The Things You Don't Get With A Basic Bank Account
Basic bank accounts have become very popular over the past few years. They started out as an alternative for those whose credit ratings had been damaged and therefore meant that they couldn't get a regular current account because of their credit rating. Credit checks are required for a regular current account. It is now a popular choice among those who have good credit ratings due to the fact that there is no overdraft which means that there is no chance of being stung with overdraft charges.
A basic bank account is missing a few things that others don't have however.
Cheque books are the first thing to go. They are not used anywhere near as much as they used to be, however sometimes it is necessary to pay by post, and cheques are a perfect way of doing this. Not a massive loss as this is such a rare occasion and there is most likely some alternative! Also, you will still be able to pay in cheques if somebody sends you one.
Another big feature you don't get is an overdraft. This is why you would get a credit check on a regular current account, as this is credit that the bank lend you. If you have bad credit you wouldn't be allowed an account with an overdraft anyway so it is not a loss. If you were to repair the credit rating you would still not be able to get one with a basic account, it is simply not available.
Following on from the last point…..a big positive is that you are lacking penalty charges too! While you may find it inconvenient to be missing the credit features, is definitely a good thing that you will not be incurring any penalty charges as well. This is why people with good credit scores go for basic bank accounts, because if there is no credit you cannot go overdrawn even by accident. With a full account any payments would just go through whether or not you had the funds, leading to penalty charges. With the basic accounts any payments that you don't have the money for are declined, which means that you cannot get penalised.
Of course, for those with great credit ratings who do make sensible use of an agreed overdraft or who use cheques to pay frequently, there is no point in a basic account. But for those who would rather simply not have access to credit facilities, or for those who are unable to obtain a full current account, the basic bank account provides the necessities of day to day banking and is available to a broader range of people.
Find out more about getting a basic bank account
Tags: basic bank account, cheque books, massive loss, credit checks, Bank account, credit ratingFiled under Bad Credit by 
Comments on The Things You Don't Get With A Basic Bank Account
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"Barbados Prime Minister Owen Arthur has bank accounts and shares in public companies and private business ventures that he keeps secret from the electorate and the Legislature."
It is only slander if it is not true, folks.
If anyone here can show us where the PM has publically declared all his bank accounts, company shares and assets – we will retract our article.
Ball's in your court, Mr. Arthur!
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Shopping is detrimental to the bank account. Basic science.
I'm not sure the problem for Canada is in the post-secondary system so much as the secondary system. It is badly broken. General education is very important for society in making knowledgeable citizens (history, geopolitics, economics, personal finance, philosophy/logic/critical thinking), and these subjects are often ignored in university as well. If high school were less of a glorified babysitting service, useful citizens would be coming out of high school, only some of which would need to specialize by going on to post-seconday.
My pet peeve is lack of personal finance education just about anywhere. It's appalling when you consider how poorly managed most people's finances are.
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I just? stopped paying my credit cards. I have nothing, I'm unemployed, I don't care about my credit rating and I hate these credit card companies. It's been a year, I have no plan to ever pay them. By the way in Florida they can't garnish your wages. Bankruptcy costs money…just stop paying them and get a cell phone as your only phone and put it on silent!
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Your blog flicked into my Google Alerts. What you describe is a common scenario; we have a big problem with the banking disenfranchised in the UK.
Three thoughts for you.
1. I presume you're not on the electoral roll. This is crucial for all applications. If you send the three credit reference agencies a. Equifax, b. Experian and c. Callcredit proof of residency details and ask them to display it – it should help your credit score.
2. Once you've done this you should be eligible for a basic bank account. This is a specific product that should be asked for by name, which will at least give you access to minor banking facilities.
3. At that point get yourself a UK hideous high rate credit card – as they're easy to get – Capital one or Associates. Then spend about £50 on it a month, for a few months, always repaying in full so there's no interest. This will build your profile so when you're credit scored again you'll have details and it should help – ridiculous I know, but there we go.
4. After that all should be back to normal.
Goodluck
Martin
(there's more in my Credit Scoring article)
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College degree will be an advantage.
# Have a minimal experience and knowledge of basic bank operations.
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and have an adaptable, flexible, professional attitude
# The ability of stable communication with
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What didn't happen? I somehow got $120 in overdraft charges (which is less than I originally thought) that will not be reversed, and then a debt collector I'm paying back took $100 out. That leaves me with a total of $40. Annnnd I'm not getting scheduled anymore than 24/hrs a week which means I'm making a whole lot of nothing and I have a vacation in two weeks and I'm just kind of freaking out about money and my life sucks.
Sorry to be emo
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While you are correct in that for some people who have been out of work for a while this is an obstacle, you have missed part of the reason for the credit check. If you have access to any confidential information, financial or not (e.g. customer lists), then the company needs to know if you are at risk for selling that information. Yes, there are some jobs where you don't have access to this kind of information and therefore should not require the credit check. However, most jobs do give you access to confidential or proprietary information, and therefore would require the credit check.
As a second point, note that when the company does a credit check, they will see your credit history as well. So if you generally had good credit until you lost your last job 6 months ago, and your credit rating slowly fell since then due to poor cash flow, they will see that. Some companies will be unreasonable and not look beyond the bottom line of your credit score today. Most, however, I believe would take that into consideration as well.
LinkedIn is offering a free monthly trial of a business plus account for those with basic accounts #linkedin
Citi says it will start clearing customer checks in a way that minimizes the potential for multiple overdraft charges.
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