Nine UK banks launch fee-free accounts – BBC News

[Legal Beagles]

Nine High Street banks and building societies in the UK are to launch basic bank accounts which will not charge a fee for missed payments. The new accounts will be available from 1 January to people who fail to qualify for a full current account. It follows an agreement between the Treasury and the industry…
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[Amethyst]

Re: Nine UK banks launch fee-free accounts – BBC News

Barclays	Barclays Basic Current Account
Santander	Basic Current Account
NatWest	Foundation Account
Ulster Bank	Foundation Account
Royal Bank of Scotland (Scotland)	Foundation Account
RBS England and Wales	Basic Account
HSBC	Basic Bank Account
Nationwide	FlexBasic
Co-operative Bank	Cashminder
Lloyds/ Halifax/ Bank of Scotland	Basic Account
TSB	Cash Account
Yorkshire and Clydesdale Banks	Readycash Account
source: HM Treasury

[EXC]

Re: Nine UK banks launch fee-free accounts – BBC News

Nine million basic account holders will now not be charged for missing a direct debit payment, or a standing order.

The question is how is that going to work in practice?

[EXC]

Re: Nine UK banks launch fee-free accounts – BBC News

I can't find any actual information abiut the Nat West Foundation Acount other than this.

Foundation accounts can't be applied for directly.

You will only be offered a Foundation account if you do not meet the criteria for any of the other accounts in our range.

http://personal.natwest.com/personal...n-account.html

[Amethyst]

Re: Nine UK banks launch fee-free accounts – BBC News

I can't find any actual information abiut the Nat West Foundation Acount other than this.
http://personal.natwest.com/personal...n-account.html

This does (eventually) lead you to these bits in their current account terms

14 FOUNDATION
14A Foundation accounts will be available to open from 27 November 2015.
14.1 Foundation accounts are only available to individuals aged 18 years or over who are not eligible
for any other current account in our range due to their credit score.
14.2 You can only have one Foundation account (this can be a sole account or a joint account).
14.3 Arranged overdrafts are not available on Foundation.
14.4 Cheque books are not available on Foundation.
14.5 Overdraft Control is not available on Foundation.

The annual rates of interest paid on credit balances are as follows:
(a) Basic Account, Foundation, Tailored Account, Select Account, Reward,
Select Silver Account, Reward Silver, Select Platinum Account, Reward
Platinum, Student Account and Graduate Account
23
These accounts do not pay interest on credit balances.

[leclerc]

Re: Nine UK banks launch fee-free accounts – BBC News

I posted that stuff up on other thread but no one reads my crap anymore.

I agree with all the above stuff re how it works etc etc.

They say debit card but I suspect it will not be the kind that you can use in many shops otherwise floor limits could push those accounts over into an unauthorised overdraft.

[Amethyst]

Re: Nine UK banks launch fee-free accounts – BBC News

Ahh yes, I'll link the threads, sorry xx I did put your thread on the original story too, then plainly forgot. ( gah - you've ditched it so have changed the link on the story now lol)

[Amethyst]

Re: Nine UK banks launch fee-free accounts – BBC News

I posted that stuff up on other thread but no one reads my crap anymore.

I agree with all the above stuff re how it works etc etc.

They say debit card but I suspect it will not be the kind that you can use in many shops otherwise floor limits could push those accounts over into an unauthorised overdraft.

On the debit card issue, my current debit card doesn't allow me to go over by a penny - ie shop floor limits don't seem to apply - if I try and spend £10 when I only have £6 in the bank it doesn't let me. ( Lloyds )

[leclerc]

Re: Nine UK banks launch fee-free accounts – BBC News

On the debit card issue, my current debit card doesn't allow me to go over by a penny - ie shop floor limits don't seem to apply - if I try and spend £10 when I only have £6 in the bank it doesn't let me. ( Lloyds )

I wonder what happens when there are two payments coming out and you have to decide whether to bounce a rent payment or allow an authorised card payment to go through....