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Questions regarding banks

Bane17 Avatar
8y, 6m agoPosted 8 years, 6 months ago
Questions regarding banks

1) How long does it take to close an account?

2) How long does it take to open an account?

3) If you are in debt with the bank you are closing with, will they allow you to pay it back monthly as you cannot afford the full sum?

4) Does it cost an admin fee to move existing direct debits between accounts?

5) Anyone know if it is possible to open a bank account online immediately?

The reason i ask is my girlfriend has had two large phone bills and hasn't had the money in her acocunt to cover it. She asked T-Mobile to stop trying to take the money out however they did and she went overdrawn. For each day she has been overdrawn they have charged her £5 and by the 29th May it will be at £75 and they will try taking it out again.

She is hoping to close her account with the bank and move to a different one and spread the debt she owes over monthly payments.

Any help is greatly appreciated.
Bane17 Avatar
8y, 6m agoPosted 8 years, 6 months ago
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#1
4) Does it cost an admin fee to move existing direct debits between accounts? NO
2) How long does it take to open an account? Not long they need to know your details and then it is done basically!
3) If you are in debt with the bank you are closing with, will they allow you to pay it back monthly as you cannot afford the full sum? I very much doubt it but worth an ask!!
1)How long does it take to close an account? Minutes!!

Don't ask why i have done them in such a stupid order!!
#2
1st thing to do is cancel the direct debit. This should prevent the payment trying to be taken. This will then give you the option to pay T-Mobile in agreement by other means.
In regards to the bank charges, you could try claiming them back. Have a word with the bank and they may levy these charges!
You could try opening an account online (Don't forget to go through QuidCo if they're on there!) and transfer everyhting there. May only take a few days!
Hope you get it all sorted! :thumbsup:
#3
3) the bank most likely will put a stay on your account, which means it is inactive. You then pay it off monthly and they will close it as soon as you paid it off. You normally just have to ask for this. It is in the interest of the bank to get their money back (and they charge you interest for this), so they tend to be helpful.
#4
Some banks wont close an account if you are overdrawn, well they will eventually, but they'll pass it onto a debt recovery firm. Depends which bank its with though.
#5
birdyboyuk
1st thing to do is cancel the direct debit. This should prevent the payment trying to be taken. This will then give you the option to pay T-Mobile in agreement by other means.
In regards to the bank charges, you could try claiming them back. Have a word with the bank and they may levy these charges!
You could try opening an account online (Don't forget to go through QuidCo if they're on there!) and transfer everyhting there. May only take a few days!
Hope you get it all sorted! :thumbsup:


Thanks for that, only thing is, they will try and take more money out on 29th putting her further in to debt I believe...getting it all taken out on me aswell for not doing enough...apparently!!!
#6
She must speak to her bank IMMEDIATELY & get the direct debit cancelled. Then she needs to sort out with the bank about repaying the overdraft.

The bank will not allow her to close the account without repaying the overdraft, but they will allow her to pay back so much a month until the debt is cleared. Again, she needs to get to her bank & tell them what's happening, otherwise the charges will keep mounting up (especially if the overdraft is unauthorised).
#7
Anyone know if it is possible to open a bank account online immediately?
#8
Bane17
Thanks for that, only thing is, they will try and take more money out on 29th putting her further in to debt I believe...getting it all taken out on me aswell for not doing enough...apparently!!!


They won't if you cancel the direct debit now....
#9
Just cancel the diredt debit today and arrange with t-mobile to pay whats owing then you don't need to change bank accounts
#10
dmissy13
Just cancel the diredt debit today and arrange with t-mobile to pay whats owing then you don't need to change bank accounts


She has cancelled the direct debit now I believe but it is the bank charging her £5 a day for being overdrawn that is killing her and next lot of money isn't going to go in for a few weeks.
#11
get her to call the bank and arrange an overdraft
#12
No you can't instantly open a bank account they need to do checks to make sure you exist and aren't a made up person who could use the account for crime, they need sample signatures also.
#13
get a credit card with low fees for balance transfers (i.e. virgin) and ask them to put the money into your current account andy pay virgin off instead. saves the hassle of opening a new account and transfering DDs
#14
amansk
get a credit card with low fees for balance transfers (i.e. virgin) and ask them to put the money into your current account andy pay virgin off instead. saves the hassle of opening a new account and transfering DDs


Don't trust her with credit card lol. she would end up in even more debt!

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