Hi,
Thanks, even if open safe bank accounts as advised to us. Does this still mean that the bank can decide to close our account? even though they are not one of the affected creditors ?

Hi nnrao

I think the banks always have the option to close down the account, even if they are not a creditor. However I have never heard of Nationwide doing this, so hopefully it will be fine.

Mark

i opened an account with llyods just before starting a trust deed and ive had no problems been in trust deed for 1yr now

In 2009 prior to entering into a Trust Deed I opened a current account with the Co-op with £200 automatic overdraft. It has been operated within limits with only one exception during the last 3-4 years. On the one occasion I accidentally went over agreed limit, they wrote to me to say if I brought it into line quickly they would not charge me - a breath of fresh air after BofS. I also opened a savings account although admittedly with very little in it during Trust Deed (I am just awaiting discharge).

I also had a mortgage with Nationwide (coincidentally it was a good choice!) and have had no problems.

It seems as if Co-op have changed their policy or strategy and I wonder if it has anything to do with the merge with Barclays.

It was obviously lucky timing and choices for me since I did not know at that point about 'Trust Deed friendly' banks and building societies.

Hi Firewalker.

I'm not aware of any Co-op change of policy. They offer the basic Cashminder account during trust deeds, an account that doesn't offer credit facilities. This has been the case for years.

They haven't merged with Barclays.

I am only replying to say oops, sorry! It was something I heard in a conversation and repeated here. Should have checked it out.
Perhaps I misheard them.

I thought the Coop had merged/taken over/been taken over by/with Lloyds TSB

Hi Firewalker.

Don't worry, we've all written stuff here in good faith that turned out to be incorrect (my last one was last week!). One of the good things about forums is that someone else will usually spot it.

Saabrina, they've been looking to take over some Lloyds branches. Those branches would become Co-op branches. Co-op and Lloyds will continue to operate as different banks afterwards.

hi tda if the co-op do take over lloyds does that mean they can close my account that i have with lloyds just now

It would only be relevant if they took over your Lloyds branch bernie58.

I suppose if you wanted to you could close the account and open a new one with Lloyds anyway?

Is there a reason why Co-op would want to close your account?

no reason other than i am in a ptd and someone said the co-op closed theirs because they dont except customers in trust deed

Hi bernie58.

There seems to be a bit of confusion going around on this subject.

Pretty much all of the banks offer an account that is available to people that are in protected trust deeds. It's usually a pretty basic account, like the Co-op Cashminder account for example.

All of the banks also offer a range of other accounts. Often these aren't available to people in trust deeds. They'll often be closed if the bank finds out you've signed a trust deed.

When we hear about accounts being closed it's usually because either:

1 - The particular account is not available to someone in a trust deed (even though the bank probably offers an account which is).

2 - Money is owed to that bank.

The aim therefore should be simply to make sure you have a basic account (available to people currently in trust deeds) with a bank that you don't owe money to.

its a current account i have but dont owe them any money didnt take the overdraft on it and never had any problems with them but dont know if they know im in trust deed

I imagine that you will be ok, bernie58. If they were going to close your account it would have happened at the time you signed the trust deed, I'd have thought - not further down the line.

thanks for the replies just keep my fingers crossed lol till the end of my trust deed long time yet though