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Need help with bank accounts?
 

Hey

I was wondering if someone can answer my questions below:

1. To verifiy a paypal account no matter what the country you need to add a bank account don't you ?
In the UK whats the best way to do this? Is the only option to open lots of bank accounts with halifax, royal bank, alliance leister etc ? Because I can't open like 20 bank accounts ? So what should I do if I need like 10 paypals ?
Is there any way to do it instantly ? Like with the US paypal you can add netspend etc?

Thanks
Jamie

Hiya, in answer to your question......

1. No not all countries require the addition of a bank account for full verification. For some a card is enough.

2. Yes the only option is to open more bank accounts. And you can have as many accounts as you like though the credit serches impacting on your credit report will limit you in the short term. Try and stick to basic accounts that only verify identity and don't do full credit scoring if your worried about your credit rating. Also a number of banks (abbey, barclays) will let you have multiple accounts but these have to be opened seperately.

3. No there is no way as such to do this instantly. If you open an account in branch you often get your sort code/account number there and then. You can also open some accounts online and will have your account details in a few days.
But of course you then have to wait to confirm the deposits for full verification.

CaptainJack

Bank accounts
 

Getting Bank accounts is a major problem for UK ebayers , in particular it is much more of a problem for those with adverse credit ratings (like me).

Since i can't just walk into any high street bank such as lloyds tsb or alliance and open a basic current account my only option is to stick with the bank i allready have (Barclays).

At this time i hold three current accounts with barclays , all accounts have previously been used with ebay/paypal.

Interestingly i arranged an interview at my local branch about 2 months ago to open a new current account (for ebay paypal ) .
The day after i got a call from the woman who was meant to be interviewing me asking me " why i wanted to open another current account since i allready had 3 " , she then told me that i was only allowed to hold three current accounts therefore the interview had to be cancelled.

After being told by another barclays employee that i was allowed (in theory) as many accounts as i wanted and that 10 + accounts was commen for money management purposes i was obviously concerned.

Naturally i was a bit suspicious and paranoid after the cancelation of my interview but had to put it down to standard banking practices, where if a bank employee looks into a persons account transaction history and they see multiple current accounts all recieving an income stream then this brings up a red flag.
Obviously the activity on my account must have looked suspicious to the banker , they need to watch out for fraudsters and launderers.
I must state niw that i am not involved in any such crimes , all i was trying to do is sell on ebay .

So , opening multiple current accounts from only one bank has proved highly problematic for me .

Well done for getting 3 - they only let me have 2. Abbey are a different story though - I am up to 7 so far.

They don't seem to link the accounts (unlike barclays). If done in branch it is just like you are a new customer.

CaptainJack

Bank accounts
 

In a few weeks i am going to try closeing my 2 current accounts then reopening a current account , not sure if it will work though.....

crazed, why can't you walk into a branch? :noidea:

I get rejected for even the most basic of current accounts because i have an adverse credit rating , i have tried applying online at most high street banks but i allways get rejected , i'm not looking for an overdraft or loan but just a current account with a visa , NIGHTMARE !!

^ its the way you look probably.....too young, scrub...

me, no problems.......

CaptainJack, When you say that you have created 7 accounts with Abbey, are they all in the same name, with the same address? Are they joint accounts?
Kind regards,
Jamie

Yes all same details.... no joint accounts. I opened four in my local branch (very nice lady wanted to know all about my ebaying lol). The other three I opened in other branches whilst travelling about.

1 is an actual basic account. The other six are standard current accounts with visa electron and cheque books.

Re: credit rating some basic accouts are easier to open than others. And some bank staff will just apply for a full current account even if you ask for a basic account which is why the credit check fails. As long as you aren't bankrupt or have CIFAS on your credit report and are on the electoral role there are some accounts you will get - from recent experience the coventry building society offer a basic account that isn't credit checked (they just verify identity).

I recommend you read the money saving expert current accounts forums.... I have had a good few leads from there.

CaptainJack.

So what bank account do you think that I should use? Do you just go into the bank and ask them to set up 5 current accounts for you?
Kind regards,
Jamie

No, you need to do it one at a time.

CaptainJack

But can i use the same details in the same bank, like name and address?

Yes you can.

CaptainJack

OK, which bank do you recommend I use? Also every time i go in to set up a new account do i tell them that it is my first account even though it won't be?
Kind regards,
Jamie

Well I have had most success with abbey. If you already have an account with the bank and want another one I find telling them it is to help manage my money or for ebay purposes usually works.

If this is your first account with a particular bank yes you tell them you have a current account with another bank and that you want to switch because you aren't happy with their customer service or such like. Of course you don't have to close the other account and don't let them sell you their switching service.

CaptainJack

:help:

I have previously had no problem with Abbey and things seem to go okay.

However I really cant see Abbey letting me open another account, never mind 7 ( Seven ) accounts. I have over a period of months dropped a hint about this at my local branch, but the response is usually negative.

I really don't need accounts with debit / credit cards as these are treated as credit vehicles. And I am not in a position to apply for credit . . .

Are the 7 accounts you have with Abbey - savings or current acconts ???

My main problem is to open extra bank accounts so that I can transfer future funds from Paypal. Right now I can't see anyway around this . . .

I am happy using Debit Cards for online payment transactions, and instant small payments . . . No problem there, lots of Debit Cards available in the United Kingdom.


:attention:

All current accounts... savings accounts are useless.

I don't have perfect credit (old defaults) but I have no problem getting bank accounts.

It really isn't that hard..... you just have to read up on the banks, understand what accounts they offer and their policies.

I don't drop hints..... I walk in and tell them I want to open an account..... they are selling a product and I as the customer decide whether I want to buy or not.

There have got to be at least 20 basic bank accounts available in the UK and a number of them accept online applications..... natwest step, halifax easy cash, coventry building society.... there are also yet others that don't perform a full credit check.... just identity confirmation. And the majority come with a debit card (the exception being HSBC and nationwide of the accounts I hold)

Abbey also accept online applications.

CaptainJack