OMG!
I hope the wife doesn't find out!
She failed to qualify for a bank account all her married life.............................by me!
She's useless with money and just wastes it!
I give her £50 per week to just buy food and pay bills and she's always asking for more!
How can I give her more when beer prices keep rising and my horses keep getting beat?
Bad times!

This I think its very good. I have a basic account with Barclay's. Had to leave my full time job around 6 months ago to become my step sons full time carer and learning to budget again on very little income I found very difficult for the first couple of months. The constant cycle of charges applied to accounts for a missed DD taking you overdrawn meaning you then have less cash to pay for that DD the following month resulting sometimes in a further missed payment and charge can be very frustrating. Although credit interest is not good and you don't enjoy the perks of a full account these accounts are perfect for people that have been unable to budget previously. Not sure why people are voting cold but this is hot. I know Barclay's wrote me a letter about this a couple of months back saying that this has started. Well done to the banks for making those people who may struggle with money have a better chance of budgeting correctly.

​well not everyone will get accepted for an account like that will they?! making these good alternates!

Can current account holders 'downgrade' to a fee free account?

I might be partial to a bit of fee-free pie :man:

​

Ok well Lloyds will only be offering it customers who aren't eligible for the full service. Can't speak for other banks

No. Taken from the government website:

"Making sure that everyone in Britain has access to basic banking and financial services is at the heart of our long term plan.

"That’s why I’m delighted that for the first time, truly fee-free basic bank accounts will be available to anyone who doesn’t already have an account, or isn’t able to use their existing account due to financial difficulty.

"This is a key step forward in ensuring that our banking industry works for everyone."

Advisors will perform an electronic check with the details the customer will provide to whether they're eligible for a fee-free account(basically people who have been in financial difficulty in the past, or bad credit etc) if you've got good credit history you will get their normal current account not the fee free one. It's a government thing to help people that struggle with finance.

10111010101011 must be binary code for clueless :man: No one deserves to be treated like that... hope you are better now Arlene :smiley:

​i was very ill and you have no right to comment that i deserved it

When opening the account an electronic check is done on the person to see whether they qualify. (basically people that have had financial difficulty in the past) not everyone can get it

No one I have told about this knows about it... it really should be bumped up to help people out!

glad u mentioned syria I have friends who are refuges from there, the did not choose to come here but here they are and the reason most of the rest want to come is not for the money but because they are treated better here than most other countries locals make friends with them, education is good, as is health care..........

hahaha. If i was to take out a loan the bank would charge me interest. I essentially loaning the bank money to use for their investments so deserve my interest.

Its not the middle ages but its also not the land of have what you want for free. The fact half of syria wants to come to the UK says it all.

r u for real? it is currently 3c outside with gusts of 40mph + and getting worse, and do you know of a nice land owner who would let u on their land for free, when you have no toilet? no cooking or washing facilities? its 2015 not the middle ages

Way to much greed in this world, why should you get any interest at all? u have done no work for the interest

Fair enough then, apologies! Just not one to give any sympathy for people that want everything handed to them and get whatever they want for free when others have to pay for the liberty. there is literally no situation in this country that should have someone struggling this much. a couple struggling to pay rent, bills etc and bouncing DD's? buy a £20 tent and some sleeping bags and find a field for a month or two.

I have no bounced DDs no over draft and moderate savings, I just believe that the haves should be making money from the have nots

nationwide put a ccj on my home even though i was ill and was paying them something . banks always punish the low paid

so I should feel sorry for you because Ive managed to save money and cant say a word because i will now not make as much interest because I have to pay for your bounced DD's? sounds perfect

you cannot go and request these accounts, they will be offered to people with very poor credit that fail to score for other accounts. also banks can and will move customers off these basic accounts when they score higher. these accounts will be awesome for many who lack budgeting skills.

Thanks will ask.. & just a visa debit card

Im on a basic bank account with Santander, never needed an overdraft but there has been the odd scare between payments where I've been overdrawn for a day and been in a panic about it... im wondering if my bank counts as one of these now, or do I have to re-apply? I assume my accounts basic.. it's free with no fluffy bits.. ?

This is fantastic news and will undoubtedly come as a fantastic help to many people who were under the regular cycle of unpaid charges leaving them without funds.

Speaking from experience in working for six years in a banking debt management unit, I feel I must point out that there's still a couple of events that keep catching people out.

Using your card may take 2-3 days for the money to actually debit the account. If you use your card under the "floor limit" of a retailer, the bank will never know that money is due out until the retailer asks for it. For example, many petrol pumps that allow you to pay at the pump only request £1 initially, but it gives them authorisation to take whatever you finally end up spending at the pump.

