|The greatest debt busting site on earth...|
Open a Bank Account.
Opening a current account with a bank or building society is relatively simple and quick. Having such an account allows the account holder to keep their money in a safe place and to have CONTROL over it. Accounts can be for individual or joint applicants. Every account these days comes with a cash card. Other facilities for regular payments, such as Direct Debits and Standing Orders, and cheque books and cheque guarantee cards are usually offered after an appraisal of your financial standing by the bank or building society. A current account is often the first base for getting other financial products like loans and credit cards and your account is always referred to by companies from whom you may be seeking to obtain other financial products.
Money Surgery advocates the use of branch based accounts rather than purely telephone or purely internet. This is because speaking to someone face-to-face when a problem arises allows improved communication. The convenience of having a branch AS WELL AS telephone and internet banking facilities on a single current account gives a better service. At the Surgery, whilst we prefer current accounts that pay us more interest, we feel that this is not as important as minimal charges or efficient service. Many people may be dazzled by the higher rates and we should remember to look at the full picture both before and after getting a bank account: Some banks advertising 4 percent on credit balances don't say at the same time that this is only for salary credits of £1000 plus or for a minimum £500 balance. Why have 4% gross on your current account when your internet savings account pays 7% gross and your transfer takes just 24 hours? Each bank or building society will have different rules on current account opening but this is a typical step-by-step guide:
Confirming your name (one item only):
People's Bank Launched
(Tuesday 24th December 2001)
A new venture, dubbed Britain's first ever People's Bank, has been unveiled in Scotland.
A new building has been built for Dalmuir Credit Union which is the largest credit union in the UK with over 60,000 members and has handled £30 million of member's money since its creation. Credit unions are not-for-profit organisations that can offer borrowing at lower rates than high street banks and cater for people whose only other alternative is loan sharks and what the Citizens Advice Bureaux call "consumer credit rip-offs". The CAB say that those on lower incomes are likely to suffer the most from overborrowing and has called for the government to introduce a system of affordable "social loans".
The Christmas period drives many people into debt, particularly families on low incomes. Irresponsible lending can lead to financial problems that are not entirely the fault of the borrower. We suggest that everyone seek out their local CAB and credit union to see what they offer, what they can do for you, whether you are in debt or not, as a first rather than a last resort.
Copyright 2000 - 2007 ©Kevin Anthony Jones. All rights reserved.