Hi
When I entered by TD I was advised to close all bank accounts as only some banks allow you to have an account.

I opened an account with The Co-operative Bank - it’s just a basic account with a debit card. It’s suited everything I’ve needed if for tbh.

Hi cb85.

This used to be a major issue. Anything but the simplest accounts used to get shut down when people entered into trust deeds. Some banks would not offer any account to people who had entered a trust deed.

These days it's much less of an issue it seems. We don't hear about it much on the forum any longer. Provided no money is owed to the bank in question it seems most people can continue to use their existing account (though our advice remains to switch account to a basic account where it is confirmed that the bank accepts customers who are in a trust deed).

I can't see why your trustee would have contacted First Direct if you owed no money to them, so I assume they are monitoring the Register of Insolvencies. They may not offer accounts to persons in a trust deed (I'm speculating here - I don't know) and any bank would be reluctant to let a customer keep access to an overdraft while they're in a trust deed.

Are they closing the account immediately or have they given you some time to make new arrangements?

Hi cb85,

We have received your enquiry, your case Administrator will contact you this morning.