Reply : 02 June 2009

Basically the below which I found I think states why lessthanperfect.co.uk can open up accounts..lets say you ask for a Personal they probably open it up as a business account anyway...earlier I read how someone had an account from less thanperfect.co.uk and suddenly it got closed without an explanation (to that person I would suggest check your credit file though they state they do not look at this) but the above would tell me why this happened because the bank put it down to "misuse" now I know some people are saying they have had a good experience with them but you may just work for think money and I do have bad credit but I think I will just try Yorkshire, Natwest etc rather than having to pay £12.50 a month effectively if you pay that you may as well get a Maestro top up card instead and they will charge roughly 3% of what you load on so you know how the saying goes..."If it sounds too good too be true, it usually is"!

Please take care: using a personal account for business funds is unlawful. You are also very likely to be in breach of your account terms and conditions and your bank can and will close your account immediately when they find out.

What's more, if you are found to be doing this, the bank will classify it as "misuse" which could also get you a CIFAS fraud warning on your credit file. This will make is virtually impossible for you to get any business or personal credit or accounts for at least one year (see www.cifas.org.uk).

On the matter of account names, Limited Company accounts (as well as Limited Liability Partnerships) MUST have an account in their own name. For sole traders and regular partnerships, the account will be named "Fred Blokes t/a ABC Plumbers" or whatever the case may be (apologies to anyone called Fred Blokes or anyone who works for ABC Plumbers - they're just random names).

Hi Jalexa,

I did once have a basic account which had a Visa Electron and nothing but problems with it - low acceptance - it isnt widely accepted as with MasterCard for example.

We will start paying for basic accounts, and i do agree, the fee will differ as per the "value" you are given. Most countries do charge for bank accounts. As for ATM's,

For me personally there is no point me having a basic account (a lot of the time you dont get a card) and you are still at risk from incurring penalty fees and overdraft charges - not for me thanks!

I can see where you are coming from and appreiacte it but soon, free banking will be a thing of the past!

MarcusG:

it is only a matter of time until we have to start paying for basic bank accounts -

Well that's possible but it hasn't happened yet. When/if it happens charges are likely to be much more based on the cost of providing the underlying "service" being charged for. Since basic bank accounts only provide a basic range of services scope for charging is much more limited.

It's still wothwhile having a basic bank account, either in its own right or as a backup account with another bank.

And for the moment withdrawals are free, not £0.50 (or £2.50). And some provide a Visa Electron card which gives cheaper online booking. Get one while you can.

it is only a matter of time until we have to start paying for basic bank accounts - did anyone see the front page of the Daily express yesterday? - ATM fees of £2.50!

Im glad that I utilise the prepaid cards that are available - I use ATM's a lot and use a provider that has one of the lowest fees for ATM's (£0.50)

gone are the days of free banking - it is only a matter of time till we all have to pay for a banking facility!

The basic bank account is changing, I believe, and pure cash cards are being replaced with debit cards. You should try Lloyds bank classic account. Costs nothing and you get a visa debit card. Obviously there are charges if a debit is refused or whatever, but you expect that anyway.

I posted earlier about Think banking, but since then I have had serious problems with them and now changed to Lloyds.

Hi,

I was told abot Think Banking by a debt management company. I signed up and was paying £12.50 month. I didn't have any problems with them, but to have £12.50 taking out of your account every month does take an effect on your money. You shouldn't have to pay for a bacnk account.

Hi,

I have that same problem, I am with Nationwide, earning a monthly salary. I am only allowed a cash card which does not allow me to use in shops or online. I am in mess but im trying to clear as quick as I can.

I have been with Think Banking for about five months. I was totally sick of every penny going in bank charges to Alliance and Leicester. If a debit was a few pence over what I had, they charged me £25 to pay it, or £25 to send it back. Then when that leaves me overdrawn, they charge me five per day for every day I am overdrawn. Crunch came when my card details were stolen. I asked them to cancel a cheque which I had already written out. This cost me a further £10. Then they let the cheque go through and charged me another £25 to do so. Then they wanted to charge £5 per day for all this overdraft that was their fault. Still waiting for the fraud form to claim my stolen money, and this was on 1st May. They are also extremely rude.

Think Banking charge £12.50 per month, keep back enough to cover my debits on a weekly basis as I am paid weekly, and transfer the rest into my card account. I am delighted to be able to speak to someone English and polite. I had a bit of a ruck with one of their money managers last week as I was short, because my salary fluctuates, and did not have enough on my card account for food. I asked for £50 from salary account, which could be replaced next week. Wasn't pleased that they argued about it, till I got very rude. I was assured this would not happen, but I still think I am better off. Hopeless at managing money, if not enough for a debit, no charge. And a debit card. Definitely worth thinking about.

Just wanted to share my experiences of 'Thinkbanking' if it helps. I was declared bankrupt some years ago, I opened an account at the Alliance and Leicester the day I was declared bankrupt, I was honest, the woman had to make a phone call, but they gave me a very basic account, I could have my wages paid in but because they use a roll number instead of an account number this invariably fails at the first attempt, the account had an ATM card and that was it, no DDs or internet or anything.