Also the bank cannot stop you from using your card while there are direct debits or standing orders due out around the same time. If you have £50 in your account and spend £40 on your weekly shopping on say, Monday, and a £50 direct debit is due out on the Tuesday, the result can likely be that the direct debit is paid on the Tuesday and the card payment will debit the account on the Wednesday. You will be forced overdrawn.

These two examples are important because a card payment simply cannot be stopped or reversed. You might not get charged for it, but the account doesn't have an overdraft so you will be unable to use your account until it is back in credit - and even then, you'll be "down" by how much overdrawn you were as the money will be taken back straight away.

The removal of charges is great, but there are still a number of people who lack basic money management skills, and a smaller percentage who simply have no regard for their financial wellbeing and actually utilise the methods above, and the bank holidays, to screw themselves and the banks over.

winner of the best response 2016 no one will beat this next year

also love the savers moneing, savers are the lucky ones, thing of those who would love to be in your position

who is Jeremy Kyle? just curious did he run one of the many banks who mismanaged money to the point that the entire worlds economy hit the skids and tax payers ie account holders had to pay and still are paying to bail them out of the mess they put us all in!

and who pays to cover the banks admin charges for this? As I bet they wont want their profits / margins to drop.....

Of course it will be the savers

Only last week came letters from Santander and Natwest about cutting savings rates AGAIN, blaming "market conditions" which is absolute rubbish as the boe rates aint changed for years, so it must be to cover the costs of other peoples bouncing DD

Don't reply to it if it can't muster up more than three words.

I get the impression that the fact these words are in any understandable order at all are merely a coincidence and not due to actual knowledge of the English language.

disprove my claims

Sorry what?

What part is rubbish? The wealth inequality campaigners? The banks not wanting to provide fee free accounts? The government negotiating this deal? That account opening and management costs banks?

What part is rubbish and provide evidence for your claim.

rubbish

also can be seen as trying thier hardest to grab as much lost money as poss
making sure everyone is on grid with every monetary transaction
keeping all your ID`s on file, your data is worth money
or maybe banks are just really kind now

Seems a bad idea to me , I understand how this will help some people, but I think a lot of people will abuse the system , open a basic account, use it for ebay & paypal fraud,mobile phone contacts,sky,internet and other services and just not bother paying the direct debit leaving the banks and companies out of pocket

Good news for some people

Well done. Your endorsement of financial mismanagement really helps to solidify the years of work I put into making sure regular people could utilise their money properly.

All banks have always offered debt counselling services. The effectiveness of them comes down to the customer's willingness to first of all contact them, and second of all listen to the advice they are given.

For those people in the Jeremy Kyle generation who want to ruin their own lives, now you can do so without a slap on the wrist from the bank. The same can't be said however for the companies you don't pay when you've got no money left in your overdraft-less bank account.

It was.

Many banks have had a free bank account with no overdraft facility for years. The difference now is that they've chosen not to charge people for returned DDs and SOs. As far as I can see, the Co-op hasn't charged a penny for that since at least July 5th this year.

Well said. Personally, I think this should have been done a long time ago.

This I think its very good. I have a basic account with Barclay's. Had to leave my full time job around 6 months ago to become my step sons full time carer and learning to budget again on very little income I found very difficult for the first couple of months. The constant cycle of charges applied to accounts for a missed DD taking you overdrawn meaning you then have less cash to pay for that DD the following month resulting sometimes in a further missed payment and charge can be very frustrating. Although credit interest is not good and you don't enjoy the perks of a full account these accounts are perfect for people that have been unable to budget previously. Not sure why people are voting cold but this is hot. I know Barclay's wrote me a letter about this a couple of months back saying that this has started. Well done to the banks for making those people who may struggle with money have a better chance of budgeting correctly.

Thanks for the info

I'll wait until it's cheaper :smiley:

Or just get a decent account like the Halifax reward account that doesn't charge for bounced direct debits, has a £50 buffer, has a contactless card so the 'buffer' can be used in supermarkets if you're in a bit of a bind, and it pays you £5 a month.

OMG!
I hope the wife doesn't find out!
She failed to qualify for a bank account all her married life.............................by me!
She's useless with money and just wastes it!
I give her £50 per week to just buy food and pay bills and she's always asking for more!
How can I give her more when beer prices keep rising and my horses keep getting beat?
Bad times!

Can current account holders 'downgrade' to a fee free account?

I might be partial to a bit of fee-free pie :man: