co-operative bank - cashminder account

[dashforcash]

Has anybody opened one of these accounts recently?

 

Just wondering what the turnaround time is like. Think there will be any issue with circa £74k unsecured debt some of which has missed payments?

[Having_A_Knightmare]

I opened one of them about a year ago.

 

Great account, no credit check and you cant go overdrawn!!

 

You will have NP getting one.

HAK

[maggieboo]

hi i opened a cashminder account a couple of months ago, although i don't actually need to use it at the mo. when you say turnaround time do you mean how long did it take to start using it after applying for it?

 

I did it over the phone but because there isn't a co-op branch near to where i live i had to send certified copies of proof of who i was and my address. after i phoned i had to wait to get their introductory letter so that I could send my paperwork off to them and that took about a week for their letter to arrive, i sent the stuff off straightaway and about a week later i got my cashpoint card. I also asked them to transfer over all of my standing orders and direct debits, and arrange for wages and tax credits to be paid into that account, instead of me informing everyone of a new account. Again, i had to wait for another form to be posted to me to do that.

 

As it turned out though, I haven't actually needed to use this account yet so I haven't transferred all of my payments in/out as yet so I don't know how long that would take to do.

 

I suppose it probably took about 2 weeks in all. They didn't ask me about any debts. mine are only £10,000.

 

with a cashminder account you only get a cashpoint card. there is no overdraft facility, no cheque book and no debit card, therefore technically you shouldn't be able to get into any debt with it. You can have wages and benefits paid in and standing orders and direct debits coming out.

 

I would assume that £74k unsecured debt would not cause problems as you are not applying for any credit, just a basic bank account that you need to be able to get on with day to day life.

[Guest forgottenone]

Has anybody opened one of these accounts recently?

 

The turnaround is pretty quick ... as already said, no credit check, except to check out your address.

 

Think there will be any issue with circa £74k unsecured debt some of which has missed payments?

 

I'd be very surprise, if at all, that affected your application TBH. It's a very basic account, with no debit card. Or cheque book, no overdraft as mentioned in the above post. So, no need for a credit check because you aren't applying for any. Easily opened over the phone. No lengthy ID process at a branch. Online banking, you can do everything a current account can eg transfers, set up standing orders, DDs.

 

The account is also designed for people with a poor credit history so you can still have a bank account but without the 'adult' add ons.

[emmaf01]

Beware- they can debit your account for card payments, giving you an unauthorised overdraft- they did for me.

[maggieboo]

Beware- they can debit your account for card payments, giving you an unauthorised overdraft- they did for me.

 

with my cashminder account i can't make card payments. i have only got a cashpoint card and that is all that came with it. just make sure you check out everything that comes with the account very carefully before you go for it.

[emmaf01]

Mine was an electron card.

[winny14]

mine has a electron card to, i prefered it to be honest because i could pay for goods without drawing out more money than i needed. plus i could use it for paying the deposit on my insurance.

i didnt get charged for using it and it wont let me pay if there isnt enough money in the account.

a good all round basic account and its been useful for me but sounds like they vary slightly so def worth cheking out what you get.

[emmaf01]

beware- it will sometimes let you pay out money that isn't there- and if you do accidently, the Co-op will deny all knowledge, being a bank.

 

That is what I am warning people about.