People with no bank accounts

We took out a mortgage during lockdown and it was all done by video call. Much easier than having to go into a bank.
 
I reckon very few people have no bank account. That guy paying for his new iPhone in £50 notes is probably not an upstanding member of society though. I'm sure he has a bank account, those fifties never saw it though.
 
fez said:
I reckon very few people have no bank account. That guy paying for his new iPhone in £50 notes is probably not an upstanding member of society though. I'm sure he has a bank account, those fifties never saw it though.
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I checked earlier and it's about 1.3 million in 2021, down from 2.1 million in 2019

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cheesefest said:
In this day and age, I can't believe people still don't have a bank account. How can they cope without one? In the first lockdown, majority of essential retail only wanted card payments. My employer, unfortunately did accept cash. Every colleague, including myself wiped the notes with anti bac spray, hopefully giving the hint.

Also not having a bank account is costing these people more money - for example, some companies offer cheaper deals if paying by direct debit. Plus others will refuse custom to those without a bank account.

No wonder elderly people are targets for muggings. Have seen these having £300 in cash in their purses. Then they have to queue up at the post offices to withdraw their pension.

When pensions were first able to be paid into bank accounts, my dad sorted out this for my grandparents. A blessing as my late grandad became too ill to be left alone for no more than an hour. Plus now my grandmother is housebound.
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Do you lie in bed at night trying to think of things you can whine about on here?
 
I have two checking accounts. My wife and me also have a joint account. She takes out £500 each month for shopping and petrol. I tend to use a debit card but occasionally cash.

Obviously she does not walk around with that money, its under the mattress. ;)
 
fez said:
I don't know how I would function without a bank account.
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I know, that figure surprised me earlier!

At one point I know banks could refuse people accounts who had bad credit etc, hence why the Govt mandated the Basic Bank Account so at least there's an option for people to have.
 
rhobbyh said:
you dont really need to speak to anyone for that, sort your internet banking out and you can sort it all out from there

theres an option to shorten the term or reduce the payments if you pay over 500 pm which is the only decision you have to make
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touch said:
We took out a mortgage during lockdown and it was all done by video call. Much easier than having to go into a bank.
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Cheers fellas.

I do have internet banking with Nationwide. The speaking to someone is just so that I don't make any mistakes. This is because over-paying by so much can incur extra charges and I want to avoid that. I have read the terms and conditions and I'm still confused! It's good knowing about video call, so I might try for that or via live chat.
 
0.9m have woken up to the fact the pandemic has made them sensible with money.

Customers have said to me that they don’t have a bank account. They moaned about unable to order certain products in certain shops as these items were only available on click n collect! Boots was one of those places
 
I'll give you that, Mr Bear, albeit, I did post my own post slightly out of context, but I'm sure you get what I was getting at.
 
Pawnless Endgame said:
Cheers fellas.

I do have internet banking with Nationwide. The speaking to someone is just so that I don't make any mistakes. This is because over-paying by so much can incur extra charges and I want to avoid that. I have read the terms and conditions and I'm still confused! It's good knowing about video call, so I might try for that or via live chat.
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they do secure messages after you've logged in. I sent them one asking about the same thing very recently, and they sent me a detailed reply along with illustrations.

I think all Nationwide mortgages are 10% of the original loan amount every 12 months, so if its 100k its max 10k a year to avoid erc.
 
1.3 million adults don’t have a bank account. How do they cope? Esp when the first lockdown, cash was looked down on or refused by some of the essential retailers.

Also they pay more for energy, telecommunications (some charge a few quid due to this).

Also some hospitals only have card only payment. Though one hospital near me is coins only!

Plus many companies refuse customers without a card.

Though some people who don’t have a card do this as do dodgy things.

I see elderly customers carrying hundreds of pounds in cash in their purses as withdrawn their pension in one go. No wonder they are the target for pickpockets. As combination of money and slow reaction is ideal for pickpockets.
 
I know some people without bank accounts. It's really not that hard still. The sort of people that would probably have bankrupted themselves if they had access to credit, so no bad thing tbh.
 
I remember when I used to do Capoeira. It seems to attract bare foot hippy types. Many of those, including the Maestre running the club didn't have a bank account.

Given basic bank accounts have existed since before government intervention in 2014, there isn't really much excuse.
 
Hagar said:
I have two checking accounts. My wife and me also have a joint account. She takes out £500 each month for shopping and petrol. I tend to use a debit card but occasionally cash.

Obviously she does not walk around with that money, its under the mattress. ;)
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So how does she get it from the bank to the bedroom? ;)
 
The only utility bill we pay by direct debit is the land line rental, everything else is by post and cheque. That way we have direct control of how much, when and indeed if something is paid. There are several businesses around here I deal with weekly, that don't accept card payments, so cash and cheque are still regular transaction mediums for me.
 
BDEE said:
Nope. Banks do not want people using branches for cash transactions.

Hence why those still open have more automation, reduced hours for counter services etc.

It is too expensive now to transact such things using a person.

*edit* oops wrong quote
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I am surprised as what they charge, they must make a killing. We regularly used to have to pay in up to £10k cash and they charge us £385 each time for the privilege.
 
A bank account is pretty much essential in this society these days. Gone are the days of queuing up for a brown envelope slightly filled with cash. This pretty much ended when most employers started paying monthly. I remember when the transition occurred when I was managing an electrical dept in a now long gone department store. We were all offered an interest free loan to help us get through the first month without pay basically. As my ex-wife and I were both working, we did not need the loan.

Then since the advent of internet banking, even the banks themselves are not really required as it is much nicer paying a bill by not thinking about it or using a card or BT online. I see houses being built constantly near where my partner lives but they are closing the local shopping centre with banks, building societies and food shopping and forcing everyone to shop out of town, by car or the dreaded internet again. Her town has become a mini Los Angeles where you need a car to get around or do anything.
 
Chris Wilson said:
The only utility bill we pay by direct debit is the land line rental, everything else is by post and cheque. That way we have direct control of how much, when and indeed if something is paid. There are several businesses around here I deal with weekly, that don't accept card payments, so cash and cheque are still regular transaction mediums for me.
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Well cash is certainly the best way of avoiding pesky things like tax.
 
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