Help can't think straight - basic bank acccount is going to be closed

[socrapwithmoney]

Name change as I so embarassed.

I have received a letter today saying that my basic bank account is going to be closed. I have been minimally overdrawn on four occasions and have always made a transfer to remedy it. But these are their stringent ts and cs.

I am not making excuses are there are none but I am single parent with a busy and demanding job and hardly get a moment to myself.

I have spoken to them and got very upset and tearful. They might reconsider but it means suspending all s/os and dds for 3 months. I think I could retain my debit card but don't know how I would be able to pay my rent, and the various s/os I have. Not because I don't have the money but wouldn't have the mechanism to pay.

Plus this all means more admin which I don't really have the time to do.

The thing I am most worried about is my rent - I have a really good relationship with my landlord and don't want them to get any whiff of my problems.

I think I am going to visit a branch tomorrow (tho this means time off work) to talk to them.

Another option might be to pay the rent from a savings account and get my salary paid to that account. Maybe then I could tfer some money from that to the basic account

But then how could I pay all additional s'os and dds.

Is there any level headed mnetter out there who could advise.

Help!!!!

It's easy to transfer to another bank, you fill in a form and they do everything for you. There are strict time thingies to make sure things happen quickly. I would also report your current bank to the FSA as this is out of order. The new bank will transfer all of the standing orders and direct debits to their bank, all you do is give them the details of whom you are paying and what's coming in. It is very easy.

Why do they want to close it? I think you need to establish that and prove to them that you can address whatever the issue is.

Your rent and utilities are your first priority. Can you afford your outgoings? Do you know exactly how much you have coming in and going out? If not, sit down and work it out. Is your salary paid direct to your bank account? If so I can't see why the bank would close it. Why do they want to suspend all dds and sos? There's nothing in it for them. And you need those facilities to make payment so I wouldn't accept those terms.

I have a basic bank account with a 'caring sharing' bank. Apparently these are their terms and conditions.

Don't think any other bank would take me!

I earn a really good salary but have high outgoings. The amount I went overdrawn was miminal but still it is not acceptable to them. And each time I transferred money from my savings account.

I think they are within their rights but think it stinks!!

Try Natwest.

When they say they are going to close it do they mean completely or do they mean change it to a type of current account that would allow small overdrafts. Could you ask them to do this? If you earn a decent salary they are unlikely to want to lose your custom.

Not sure - I used to be with them before.

I think I have backed myself into a corner with no easy way out.

I think I will have to accept their offer of running the account for three months without any s/os or dds and have my salary paid to my saving account for that period so I can still pay my rent by standing order from there.

And t/fer money from my savings account to the basic account during that period.

I feel the 'punishment' is completeey out of proprotion to the crime and will just give me more headaches and stress than I already have.

Can' t believe my life has turned out like this. Even when I was a mature student things weren't this bad

Threaten to report them to the FSA and put in an official complaint. I would look for another bank, I don't think Lloyds TSB do credit checks.

Saggars

No I asked them this and because I have a bad credit history (mainly due to sep and div) they won't do that.

Message withdrawn

Could you see if they'll take back your debit card and cheque book on the account and issue a cash card on the basis that all DD's and SO's are left and your salary continues to go into the account?

It'll mean operating with cash for a while but its a great way to keep on top of your spending. You could agree a 6 month review for reissuing the debit card/ cheque book. It would take the pressure of having to immediately find another bank.

There are some good online ones that way you can keep track day and night.

Yes vacantly pretty it is!

Jura I have to ask them tomorrow that if I am allowed the respite with the even more draconian terms whether I am allowed to still do funds transfers. They also said something about paying each cx so and dd with the card.

That might work but would take me ages to do each month.

It is my own fault really. But I don't really have much spare time to pay attention to it and sometimes the dds come out on different dates etc.

I will see what they have to say tomorrow.

Don't think I will shop there anymore anyway!!!

jura: The FSA ombudsman would look at the terms and conditions and decide whether she has been treated fairly by her bank. It should be looked at because it appears unfair.

Message withdrawn

I really can't face that I just about cope with job, housework and two demanding DCs - I really should be trying to claim back unfair charges from Natwest and also an enormous front loaded ppp from Picture which they retained when we sold the marital home despite the loan only being up and running for about a year (talking thousands here) ( in the quite recent past but still galling nontheless).

But I haven't got the time or energy. It's all very well me being scatty and disorganised but it has cost me big time financially.

Before I was married and worked ft or was a mature student my problems were pretty straightforward and I managed quite well with money.

Am sure if anyone was examing my subconscious there would be some explanation for it all!!

Just tried Nat West online app - was refused.

Ho hum

not read all the posts so aplogies if this has been done but have you looked at the post office account?

Are you sure it was the basic account with Natwest you applied for? I'm sure you can only do that in the branch.

It's really odd but the exact same thing happened to me today. I went overdrawn once which was my fault as I didn't cancel a dd in time, but I put the money in to cover it the same day. The second time frigging Bt took a dd out without telling me, so they are now going to close it. 2 pigging times, well they can bugger off anyway. Luckily I have an old student account with barclays that I can use, but would be buggered otherwise.

If all else fails could you not get a post office account? I'm pretty sure they have dd/so. It's such a frigging pain though to have switch dd's over and everything.

Yes it was a Nat West STEP account online.

I will go and see co-op tomorrow and if I can agree something with them to save the bank account.

I had a quck look at Post Office but it seemed that they offer an account which is only for benefit, tax credits and this will not accept wages.

Think I might get maintenance paid into saving account anyway, And Child Benefit already does go there.

What a day - had blood tests this morning (routine) they took about 5 phials though, heard some other quite bad /and serious news which directly affects someone I am very close to (and by default me) and now this!!

There does seem to be something a bit odd about this. I am horrible with money (mainly due to years of freelance work for people who never pay on time) and am always having problems with bounced standing orders and incurring charges. I have claimed charges back off Natwest once already but still have problems - yet they still keep me.

Sorry. Mmz, might be some confusion here - I have a basic bank account with the Co-op and their terms and conditions are very draconian. No overdraft allowed. If you breach that more than a certain amount of times then you are out

However each time I have breached (only four times in two years) it has been minimal (nothing more than 50) and actually the account does not go overdrawn cos they simply don't pay the standing orders/dds. And I have always had money in transit to remedy - it's just that our peculiar financial system means it takes four working days for a bank transfer to take place!

I think my brain is wired so differently to these pendantic, petty minded types and institutions.

Part of my role is actually interpreting regulations but I do use common sense when I apply mine!

Well an update went to the local branch who couldn't really help although were very nice. As they had wiped all details of all standing orders and direct debits he kindly gave the me the details of one.

They will let me operate it for three months on a no so and dd basis but I could still use direct debit card and make funds transfers. So could pay my rent this way.

Then if I am good after three months can reinstate direct debits and sos.

So a semi result.

I had pondered paying my salary into my savings account but I think on balance will leave it and see how this temporary system works.

I will also look into opening a basic account with the building society I have two savings accounts with they seemed encouraging when I went into branch (yuk)

Feeling alot more clear headed and lucid now. However when I got back to the office realised my mobile phone had been barred. Have now paid that and the bar has been removed.

Reckon I could have a full time job dealing with my finances!!