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Bad Credit Bank Accounts Discussed

by Jim ONeil on September 4, 2010

The UK has not been spared from the global financial crisis.  As more corporations have gone bankrupt, more Britons have lost their jobs and ended up in enormous debts that give them bad credit rating.

A bad credit rating damages one’s ability to loan in the future.  A number of banks simply will not accept people with history of financial trouble.  However, some banks will deal with such people because they understand that financial difficulty is inevitable especially in the midst of soaring unemployment rate and inflation.  These are the types of banks that offer Bad Credit Bank Account.  While they are more considerate, they are also aware of the risk they are taking on by allowing people with bad credit rating bank with them.  This means that often, they will impose higher charges and lower interest rates compared to high street banks.

While Bad Credit Bank Account is a relatively new concept, some of the banks that offer such service have built up solid reputations for dealing with people who have serious financial troubles in the past.  The good thing about these banks is that they do not require credit check.  This means that no matter how bad one’s credit history is, he/she has a chance to be avail of the service.

Banks that offer Bad Credit Bank Account can also help you your money much better than a high street bank.  They can help you set up standing orders and other payments in order to pay your bills while giving you a number of options for cash deposits and withdrawals.  Many of these banks will give you the chance to own a prepaid debit card, which you can top up money in order to spend online or on the high street.

Generally, you’ll find a one-off fee when you open a Bad Credit Bank Account.  Other than that, the bank will not charge you any money at all for banking with them, aside, of course, for possible overdraft fees (some banks though do not impose overdraft fees).  Setting up such a bank account is also relatively easy.  Most banks have toll free lines and websites through which you can apply.  Often, they will only require proof of identity.

Indeed, this type of bank account has helped a lot of Britons in that it has given them a chance to get back on track with their money and start from a clean slate.  It has given them the opportunity to regain control and manage their finances.  Banks that offer such an account are professional companies that invest on customer service more than regular banks.  This means that clients will be in a much better and more understanding hands than before.

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