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Co-operative Bank withdraws basic bank account for bankrupts
Page last updated Tuesday, 18 September 2012
With immediate effect (17 September 2012) the bank is no longer accepting new customers who are un-discharged bankrupts; this decision does not affect the bank's existing customers.
The bank is blaming ‘Industry failure on financial inclusion’ as the reason why it had to review withdraw the basic bank account. Claiming it has a disproportionate market share of the basic bank account market that has continued to grow significantly and that they now need to take steps to address this.
For a number of years now The Co-operative Bank has been only one of two providers in the market who offer bank accounts to un-discharged bankrupts, the other being Barclays Cash Card.
Whilst the bank will no longer be opening new accounts for un-discharged bankrupts, it says it remains fully committed to working with existing customers who find themselves in financial difficulty.
Basic Bank Accounts
A basic bank account enables a person to have their wages, benefits, and cheques paid direct into it. To get money out the customer will use either a cash machine, (ATM) or go to the Post Office. They operate similar to a current account but with no overdraft facility or access to credit and are often referred to as a 'simple account'.
Going bankrupt and not sure on how to fill out the forms?
If bankruptcy is for you then why pay a firm between £500 and £1,000 for them to help filling out the bankruptcy forms? We show you how to do it for free, what to expect at court and what to say to your creditors, plus lots more! Bankruptcy Support Guide
Read Mike's blog Why do UK Banks see Bankrupts as pariahs of society?
Brian (Guest) Thursday, 08 November 2012
I am disapoiinted that the mainsteam banks other than Barclays offer un-discharged bankrupts access to accounts for the basic right to live, and with the blame firmly on their heads to the cause of this crisis, they should be forced by the powers that be to provide bank accounts to everyone
bob (Guest) Monday, 01 October 2012
sometimes its nice that someone will try harder than others to help, sadly the co-op has found that it doesnt want to help,and like all bankers , probably never did in the 1st place. another nail into civilisation by money making parasites
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