Bank Account Articles

Basic Bank Accounts for Bankrupts.

Basic Bank Accounts for Bankrupts

When someone is forced into becoming bankrupt, their whole lives seems to fall apart and even more so regarding their finances as what was once easily and readily available, like finance or financial products, is now no longer that accessible to you.

This could be even more of a problem should you need to open a new bank account as once your credit file flags up you have gone into bankruptcy then very few financial institutions will be willing to consider any application from you, especially if it is for a loan or new account.

So what are your options for a basic bank account?

Some high street banks may offer some very basic accounts however they very rarely advertise these accounts (simply as they don’t want those with bad credit or bankrupts as customers) and even if you did get one, they are so basic that they are almost unusable, as you can only often only pay money in and withdraw money out from your local branch, rendering the account almost useless.

There is a new type of basic account currently available which not only offers things such as standing orders and direct debits, but also a debit card and Internet Banking, both essential in the modern world.
The debit card will almost certainly be backed by one of the main two providers, meaning you can use it all around the world, to spend in shops and online as you wish, plus you can withdraw cash from almost all the main ATMs in the United Kingdom as well as abroad.

With these accounts you can also have money paid directly into your new account, so any wages or salaries can be paid directly into your account with out the need to go to your branch.

By being able to set-up standing orders and in some cases direct debits, you can use this account almost like any other of the main high street accounts, so even though you may have been refused or even declined for a high street account, you will almost certainly be able to apply for one of these accounts as they will only need to identify you in order to process your application.

As there are no credit checks, even those who are bankrupt or been through bankruptcy can apply and be very confident that they can open one of these new accounts, the only stipulation is that any applicant must be identified.

The reason why there are no credit checks with these accounts is that there will be no credit available, so if you have a standing order or direct debit due to be paid and there are insufficient funds available, then they will simply not be paid whereas with a high street account they often pay them regardless of whether funds are available or not, then charge you for going overdrawn – this will NEVER happen with these accounts.

So opening a basic bank account for bankrupts can be available, especially if you choose one these new types of accounts.

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