Going back to a basic bank account

price · Apprentice Joined: 02 May 2004 Posts: 10

As a teenager, my son had an account with student overdraft at Barclays. That account was closed 10 years ago when he ran up an overdraft of 500 pounds (which was never paid). Some of my friends heard that there are ways for him to get a current bank account. Of course, he must go back to a basic bank account. I get the list with the names of various banking institutions, which would open restricted current accounts for users with poor credit ratings. However, when we try to approach them they did not want to help us. My son has a Post Office Savings Account through which he can process his salary but this takes a long time. This causes cash-flow problems, and, in addition, it has no sort code. Can anybody advise me what to do?

edouard · Apprentice Joined: 21 Sep 2005 Posts: 4

A massive number of banks theoretically allow bank accounts to be opened by those who have poor credit histories. Ones say that this is because of the government intervention. Others say that this because the fees in that case is enormously bigger. Anyway, it is a welcome move for many debtors to join the real world, whether we believe this to be a push from the government or, the banks formatting a strategy to earn high charges. The holders of this restricted accounts will be given cash cards, phone banking and direct debit facilities. However, the banks are withholding a chequebook and overdraft facilities. That will not be aloud to the holders of the account until they can upgrade to a full current account. The major banks involved in this initiative are Nat West, Lloyds TSB and HSBC. I hope you will find this information helpful.

Going back to a basic bank account

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