Current accounts (forum)
Last post Tue, Nov 11 2014, 2:02 PM by Steven Hewitt. 139 replies.
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Thu, Nov 06 2014, 4:50 PM
Joined on Wed, Jun 10 2009
Level 3: Cool Customer
Please dont shoot me for getting involved here.
There is a rightful place for these accounts and I am a supporter of them. Not everyone can get a bank account and if you are someone that has unfortunately been a voctim of overdraft charges, bounces dd's etc then you shouldnt be going to the high street.
Basic bank accounts dont advertise the fact you can become overdrawn, and the charges are high - more than £14 per month. In addition to this, if you bounce a direct debit, the fees as someone has mentioned are astronomical.
As you rightly point out, it was only you and the advisor on the phone so we cant judge however being with them for 3 years does say something. regarding being mis-sold im sure you must have accepted their terms and conditions?
as mentioned, I have a similar account as this Think Bank and yes im paying slightly less (£9.95) however if offers things that a basic "free" bank account doesnt offer!
im sure Think must have been good for you to be loyal for 3 years? Ive been with ClearCash for over 2 years and think the world of them although it wont suit everyone.
individuals circumstances are different. I opted for this one because it was cheaper than Think and a few others plus had a credit building facility - again, something you cant get with a bank, nor would it charge through the roof for bounced dd's.
I hope you get sorted - maybe it is time for a new provider but surely 3 years means that you were content for part of it??
Thu, Nov 06 2014, 11:03 AM
Joined on Sat, Nov 05 2011
Level 2: Just Browsing
It's £14.50 a month and it's not for nothing. A normal bank charges you for bounced direct debits, Natwest charges £6 for every single day you are over the limit, so say it's a week before your next income.. that's £42 in charges that you have to clear before being able to spend your money. If you are not getting any money until 3 weeks, that's £126 of charges. You only have to be pence overdrawn too, unless you have the buffer active (which is about £5 I think) I ended up having to take out a payment rearrangement plan because I had 4 bounced direct debits and was overdrawn and I ended up paying them over £400 in fees.
I would rather pay £14.50 a month to know that my direct debits are going to be paid, and that if I make a mistake and one doesn't get paid (because I've "borrowed" from my salary account, or because I set up a direct debit and forgot to ask them to budget for it - both my fault) then I'm not going to get charged stupid money for the bounced direct debit. (with Natwest a direct debit for £3.50 to a charity was bounced and I paid £18 charge for it bouncing!)
They don't tell you you cannot get a bank elsewhere, they wouldn't do that because it's not true. For example Natwest Solo account is for people who don't want to be credit checked yet you still get a debit card etc, you just can never have overdraft or loans etc (which if you are in that much poop that you can't be credit checked, you shouldn't be having anyway) However, I would prefer Think Banking every day.
The only downside to Think Banking is the fact that although they are taking your money every month (justified) they also use a phone number that costs a fortune to phone them, and the holding times are often over 15 minutes. From Sky that's 14.5p a minute with a minimum connection of 27p or something like that. My last call with them was 30 minutes which cost my other half £4.62 that's 31.86% of my management fee!
Thu, Oct 16 2014, 11:33 AM
Joined on Thu, Oct 16 2014
Level 1: Newbie
I have been a thinkmoney customer for a few months, not pleased at all with the long waiting time on the phone to speak to someone, since being a customer the shortest time I have spent listening to the music whilst waiting to speak to an adviser is 15minutes. it is really frustrating.
Yesterday I had an emergency and had £1000 transferred to my thinkmoney account, I got on the phone and was advised the funds would be in my account @ 17.15, at 17.15 I realised my card and account was blocked, i had to endure another 25 minutes music to be able to speak to customer service, they gave no reason for why my account was blocked and asked for documentation. That action cost me £2800 of my own money yesterday, I advised the lady i spoke to it was an emergency initially and dint know why they dint contact me for documentation. I am really not happy and feeling really depressed. I have been left out of pocket with no money as my account is still blocked. needless to say I have spent an hour on the phone this morning to thinkmoney and my account is still blocked and i have had no communication from them.
I will be speaking to my solicitor and the financial ombudsman service as I dont believe I've been treated fairly and its cost me financial loss, inconvenience and discomfort.
I regret being with thinkmoney.
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