Advice on Basic Bank Accounts
Introduction
From 1 November 2009, the Financial Services Authority (FSA), the UK’s financial services regulator, became responsible for regulating many aspects of how your bank or building society does business with you.
This means banks and building societies have to meet certain standards, which the FSA monitors, and it can take action if they don’t.
You can also expect them to communicate appropriate information and provide a prompt, efficient and fair service.
Running your account
One of the most important things you do with your bank account is to make and receive payments. Most people have money going in – such as wages, allowance, benefits, cash or cheques and money going out – such as standing orders, Direct Debits or withdrawing cash.
Your bank or building society must give you certain information about the payments you make or receive. It will tell you what information it needs to send or receive payments.
Be very careful that you give the bank or building society or someone who owes you money the correct information, for example, the sort code or account number. They may not be liable if you give the wrong details and the money goes to the wrong place.
Check that
- you can use cash machines near where you live or work for free (ask the bank or building society if you aren’t sure).
- there is a branch of the bank/ building society near you where you can pay in money and check on your account.
- you can pay money in or get money out at a Post Office® branch, if this is important for you.
- you will get the services, you need like a debit card, Direct Debit
Listed below are some of the frequently asked questions on Banking & Credit
- Banking Information Centre - Introduction
- How Basic Bank Accounts work
- Advice on Basic Bank Accounts
- Basic Bank Account Information
- Keep Track of your Basic Bank Accounts
- Basic Bank Accounts with Direct Debit
- Basic Bank Accounts Help
- What proof is needed to open a Basic Bank Account?
- Basic Bank Accounts for International Students
- Basic Bank Accounts for Migrant Workers
- Basic Bank Accounts for Refugees
- Basic Bank Accounts for Asylum Seekers
- Basic Bank Accounts for Prisoners
- Ex-Offender Basic Bank Account Help
- Common Banking Terms
- Bankruptcy Bank Accounts
- Facilities on Bankruptcy Bank Accounts
- Guaranteed Bank Accounts
- Will your account be frozen upon bankruptcy?
- Bankruptcy Bank Account upgrades
- Basic Bank Accounts when you are bankrupt
- Open a new bank account after bankruptcy
- Bank Accounts Help after bankruptcy
- Pre-Paid debit cards for bankrupts
- Bank Accounts with no credit checks for Bankrupts
- How to get a bankruptcy bank account
- What features does a bankruptcy bank account offer?
- Can I stay with my bank account if I have just been made bankrupt?
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]