Refused Co-op Cash Minder Account

[Lapdog]

Looks like we can now add the Co-op Cashminder account to the list that doesn't accept people in an IVA.

Received a letter yesterday declining my account application ( it took them 18 days to come to that conclusion )for a basic cashminder account. They are not 1 of my creditors and neither is anyone associated with them so i can only assume that this is now a policy decision.

Given that the Nationwide Flex-account no longer accepts new applications from those in an IVA am i really left with no option but to turn to the £12.50 a month charge for Think-Banking ?.

I spoke to my IP last week and they said that Government legislation states that banks are obliged by law to offer a basic banking service. Is this true and if so why aren't they doing so?

Very confused and getting pretty desperate as i have no bank account for my wages to go into and therefore cannot set up a direct debit for payments to my IP.

[MelanieGiles]

I can't see any law that insists that banks offer customers basic banking. Banks are commercial beings and will make their own decisions as to whether a customer is right for them, but to be frank I think it is madness that they will not allow insolvent customers basic facilities.

There is an opportunity for one of them here if they would only see some commercial sense!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To appoint me as your IP visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva experts]

Hi Lapdog,

Thanks for sharing your experience, sorry to here that you are having trouble getting a basic bank account.

Its sad to think that banks don't want customers that arn't going to make them money through credit facilities.

You could try Lloyds, Halifax or Abbey as long as they are not your creditors.

Best Regards. IVA Experts

[scaredkez]

lapdog, although i like think banking and it does manage your money in 2 accounts, they have now added an additional fee if you require more than one card on your account, as ours is joint we obviously need 2 cards, so for that privilege they are going to charge an extra £5 per month, bringing it up to £17.50, just thought i would warn you before you apply, they do guarantee you an account regardless of your situation.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Skippy]

I haven't heard anything about the Co-op changing their policy regarding accounts for people who are insolvent, but I really hope they haven't. That will mean that Think Banking will be able to charge whatever they like as they will be the only ones offering an account. That wouldn't be a healthy situation, as the people who want the accounts are the ones who can't afford the fees!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lily]

Thats strange, the Co-op are one of the three banks to accept undischanged bankruptcies. I have heard that if you make the application online it can be refused as it just goes through credit scoring but if you apply in person you should have no problem. I just walked into the branch and they were fantastic and I am really pleased with the account.

Good luck with this

lily

[Skippy]

I opened mine in the branch as well. You can also open one over the phone but I couldn't do that as they wanted ID and I didn't have anything I could actually send in the post.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Lapdog]

I opened mine in the branch. They took my passport as ID and photocopied it. They had a quick look at my application form to ensure all looked OK. They asked me about previous bank account and i advised them i was in an IVA. This didn't seem to be a problem at the time. They then said they would send it off and it should take a week to 10 days to sort.

18 days later i'm declined.

[james.c]

Try Abbey they gave me a basic account straight away as they dont do a credit check. I get a cash card which I can draw up to £300 out a day (can never seeing that happen though for next 4 years). Set up direct debits and standing orders. They dont charge you a monthly fee. The only thing you cant do is take money out over the counter, which is frustrating when I have £9.50 in the back, £5.00 at home and dont get paid for another week.

no matter how bad money gets, theirs stll alot more important things in life

[Lisa2009]

I believe also halifax and nat west do very basic bank accounts

[pixie]

Halifax should be ok, I asked instore prior to iva but had to post the application. It took longer to set up than barclays so I havn't actually used it! It comes with internet banking and a debit card. The application form says there's no credit check from memory.

[Sarah Price]

I opened an Abby account with no problems and have recently upgraded the basic account to one with electron card

[ray_a]

Hi

I am surprised but I do think you should go and see them at a branch.

Perhaps give them a call. It could be that you may have made an error in your application ie have your expenses gone over what you earn.

I believe that sometimes causes a problem!

Keep us updated and Good Luck

[BECKY]

i managed to get a barclays basic account can set up so's and dd's and cash card , and they were one of my creditors!!!

[sonyse2t5]

Mine co-op account was declined too a few days ago. They said it is not the Banks policy to refuse IVA accounts.

I have written to the Customer service in LANCS to ask for why?