Co-op cashminder account-anyone been refused?

[doesthatmakemecrazy]

Hello,

Has anyone tried to open one of these accounts and been refused?
We're desperate for another account and are having problems but have heard that these aren't credit checked...?

Be grateful for any feedback.

Thanks

[BotB]

I can't speak from experience but as I understand it, the cashminder account is a basic bank account where you won't get a cheque book, an overdraft facility or a debit card so basically the potential of you getting overdrawn or any other kind of credit is theoretically nil. I think they would probably still do a credit search however to make sure there was no CIFAS entries or that you aren't bankrupt.

[barracad]

You do get a debit card with the cashminder account.

I would have thought it would be straightforward to get one of these accounts as long as you are on the electoral role.

There is also the NatWest Step Account which you can apply for online and people seem to have success opening these accounts.

[maybelline]

when I opened accounts for my teenagers they were under 18 but the bank HSBC never the less wanted to do credit searches for them, I argued that I did not want all these searches clocking up and since they were not legally old enough to take out credit or appear on the electoral roll what were they hoping to find? it appears they do a search but then do not record the search (or does this sound like a load of flannel)? another case of the computer says no.

[barracad]

I believe all banks do a credit search, for obvious reasons.

However, some banks don't leave a 'footprint' on the credit file, so the search will not necessarily show.

[callumsgran]

Ive recently opened a step account and a cashminder account successfully, they both credit search you and it shows on your credit file, i know cos ive seen it!

[comanche]

Cashminder is available to undischarged bankrupts and you can't get a worse credit score than that. The only reasons why you wouldn't get one is if you can't prove your identity and address or if you have a fraud record indicated by a CIFAS entry on your credit file.

I've even heard of people who've gone bankrupt owing money to the Co-Op, getting one of these accounts so credit score is pretty irrelevent.

[oooeee]

just confirming what the others have said really, i've just been accepted for a cashminder account and my credit history is so bad that i can't evan get a mobile phone or catalogue!!! i think they do check your history but they can't check that much because i'm not on the electoral role and haven't been for the last three addresses!!

[BotB]

You do get a debit card with the cashminder account.

Electron Visa - has limited acceptance compared to Solo which is offered by the NatWest Step account. In either case, you cannot exceed your account balance.

[Rich44]

Most places that accept Visa will accept Electron as they are now cleared under the same scheme most places wont have a sign up but if you persuade them to swipe/enter the card then it will generally work, the reason most places wont take it is ignorance whether they accept them or not.

Back in the day when Electron was on its own it was rarely accepted but now it carries the Visa logo its pretty much ok anywhere tbh

[Realist]

A more basic account, designed to give you maximum control over your money. No overdraft is available but an Electron debit card gives you access to your cash. You can have your wages, salary, pension, benefits or other income paid straight into your cashminder account. You can also arrange to make regular payments from your account via standing order or Direct Debit, free of charge.

[iamjamesb]

Hello,

I have applied for a NatWest Step, Co-Op cashminder, and HSBC basic and got refused for the whole lot !!...

I then applied to Nationwide for their Flex account online and got accepted there and then, albeit only for a cashcard, but you can have DD'd coming out of your account.

This was all in the space of 8 months.

Good Luck.

[doesthatmakemecrazy]

Thanks for all the replies. I should hear about the cashminder by end of this week.

All this has left me very confused! Does anyone have any more info on why you get refused for these accounts? Some seem to be because of the electoral roll and not being on it-but I thought the idea of these accounts was that they were specifically for people who were having credit problems etc.

??

[doesthatmakemecrazy]

and the reason I'm asking is that we were only just turned down for the Step account!