the Yorkshire bank do a basic account and are iva friendly.trouble is you have to have a branch near you as you have to go in and open it.great online banking as well.so if you have one near you use them.if its a distance away you will only have to visit branch once then do the rest by internet.
cc received 6th January 2014 now upwards and onwards
I was a co-op customer for 17years but they had to be included in my IVA so I have a new account now with Santander.
This morning I received a letter from Co-op asking me to make other arrangements for my banking facilities as the Co-operative doesnt operate accounts under such circumstances.
I had a 'normal' account with them, not the cashminder one so I wonder if those are still ok?
I just hope my basic account with Santander and the Nationwide will be ok and no more bank follow suit.
I have just spoken to the Co op bank explaining the concern of customers posting on the IVA Forum, of which they are aware. After speaking to the money management team, I was assured that the changes refer to current account holders only and those customers in IVA's with Cashminder accounts are not affected. After all, they said the Cashminder is designed specifically for customers in that situation. I suggested that perhaps they clarify the situation on their online banking website, as there are a number of very concerned people about to change their bank accounts ! Hope this reassures some of you
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
I agree with Essexlady as that's the information I also got from them and I quoted to them the text from this forum over to a guy on the phone earlier today. It's a very good idea Essexlady what you put to them about putting a message on their website. I use online banking daily so hopefully they will post something soon before people start changing their accounts!!!!
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.
Having had the chance to go through both T&C's in detail, there is no mention about IVA or bankruptcy in the text for a Cashminder so it is only for current accounts it would seem. I don't think it helped that they sent a generic cover letter regardless of what account you have but the two sets of T&C's are different depending on which account you have.
It looks like as long as you have the cashminder account you are ok.
If you still have the current account then that is when they may close. I opened a cashminder even though I owed them money so not sure they are that strict on that particular account!
Last edited by Ftreal on Thu Jul 11, 2013 7:00 pm, edited 1 time in total.
Wisdom comes from experience. Experience is often a result of lack of wisdom.
Perhaps the Co-op will continue to allow Cashminder accounts for all people seeking to enter into IVAs, but I have to say - and have been saying so for some time - that I think the days of free banking on personal current accounts are limited.
The paid-for accounts, such as the ClearCash offering, may levy a charge, but they have many benefits - the most important one being that credit checks are not a pre-requisite to having a facility. Thanks to Sam Mond for providing an independent and unbiased view of where things currently stand today.
Oh b*****, I opened a current account prior to my IVA. I did ask the customer service lady in branch for a basic account, but didn't explain I was going into an IVA. Everything went ok and I have had no problems, except one month early on where a direct debit went out before I was paid.
Suppose I should ring them up and explain and ask for the account to be changed to a Cashminder account?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ftreal
Having had the chance to go through both T&C's in detail, there is no mention about IVA or bankruptcy in the text for a Cashminder so it is only for current accounts it would seem. I don't think it helped that they sent a generic cover letter regardless of what account you have but the two sets of T&C's are different depending on which account you have.
It looks like as long as you have the cashminder account you are ok.
If you still have the current account then that is when they may close. I opened a cashminder even though I owed them money so not sure they are that strict on that particular account!
Well spotted.
As you say, the letter includes all accounts in its title, but the leflet you get as a cashminder customer is aparently different to that received for all other accounts, and importantly lacks clause 1.7.
Looks like it's only non-cashminder customers (like me) that need be concerned.
Personally, I am going to sit tight and see what happens.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
Louise, I did it online. I had a full Flexaccount from before my BR and I first upgraded it to a FlexDirect account and then a FlexPlus account shortly afterwards.
Strangely enough they wouldn't allow me to upgrade my basic Cash Plus account so I ended up closing it! I didn't ask them why though.
Thanks, I have the normal flex account but want to upgrade to the paid account, my defaults have dropped off but waiting for cc so iva still on there. Didnt want an automatic no because the computer says so.
