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seeking an account that does not provide overdraft but does have DDs

didds
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seeking an account that does not provide overdraft but does have DDs

#224880

Postby didds » May 28th, 2019, 8:22 am

DAK of an account at a UK insttitution that opoerates like a savings account but with Direct debit facilities? (that obvs won;t pay out if there is no money in the account).

Basically we need an account in which to

* receive wages
* provide DD facility to pay bills
* cannot go overdrawn.

I suspect Im being hopefui!

didds

richfool
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Re: seeking an account that does not provide overdraft but does have DDs

#224884

Postby richfool » May 28th, 2019, 8:37 am

didds wrote:DAK of an account at a UK insttitution that opoerates like a savings account but with Direct debit facilities? (that obvs won;t pay out if there is no money in the account).

Basically we need an account in which to

* receive wages
* provide DD facility to pay bills
* cannot go overdrawn.

I suspect Im being hopefui!

didds

Could you not just open a current account, which would be able to receive wage credits and provide the DD facilities, and ask the bank to remove any overdraft facility from the account. Or rather ask them/agree with them first if that would be feasible.

Otherwise, I don't know if the Nationwide (being a building society), might be better able to accommodate such a request.

Halifax used to have a "Cardcash" account that fitted your requirements but that has long since morphed into a current account. But any bank should be able to remove (or not allow) overdraft facilities.

Thinking about this a bit more, my (student) daughter has an account with HSBC which has no overdraft facility.
Last edited by richfool on May 28th, 2019, 8:41 am, edited 2 times in total.

swill453
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Re: seeking an account that does not provide overdraft but does have DDs

#224887

Postby swill453 » May 28th, 2019, 8:40 am

Look for a "basic bank account" like this one from Barclays https://www.barclays.co.uk/current-acco ... c-account/

Scott.

didds
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Re: seeking an account that does not provide overdraft but does have DDs

#224894

Postby didds » May 28th, 2019, 9:24 am

WRT standard accounts, I hadn't realised banks would prevent any O/D at all, rather than just provide unarranged facilities at a higher % etc

cheers

didds

chas49
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Re: seeking an account that does not provide overdraft but does have DDs

#224905

Postby chas49 » May 28th, 2019, 9:46 am

didds wrote:WRT standard accounts, I hadn't realised banks would prevent any O/D at all, rather than just provide unarranged facilities at a higher % etc

cheers

didds


Not sure they will.

And if they do, I suspect they'll charge for bouncing any payments that would have caused an overdraft.

Do post back if you find one..

richlist
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Re: seeking an account that does not provide overdraft but does have DDs

#224914

Postby richlist » May 28th, 2019, 10:06 am

TSB Classic Acount.
Pays 3% interest up to £1500
Does direct debits etc

pochisoldi
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Re: seeking an account that does not provide overdraft but does have DDs

#224921

Postby pochisoldi » May 28th, 2019, 10:24 am

richlist wrote:TSB Classic Acount.
Pays 3% interest up to £1500
Does direct debits etc


That account comes with a £0 overdraft facility, meaning that if you go over your overdraft limit you get payments bounced and charges levied.

The OP wants an account with no overdraft facility at all - a payment which would result in negative balance simply gets bounced.

"£0 overdraft facility" <> "no overdraft".

Loup321
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Re: seeking an account that does not provide overdraft but does have DDs

#224923

Postby Loup321 » May 28th, 2019, 10:37 am

I used to have a student bank account. This was 20 years or so ago, so things may have changed. It allowed Direct Debits, and I had an overdraft. If a Direct Debit or Debit Card payment would take me over my overdraft limit, they would go through with no problems, and I was charged a higher interest rate on that amount (the account didn't have those massive charges of ~£25 for going 50p past your limit, which a later account with a different provider had). It was only cash withdrawals and asking for cashback with a Debit Card payment that would be declined.

I know that doesn't answer your question. It is something that you may want to look out for or specifically ask about though.

didds
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Re: seeking an account that does not provide overdraft but does have DDs

#225001

Postby didds » May 28th, 2019, 3:40 pm

Thanks all.

We appear to have a solution :-)

Next question coming your way soon on the board :-)


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