Bank Account Articles

Bankrupt Bank Accounts, Can I get an Account even though I’m Bankrupt?

When someone becomes bankrupt, their whole world seems to fall apart and especially their finances, however just because you are bankrupt does not mean you cannot open a new bank account with all the features and benefits of a regular high street bank account.

When you apply for a high street bank account the bank in question will always perform a credit check on you, in order to see if you are credit worthy and if you will be a good risk for them, as they only really like to have good credit customers as their bank account holders.

If you are in the unfortunate position whereby you have either been bankrupt or indeed have just gone through the process of bankruptcy, then your bank account application will almost certainly be declined.

It is also worth noting that all the major high street banks and other financial institutions do actually communicate with each other, meaning that if you get refused form one high street bank for being bankrupt, then you will also be declined from the other high street banks, especially as they all use the same credit reference agencies.

There are one or two options available where you can have a very basic bank account however they generally only allow you the facility to pay cash or cheques in and take cash out – with no Internet facility, no debit card, no direct debits or standing orders or any other modern day essential banking facility.

So how can you open Bankrupt Bank Accounts?

Now there are a variety of new bank accounts available, generally described as basic bank accounts, no credit check bank accounts and even guaranteed bank accounts, however they all generally offer the same type of basic bank account but without the need for a credit check, so any past financial problems you may have had will not even be considered as part of your new bank account opening process.

The new type of bank accounts also comes with a debit card, meaning you can have instant access to any credit balance within your bank account allowing you to spend money online or in-store, which ever you desire. Internet access is also generally available as is the setting up of Direct Debits and Standing Orders, all of which make your banking life much easier ensuring you don’t miss any essential payments.

These bank accounts do generally come with a monthly fee however the relatively small amount of money that they cost ensures you no longer will get any unnecessary bank charges for missing any payments or going overdrawn, as these bank accounts do not offer any credit facilities, so if there is not enough money in your bank account, then the payment will not be paid and more importantly, you will not be charged for it.

There are some real benefits to be gained form having a bankrupt bank account and now, even if you are bankrupt, you can still enjoy those like everyone else.

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