After I was discharged from bankruptcy I was anxious to get a more useful account and I searched around the internet, originally with the intention of using a service similar to the one that has been so heavily criticized (and praised), this was when I stumbled upon Thinkbanking, a gave them a call and they opened the account over the phone, I had the sort code and account number there and then which was useful as I had just started a new job and was anxious not to have to wait while the Alliance and Leicester unravelled another first wage payment.

Now its true there are cheaper ways of getting an account, but with no credit check I thought it was worth the £25(I think) set up. Its also been mentioned that 'you dont manage your own money' this is also true. Now I know its not the case for everyone but if you are reading this thread there is a pretty good chance you are rubbish at managing your money, I know I am, and in this respect this account has been a life changer for me. You know that feeling when you get to the cashpoint, gonna do a bit of shopping, maybe have a good night out, uh oh! wheres all my money gone?!, Oh rats I forgot that hadnt gone out yet, well you can say goodbye to that sinking feeling, because with this account it will never happen. Actually they give you 2 accounts, your wages go into Account A and all your standing orders are paid from this account too, so on payday they stick anything you dont need to pay standing orders into account B which you can access with the maestro card or over the internet, then they pay your standing orders as they come up and you never mess up. Okay they charge £12 a month for this, so it might not be for everyone, but for me it has really helped me get on track, and that works out less than than say 5 failed standing orders in a year, which I would be bound to have in regular account.

Other things I should mention... the money in both accounts is yours to do what you want with, when I was laid off last year I called 'Think' and cancelled all non essential Standing Orders and moved the balance they had ready to pay them over to my card account, they warned me to contact the comapanies concerned, but they still transferred the money straight away. They have a balance and last 5 transactions by text service which I use all the time, the staff are really amiable and friendly, although there is invariably a bit of a wait to get through.

Some people can fix cars, I cant, I have to pay someone to do it for me, some people can manage their money, I can't, I have to pay someone to do that too, for me they are worth every penny.

P.S. I have had my account for nearly 3 years now

Hey, never used one of these forums before but have been reading this one in particular with great interest. Especially with all this back and forth chatter regarding upfornt £99 fees for bank account services.

Not sure if this helps but i have a dismal credit rating so have just applied with a web site call Think Money. They offer a type of current account service with a maestro debit card and what they call a personal account manager. I can have unlimited direct debits and do not get charged for any that fail. They have today sent me out the ''Welcome Pack'' which will apparantley be pre filled in and all i need do is sign and send back with the relavent ID. However they wont take passport for some reason. Has to be 2 forms of address. thet suggested i ask for a computerised P2 tax form from my local tax office and send a recent utility bill. They will then send me out my debit card and pin. My accoubt is active straight away but can only use over the counter services at Royal bank of scotland once a week until all comes through. I have to phone and give an hours notice then go to my local ranch. I'm going to be charged a one off £25 activation fee the £12.50 a month from then on. They say they will even issue personal cheques and send them direct to whoever needs paying but only if funds are in my account.It all seems pretty reasonable to me especially as i can incur no failed DD charges or get in debt or go overdrawn. They are owned and run by RBOS as far as i am aware.

I hope this helps.

P.S. i also have an account with a visa debit from Lloyds TSB wich can be used online etc but can only withdraw cash from Lloyds cash points wich is rather annoying. All i did was go into my local branch and be very open and honest with my situation. The decision reffered but was overridden by the bank manger due to my honesty. This is what i was told anyway. This whole service was obviously free of charge with no set up fee or monthly charge. However a freind of mine in a simialar position tried prior to me and was turned down but defo worth a shot i think.

GOOD LUCK

Benno07

One of the companies doing this is Think Banking but there are others. However, contrary to what you may think from their site, they are NOT part of any bank. They are an independent company and they just put all your money into an account with everyone elses (which is held at a bank, but the bank named does not control that account).

I'm not suggesting that there's anything dodgy about them. It is an expensive way of getting an account - you don't even manage your own money and you only get a prepaid card loaded with money each month. There are better ways of getting an account in your own name without credit scoring.

kahuna555:

Hi,

Ive had problems getting an account and wish to know the name of the company which you pay £25 first payment then £12.50 a month thereafter

I cannot find the name anywhere cheers

Before you pay for a service that you might be able to get for free, why don't you try Halifax or The bank of Scotland, or even The Yorkshire Bank?

They are quite good in offering accounts to people with bad credit.

Hi,

Ive had problems getting an account and wish to know the name of the company which you pay £25 first payment then £12.50 a month thereafter

I cannot find the name anywhere cheers

hi i've just rung yorkshire bank. They were very helpful. I have really bad credit couldn't get a bank account just to pay for things over the phone direct debits etc. Yorkshire bank just offered me a current account with all facilities apart from overdraft. No credit checks required so it's guaranteed. If youre in this situation ring Yorkshire Bank.

i tried alliance and leicester yesterday and was turned down in less than 30 seconds flat