/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 - Click here
* At present with Barclays, there is a maximum charge of Ј8 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 Ј24 a day *
Most frequently asked questions :-
Will the OR (Official Receiver) freeze my account?
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 Cash Card Account or Co-op Cashminder 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.
Can I stay with my Bank?
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.
Still can't open a basic bank account
Make sure you are on the Electoral Roll, whilst a Basic Bank Account doesn't credit check you it does identity check you.
If your on the electoral role and still being refused check your credit files they may have CIFAS markers
--------> CIFAS - Welcome to CIFAS
More Info on Bank Accounts.
What will happen to my bank account? (IS) (pdf)
Bank Accounts & Bankruptcy (MSE)
Basic bank account booklet and table of accounts (pdf)
News - Change of law to help more bankrupts open bank accounts
Best answers:
- Any idea how long before the OR freezes the bank accounts?
- Hi, Just a quick note.
I opened a Coop account anyway just in case, however my account is with Natwest and they havent closed it and havent downgraded it either.
I had to ring them the other day as I used Halifax ATM and there was a problem with there machine they pushed the card out but not far enough for me to get it and took it. So I rang Natwest and asked for a new card and they tried to get me to open a new account so I had to incase I lost my card again. I spoke to them and explained about my BR and they said ah right no you wont be able to open a new account, he went off to speak to his manager and came back and said come back when you get discharged but we will keep this account as it is for now. He was really friendly. I think it helped I dont have any debts with Natwest though.
Thanks
Tink - Not sure if you can speak to somebody about opening an account with the Co-op but when I call them I use 01618295860.
HTH - And don't forget that the Co-op now offer a text service to give you the most up to date balance on your account. You need to ring Customer Services and set it up but it is a very useful tool to have.
- Thanks for this.. so is it better to open one of these accounts before I go bankrupt? and transfer all my DD etc? is your money safe in this account? or can they take it
- I opened my Co-op account about 6-8 weeks before going BR, that allowed plenty of time to get all income and DD/SOs transferred over and have the account fully operational before going BR.
Then I just noted on my BR forms that it was my living expenses account and the OR was fine with it.
Always adviseable to let the Co-op know why you need the account and then just ring them once you have actually gone BR.
Remember though, if you have money surplus to reasonable living requirements the OR can ask for it and they will see on your bank statements if you have withdrawn a chunk of money before going BR and want to know what you spent it on. - Bump....................
- I've tagged the info from the previous board sticky onto this one, and now made this one a sticky instead.
- I didn't realise you could open a Cashminder account over the phone. Handy to know.
Do you have to post them proof of identity or drop into a local branch? - Strange isn't it. When I opened my Cashminder I took my documents in to the branch. I figured that although it was a trek it was worth doing for the peace of mind of knowing they had received them.
When I then opened a savings account a couple of months later they asked for the documents again as the savings account was on a different system - Hello everyone,
Would really appreciate some advice...It's looking like I will have to go bankrupt rather than an IVA in the next month or two and I'm trying to plan as much as possible in advance to minimise effect on money during the period that accounts are frozen etc.
I understand I need to open a new basic account and the 2 are co-op and Barclays but:
I owe money to Smile
and
I owe money to Barclaycard
Does anyone have any experience of this? Will co-op definitely not give me an account as that would be the best option (online banking and local branch)? If I went into branch to apply on the day of the BR would they be able to tell me there and then "no" or could they potentially accept then find it closed shortly after?
As another option could I contact my current bank (Metrobank with no debts/overdraft) on the day and ask whether they intend to close it? Would/could they answer that soon?
Failing that, will Barclays offer me an account even with Barclaycard debt as it seems from some posts that they might do?
Otherwise I guess the only option is one of those pay-monthly "guaranteed" accounts? :-( As if there isn't enough stress/stigma from having to go through this!?!
Thank you,
FandF - Hi FandF, as I have said on the 'other' thread you can open a Barclay's Basic account after you have gone BR as Coop will not let you open a cashminder account.
Best wishes
If...x - Thankyou! I have opened a bank acc with co-op informing them of my imminent bankrupcy. Every thing went well. Deep breath before it begins.......
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