Bank Account Articles

Being refused for a Bank Account does not have to mean the end of the world.

There has been a large increase in the number of declined bank account applications from the main high street banks due to the fact that more individuals have suffered from some form of adverse credit or a poor credit rating.

As part of their opening process, every high street bank like Barclays Bank, Nat West Bank, RBS Bank, Santander Bank and Lloyds Bank will look in to the financial activity of every new bank account application to see if that person is credit worthy and has not had any serious credit problems in the past.

This simple action is a credit check which can reveal exactly what credit that person has and will disclose how that debt has been managed, so if every payment has been made as agreed, then that person will be regarded as a good risk, however if they consistently miss payments and fail to repay their debts, they will be considered as a bad risk or have a poor credit rating, which the high street banks will want to avoid.

So if you have missed any payments or have struggled to repay any credit agreement you have, you may wells struggle to open a high street bank with all the functionality you need in the modern world.

Regular bank accounts all come with Internet banking, a debit card, direct debits & standing orders, branch facilities and regular bank statements. There are some basic bank accounts which offer simple pay-in and withdraw facilities, however they will not give you a debit card or all the other facilities required, meaning it will be very difficult to run your finances on a day to day basis.

There are now some alternative bank accounts available allowing you to run your finances and whilst these are fee paying bank accounts, they will offer far more features and benefits that a basic bank account offered by a high street provider.

What makes these new type of bank accounts so different and worth having?

Firstly there are no late payment penalties or missed payment fees, meaning if you do miss a payment you will not be charged for it unlike some of the high street banks, so that could be an immediate saving for those who consistently go overdrawn on a regular basis. Also you could receive a Debit Card which will allow you to pay for things on line or in store but most importantly of all, many of today’s employers will only pay via Internet payments, so you have to have a bank account in order for your wages or salary to get paid, so those with no bank account could flag up with their employers that they have or have had, some form of past or present credit problems.

Having a bank account is an essential part of modern life and thankfully now, even if you have been refused a bank account or declined for a new bank account from a High Street bank, help is at hand.

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