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Scottish Trust Deed Forum
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Topic starter
07/02/2012 1:22 pm
Hi everyone.
This is my first time posting on the forum so would like to start by saying thanks to everyone for all the good advice. This forum has really helped me over the last couple of weeks.
I am due to sign my trust deed in a couple of weeks and one of the first things I was advised to do was open a new bank account. I opened a select account with Natwest but advised that I didn't want an overdraft or cheque book. None of my debt is with Natwest (or RBS or Santander) and I did not ask for any credit but I have noticed some people posting that Natwest froze their accounts when they entered a trust deed. Can anyone advise if this is likely to happen to me, or if they have had any good or bad experiences with Natwest? I have already transfered over my salary and all my direct debits so I would like to avoid doing so again if possible but if my account gets frozen it will be a nightmare!! Would it be worth phoning Natwest to confirm the position or is it a bad idea to give them a 'heads up' that I am about to enter a trust deed.
Unfortunatley I had already opened the account and transfered my wages and direct debits before I found the forum, otherwise I would have gone for a Co-op account instead.
Thanks
07/02/2012 1:36 pm
Welcome to the trust deed forum misslinds.
If the Natwest account that you have opened is the basic account that they offer, and you owe them no money, I doubt that there will be any long-term issue with operating the account.
We have heard here many times though that some banks will freeze and account when they realise that a trust deed has been signed. The account is then typically unfrozen when the trust deed firm give the bank the go-ahead to do this. Maybe the thing to do right now is to check-in with your Trustee that they'll be in a position to help quickly if this were to happen?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/02/2012 1:45 pm
Hi TDA, thanks for your quick response.
The select account is not their most basic account but as far as I can see, the only difference is that their basic account limits which cash machines you can withdraw money from. You still get a debit card, standing order and direct debits etc, just no overdraft or chequebook, neither of which I have requested. Hopefully that means I should be ok but I will check that my Trustee would be able to help quickly ... just in case!
07/02/2012 3:02 pm
Hi misslinds.
Each bank operates acceptance criteria for each type of account that they offer.
It's good that you have no credit facilities, but you may wish to confirm that the account you have is available to persons that are in a trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
07/02/2012 3:09 pm
Not surpringly I fully agree with all that TDA says!
In my case, RBS were a creditor of mine for a credit card, plus I had a mortgage with them and it was to them my salary was paid. My IP recognised that I still neded an account to operate from and approached RBS who agreed that there would be no freezing/recovery of any money going into my account. A good IP ought to act in this way, I suggest.
Not in their interest for you to have no access to funds when the PTD is in place!
