Co-op

[Roisin75]

Ok so after finding out about HSBC having this habit of closing bank accounts to those that are in IVA's i have started to look into a new joint account - Lloyds i just found so confusing and its a shame as they have more high street branches then the Co-op as i need to think about banking my partners wages every week, at the moment HSBC clears cheques in 3 working days the co-op is 5! could be hard to get used to.

I am trying to narrow down 2 or 3 alternatives where i can sit with my partner tonight and go through our options, so far Co-Op is the only one, but on their website when you compare accounts the cashminder does not list cheque/debit card, but some people on here are saying they have them can someone confirm a recent account opening where they have got a debit card please.

And also does anyone have any other recommendations on banks please (not Natwest, Barclays)

Just on a final note, we have been with HSBC since the IVA started in June 2006 what are the chances of them closing are account now?

Thanks
Roisin

[Adam Davies]

Hi
HSBC will trawl the insolvency register so there is a good chance that they will close your account.However they will give you notice so you could just chance it and move if and when it happens
Having an IVA will make it almost impossible to get a cheque book account,those that have done so have applied pre IVA,not post.
I'm sure that the basic cashminder account is your best option.

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Roisin75]

To be honest im not fussed with a chequebook to be truthful for the amount of places that now accept them! and in reality the only people i used to send cheques to were my creditors, i think for me its more the debit card for my partner which is the most important thing.
I have just said to my partner that we need to start up an account with either co-op or another favorite from here incase HSBC do decided they want to close our account as that is something im not wanting to have thrown on me. at least if we are prepared we can just transfer over cant we.
Thanks
Roisin

[louisa.s]

Have you tried the Halifax Easycash account? Very similiar to Co-op but with more branches and they open Saturday mornings? Don't forget with the Co-op you can also pay into the POst Office as well!

We set up an account with Lloyds prior to our IVA and opened up a current account but opted for no facilities just a cash card.

Hope you get something sorted!

[Skippy]

I've got a Visa Electron card with my Cashminder account. I've just checked the website and it confirms that you get an 'Electron card accepted at any outlet displaying the Electron symbol'.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[cr15py]

Just out of interest, say you didn't change your bank account pre-IVA and therefore had to chance post-IVA, without a cheque book, how do you make any additional contributions to your IVA for bonuses, etc? Are we back to the dark ages with postal orders here?

[Roisin75]

I dont know on that one to be honest, in fact we have never had that mentioned to us, all of our payments to our IP are via DD and if we get anything extra i am assuming we would do a transfer, but then im not 100% sure on that as my partner does the banking
Roisin

[Skippy]

If you pay your IVA by standing order you can amend the amount each month if necessary. If you have internet banking you would be able to set up a payment to your IP's account and pay any extra money.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[cat 1]

at the beginning of december i posted something about this subject as I had read that getting a cheque book with a new bank account would be unlkely.Melanie posted and said there was no reason why an IVA person shouldn't have a cheque book account.I've got one but was worried that this was before I became an IVA person so it would be removed.Cat 1

[marsha1]

I transfer any extra into my savings account, I opened this pre iva. I will then pay a lump sum at my review.

[wen]

HSBC's cheque clearing cycle is 4 working days, ie, pay in Monday, available Thursday.

Paying Cheques in were the only drawback of the co-op account, unless you have a branch nearby. If not, you can either post direct to the co-op, or pay in via the post office, though be wary that the Post office will send it to their processing centre first, and then pass to the co-op, so it will be quicker to post to them (although it does go securely though the PO.)

Any cash you pay in through the post office is available immediately.

From having a business bank account with Bank of Scotland, I am sure that Halifax/BOS also go with a 5 day chq clearing cycle.

At the end of the day it's what is convenient for you! Are you close to a co-op branch?

[Roisin75]

Thanks Wen, I had noticed the cheque clearing issue, this is a slight problem for us as its my partners wages, and at the moment it clears in 3 working days being with HSBC, this at the moment is the only thing putting us off going to the Co-Op, we do not have a branch nearby either, so i need to find the second best option, as i noticed the coop is the first! lets hope HSBC havent found out about our IVA yet, but i dont like the fact that its an imminent possiblity!!
Roisin

[cr15py]

Yeah, I used to be with Halifax, and it seemed an eternity waiting for the cheques to clear!! But once the first "5 day cheque" has cleared, then presumably you can get used to it?

I can't remember which banks were your creditors, but NatWest were fine with me, LloydsTSB have been great, don't know about Barclays, or there is always the post office itself?

[Skippy]

I think Halifax is 6 working days...

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Roisin75]

Looking at the Halifax website its saying 5 working days still harsh but do'able, i think the thing that is swaying me to them is there are more branches for my partner to bank his work cheques, we have to think logical about this as his work van is not easy to park and we have a halifax both in the town we live in and the town i work in, i see that you get the Visa Debit card with the coop but only the electron with Halifax but to be honest its only a small difference, I would love to move to the coop but practicality is telling me otherwise! oh i dont know havent a clue, its giving me a blooming headache, i suppose its only really between Halifax and coop - as between us our creditors cover natwest, barclays and along with credit cards joined to other banks our choices are limited.
Thanks
Roisin