Access to Fee-Free Bank Accounts
Some credit unions offer their members bank accounts but the costs to members are high, so we help our members get fee-free basic bank accounts from a range of banking providers.
Some credit unions offer their members bank accounts but the costs to members are high, so we help our members get fee-free basic bank accounts from a range of banking providers
If you don’t qualify for a standard bank account, from having, for example, a poor credit history, you might be offered a basic bank account instead. This has the same features, just without a cheque book or overdraft – so you won’t be able to borrow money. Here’s what you need to know.
What is a basic bank account?
A basic bank account works like any bank or current account, so you can:
- receive payments, like wages, benefits and pension
- pay for things or take out cash with a debit card
- transfer money to pay bills or other people, including regular payments like Direct Debits and standing orders
- manage your account using mobile and online banking– and often over the phone, in branches and at the Post Office.
It just won’t offer a cheque book or overdraft, so you won’t be able to spend more than you have. We can support members to apply for these free accounts.
For further information see Money Helper here
Support with Loan Payments
If you have a loan from us and need a little help managing repayments then please call us on 0203 763 8397 to speak with one of our friendly Loan Support Officers who will find a way to help.
