Basic Bank Account Articles
Adverse Credit Bank Account - Bank Accounts for Bankrupts
Bankruptcy is a common site in the business world. Though once the bankruptcy is declared the problem starts immediately. Bankruptcy is a kind of black mole in the financial sector. All banks are apprehensive in helping the bankrupt person financially. They also don't prefer to open the savings or current bank account of the bankrupt people in their banks. But the adverse credit bank accounts are exclusively for those who are bankrupt. These accounts are run and managed by certain financial institutes.
Adverse Credit Bank Account - The Details
All those who apply for the adverse credit bank account are allotted a basic bank account. This basic bank account is provided by the national banks as well. But there is a marked difference between these accounts provided by the two separate sectors of the financial institutes. The basic difference lies in the facilities they provide along with the bank account. You can open both savings and current account under this scheme. The facilities for this account includes:-
- Each of the adverse credit bank account will be allotted a MasterCard® for the easy accessibility to your money i.e. paying bills online, shopping and withdrawal of money through ATM machines globally.
- You are free to use the pay-in facility at any RBS branches. You can also use online pay-in facility.
- You will be given a personal sort code and an account number.
- You can avail the direct debit and regular payment mode through your running account.
- The account is completely manageable online.
- You will be provided daily updates of your balance account through free sms service.
- A personal money manager is also allotted for the bankrupts, they can avail their help at times of their requirements.
Eligibility Criteria for the Adverse Credit Bank Account
Any person who has a bad credit history or bankrupt is eligible for this bank account. Though certain rules may vary from person to person. The financial institutes providing the adverse credit bank account have call centers. You can get your queries solved through these call centers. No prior credit check is done while opening this account. Hence all are free to apply for opening this account.
Summary
The adverse credit bank account is for those who either have bad credit history or else are bankrupt. The facilities provided by the financial institutes along with this bank account is much more than the accounts opened with traditional banks. There are no prior credit checks and the accounts are opened within a day or two working business days.
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