A Guide to BASIC BANK ACCOUNTS. South Staffordshire Council Council Offices

Transcription

1 A Guide to BASIC BANK ACCOUNTS South Staffordshire Council Council Offices

2 Wolverhampton Road Codsall South Staffordshire WV8 1PX Basic bank accounts in South Staffordshire The table below list the different banks you can find in South Staffordshire and the basic bank accounts they offer. It also lists some of the services they offer. Name of bank Abbey National Barclays Co-operative Bank Halifax HSBC Lloyds TSB NatWest The Royal Bank of Scotland Name of account The Basic Direct Debit Standing orders/ Charges for unpaid DD/SO Minimum to open an account Cheque book Cash card Debit card Overdraft Post Office Other Information Account / 30 None x x x Cash Card Account / 15 1 x x x Cash Minder / None x x x Easycash Account / 39 None x X x Basic Account / None (ac will be closed if DD or SO unpaid 3 times) None x (solo) Cash Account / 20 None x x x Step Account / 38 None x (solo) x x (paying cash & cheques only) Key Account / 30 None x x x x Previously Bankrupt unable to open basic AC Accept applicants who are in bankruptcy or discharge bankrupts Unable to withdraw money from cash points which do not belong to HSBC. account will be closed after 3 unpaid DD or SO Unable to withdraw money from cash points which do not belong to Lloyds TSB. Decline undischarged Bankrupts & Fraud. Discharged Bankrupts can apply. *certificate of discharge required

3 Nationwide Flex Cash card Account / 30 1 x x x Unable to open account if have full account with another bank Forms of ID To open a bank account you must be able to prove your identity. The list below shows what documents can be accepted as forms of identity. The table above shows which bank accepts which forms of identity. Photocopies are not usually accepted. **Disclaimer** Please note bank charges are subject to change, so check with your Bank at time of opening account for current charges. All information given in this guide is correct to the best of our knowledge at the time of publication. However, no assurances are given that the information is correct and/or up-to-date, and any use of information and/or services contained in this site is entirely at your sole Acceptable proof of Identification/residence Barclays Royal Bank of Scotland Halifax Lloyds TSB HSBC Co-op Bank Nationwide NatWest Abbey National Current Passport Full Driving license /Photo Card license Department of Works & Pensions benefit entitlement letter/book Credit Card Statement EU National Identity card Entitlement to state/local benefits Letter Inland Revenue Tax notification Home office letter Student Loans Letter (students only) Council Tax Bill (current Year) (within last 12 (current year) Utility Bill (usually Gas & Electric) (last 3 (current year) (last 4 Tenancy Agreement (HA or Letting Agency) Motor/Home insurance certificate (current) Bank/Building Society statement. (within last 6 (current year) (HA or Letting Agency) (current year) (last 3 (current year) (within last 6 (last 6 TV License Renewal

4 risk. Any information contained in this guide is subject to change without notice. Frequently Asked Questions 1. Are the requirements for opening a Basic Bank account the same for any branch of your bank? Abbey National Yes Royal Bank of Scotland Yes Barclays Yes Co-operative Bank Yes NatWest Yes Lloyds Yes Nationwide Yes Halifax Yes HSBC - Yes 2. How long does it take to open an account? Abbey National Immediately (in branch) provided required ID is supplied Royal Bank of Scotland Immediately (in branch), provided required ID is supplied Barclays Takes working days. Original ID s have to be provided or copies certified at the branch. Co-operative Immediately (in branch), provided original ID is supplied NatWest Immediately (in branch), provided original ID is supplied Lloyds Immediately (in branch), provided original ID is supplied. Nationwide 1 week Halifax Can take up to 4 weeks HSBC Immediately (in branch), provided correct ID is supplied

5 3. Will ID be verified in the branch or will need to be sent to a central processing unit? Abbey National In Branch Royal Bank of Scotland In Branch, however some applications may have to go to a central processing unit Barclays Sent to a central processing unit, though ID can be certified in branch Co-operative In Branch NatWest In Branch Lloyds In Branch Nationwide Sent off to central processing unit, ID is certified in Branch. Halifax Sent off to central processing unit, copies of ID are acceptable, no need to send originals. HSBC In Branch. Customers who earn under 750 p/m & bankrupts, their application will be sent to central processing unit 4. What is your policy on who you decline and why? Abbey National Previously Bankrupt, if full bank account is held elsewhere, i.e. not a basic account, Royal Bank of Scotland No decline policy, all depends on credit scoring or lending departments decision Barclays No decline Policy Co-operative No decline Policy unless Fraud History, depends on Experian Checks. Natwest No Decline Policy, all depends on credit checks Lloyds No Decline Policy Nationwide No Decline Policy, but do decline previously bankrupts. Halifax No Decline Policy HSBC Decline if previously owed money to HSBC 5. If the person does not hold a Passport or Driving Licence will any other ID be acceptable? Abbey National As long as one form of ID from the checklist can confirm a persons ID and another for address. Royal Bank of Scotland - As long as one form of ID from the checklist can confirm a persons ID and another for address Barclays - As along as one form of ID can be provided to prove who you are and one ID to prove address Co-operative - As along as one form of ID can be provided to prove who you are and one ID to prove address Natwest - As along as one form of ID can be provided to prove who you are and one ID to prove address

6 Lloyds - As along as one form of ID can be provided to prove who you are and one ID to prove address Nationwide - As along as one form of ID can be provided to prove who you are and one ID to prove address Halifax - As along as one form of ID can be provided to prove who you are and one ID to prove address HSBC - As along as one form of ID can be provided to prove who you are and one ID to prove address 6. How long does it take for a cheque/bacs payment to be cleared? Abbey National - Cheque take 4 working days to clear. BACS is instant Royal Bank of Scotland - Cheque take working days to clear. BACS is instant Barclays Cheques take 4 working days to clear. BACS is instant Co-operative Cheques take 5 working days to clear. BACS take 3 working days to clear Natwest Cheques take 7 working days to clear. BACS is instant Lloyds Cheques are cleared instantly with access to money the same day. BACS is instant Nationwide Cheques take 6 working days to clear. BACS is Instant Halifax Cheques take 6 working days to clear. BACS is instant HSBC Cheques take 3 working days to clear. BACS clear the next day 7. Do you have a Debt Management Department to help advise customers on services available for financial difficulties? Abbey National Debt Management Department available Royal Bank of Scotland Collections Department available Barclays No special provisions, Barclays Team in general deal with all queries. It s down to the customer to manage debts Co-operative - No special provisions, Co-operative deal with all queries. It is down to the customer to manage debts Natwest - No special provisions, Natwest Team in general deal with all queries. It is down to the customer to manage debts Lloyds No special provisions, but if customer goes over drawn 3 times, the account will be closed with 30 days notice Nationwide Lending Control Department Halifax - No special provisions, Halifax Team in general deal with all queries. It is down to the customer to manage debts HSBC - No special provisions, Halifax Team in general deal with all queries. It is down to the customer to manage debts