How To Open A Basic Bank Account In Uk After Going Through Bankruptcy

As per a recently published newspaper report, an increasing number of people are

being denies access to basic accounts just because they have gone through bankruptcy. However, there are no legal reasons to impose such restrictions on the bankrupt people to restart their life and career. A bankrupt person may not be allowed by the commercial banks to open a savings account with additional facilities like credit card and overdraft. But the person has a number of options to avail facilities like chequebooks and cash cards by opening a basic account. If you have gone through bankruptcy, you can explore various options that allow opening bank accounts for bankrupts.

Do Some Initial Research: After going bankrupt, you will find it challenging to set up a bank account. If you will directly apply to the banks, they will simply turn down your account opening request. Therefore, you have to spend some time in gathering information about how to open bank accounts for bankrupts. You can find many online articles and blogs written by experienced financial consultants. The online sources can help you in understanding the nature and types of no credit check bank account that can be opened by a bankrupt person.

Compare the Facilities Available for Bankrupt Bank Accounts: You can simply initiate a web search to find the websites offering basic and business bank accounts to the people who have gone bankrupt. Most of these websites carry detailed information about the types of bank accounts available for bankrupts along with the facilities. The facilities offered to a bankrupt account holder vary from one bank to another. Some banks even require the accountholder to pay fees for specific transactions. Once you shortlist the banks offering bank accounts for bankrupts, you must compare the facilities and fees structure of individual banks.

Understand the Account Opening Procedure: Similar to the normal customers, a bankrupt person also needs to complete the account opening form, and submit the same along with required documentation. There are a number of websites that allow customers to apply online to open guaranteed bank accounts. The website allows users to submit the relevant information by filling in a comprehensive form. The online form will ask you to submit both personal and professional information, including your name, date of birth, mailing address, and social security or driving license number. You can also find the options to choose the type of bank account.

Comply with the Rules set by the Bank: The online account opening form will further ask you to accept the terms and condition set by the bank. You have to click on the checkboxes to accept the terms and conditions. However, you must click on the hyperlink and read the terms thoroughly to understand the pros and cons of using the no credit check bank account. Some of the websites also share the numbers of banking specialists to clear their clients doubts and questions. If you have any doubt about the account opening process or terms and conditions, it is advisable to contact the specialist before submitting your personal and professional details.

by: harry12john

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