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Think Banking = Personal banking
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Old 18-03-2011, 17:35   #1
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Think Banking = Personal banking

Just had a call from a company called Think Banking, they have said I would get a cheque book, Debit Card and never have to pay overdraft charges again! (the last bit appealed to me) I have looked round a few review websites and there all all mixed opinions on them as a bank, anyone here had dealings with them recommend them or stay away? They have to different accounts as well (what the agent told me on the phone) one for bills and one for spending's so that seems quite cool..
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Old 18-03-2011, 17:47   #2
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Re: Think Banking = Personal banking

Hi,

My other half has just started using Think Banking, through another company she contacted as she has got into quite a mess with her finances.

The two accounts looks a bit confusing when you get your first bank statement, but from what I can work out your wages go into the "bank account" and the money is set aside to pay your direct debits & standing orders.
The remaining money goes to the "card account" for use with your debit card, so you cannot get to the money put aside for your bills.

But the reason you won't pay any overdraft fees is you can't have an overdraft, if the money is not there, you can't have it, simple as that.
But the account does have a monthly fee, can't remember but I think £11 per month in her case, but then her previous account had £14 fees per month anyway.
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Old 18-03-2011, 17:50   #3
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Re: Think Banking = Personal banking

Some very mixed reviews here. http://www.google.co.uk/webhp?hl=en#...4255a5dc9e493e
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Old 18-03-2011, 18:02   #4
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Re: Think Banking = Personal banking

Quote:
Originally Posted by MikeyB View Post
Hi,

My other half has just started using Think Banking, through another company she contacted as she has got into quite a mess with her finances.

The two accounts looks a bit confusing when you get your first bank statement, but from what I can work out your wages go into the "bank account" and the money is set aside to pay your direct debits & standing orders.
The remaining money goes to the "card account" for use with your debit card, so you cannot get to the money put aside for your bills.

But the reason you won't pay any overdraft fees is you can't have an overdraft, if the money is not there, you can't have it, simple as that.
Thanks for the insight there, Aw that does sound quite good then because at the moment I'm with Natwest (and there overdraft charges are ridiculous I think!! £6 per day for as long as you don't replace the money taken) So this is when I stumbled across them, they have sent me out a form and all signed and returned just called them and they said my card and pin will be in the post, small admin fee per month very acceptable I think, does your wife use it as her main bank account? any problems with the card like can she use in shops, online, petrol pumps that sort of thing - sorry for the 20 questions lol just good to ask someone from experience, thanks again!

---------- Post added at 17:02 ---------- Previous post was at 16:51 ----------

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Originally Posted by Masque View Post
Thats what I first searched, I think its just luck of the draw lol!!
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Old 18-03-2011, 18:10   #5
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Re: Think Banking = Personal banking

If you feel it suits your needs then go for it.
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Old 18-03-2011, 18:14   #6
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Re: Think Banking = Personal banking

Out of the 4 accounts I've got. not one charges me admin fees every month for using them as a bank.
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Old 18-03-2011, 18:22   #7
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Re: Think Banking = Personal banking

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Originally Posted by Gary L View Post
Out of the 4 accounts I've got. not one charges me admin fees every month for using them as a bank.
They are a specific type of bank for people with poor credit history and such like so can work very well in those circumstances helping the customer to regain control of their finances.

http://www.thinkbanking.co.uk/an-end...nk-charges.asp
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Old 20-03-2011, 23:41   #8
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Re: Think Banking = Personal banking

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Originally Posted by Masque View Post
They are a specific type of bank for people with poor credit history and such like so can work very well in those circumstances helping the customer to regain control of their finances.

http://www.thinkbanking.co.uk/an-end...nk-charges.asp
Im not using it for the poor credit option, my credits fine as it is and still have a main bank account with credit and debit cards to me, just liked the sound of the 'no overdraft charges' - sounds good to me!
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Old 20-03-2011, 23:49   #9
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Re: Think Banking = Personal banking

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Originally Posted by sczoo19 View Post
Im not using it for the poor credit option, my credits fine as it is and still have a main bank account with credit and debit cards to me, just liked the sound of the 'no overdraft charges' - sounds good to me!
And you're happy to pay a charge of £14.50 per month as well as a setup fee of £25?

That's £174 per year (£199 in the first year) that you'll be paying for the privilege of 'no overdraft charges' on a bank account that doesn't offer an overdraft facility in the first place. Seems rather odd if you have an existing free bank account that doesn't charge you if you don't go overdrawn either. Frankly, it sounds like you have a couple of screws that need tightening...
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Old 21-03-2011, 00:00   #10
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Re: Think Banking = Personal banking

Hmm didn't think of it that way, well I'll let you know how it goes at the moment to give you a wider picture.. I'm with Natwest at the moment and there Overdraft rate is just over £6 per day whilst your in the overdraft (this is unarranged, don't want an agreed overdraft)
I mounted this up say I was in it for a month (till I got paid again from work) and that would be £180 per month, plus anything they added on. They have offered me an overdraft anything up to £800 but I have declined it as like to see my money in credit as it were. This is when I researched with the guys at TB, got any other suggestions or do you think this is the right option? - thanks
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Old 21-03-2011, 00:09   #11
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Re: Think Banking = Personal banking

Personally I would avoid them like the plague.

Why on earth would anyone pay £14 (a month) for a bank account ? All mine (I have several) are free.

An overdraft rate is irrelevant unless you go overdrawn - and if you think that will happen, just have an agreed limit. An overdraft agreement of £500 doesnt mean you have to go overdrawn, it just means if you do, it wont cost a fortune.
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Old 21-03-2011, 00:14   #12
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Re: Think Banking = Personal banking

I mirror what Paul says!
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Old 21-03-2011, 00:21   #13
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Re: Think Banking = Personal banking

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Originally Posted by sczoo19 View Post
Hmm didn't think of it that way, well I'll let you know how it goes at the moment to give you a wider picture.. I'm with Natwest at the moment and there Overdraft rate is just over £6 per day whilst your in the overdraft (this is unarranged, don't want an agreed overdraft)
I mounted this up say I was in it for a month (till I got paid again from work) and that would be £180 per month, plus anything they added on. They have offered me an overdraft anything up to £800 but I have declined it as like to see my money in credit as it were. This is when I researched with the guys at TB, got any other suggestions or do you think this is the right option? - thanks
Frankly, I find it hard to believe these are hypotheticals. You either don't pay charges at present which means you'd be stupid to move to an account that costs £14.50 a month, or you are paying charges. If the latter, you need to look at an arranged overdraft to avoid the charges, and look to reduce whatever is missing between your current balance and what you have left at the end of the month.
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Old 22-03-2011, 14:05   #14
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Re: Think Banking = Personal banking

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Originally Posted by sczoo19 View Post
does your wife use it as her main bank account? any problems with the card like can she use in shops, online, petrol pumps that sort of thing - sorry for the 20 questions lol just good to ask someone from experience, thanks again!
Hi, sorry for late reply.
She has only been with them since the end of Feb, but has had no problems so far.
This is now her main bank account, her wages go into it, and all her bills are paid from it, and this is now the only debit card she has, and it's worked everywhere.


As others have said, it's a specific type of account usually for people who are in difficulty with their finances.
Her old "normal" bank account were charging shed loads due to overdraft fees and unpaid direct debit fees etc, on top of a monthly fee (but we could never worked out what she was getting for that)
As she can no longer go overdrawn, and the money to pay the bills is seperated off as soon as she gets paid, it's going to save her a good amount each month, (and will hopefully stop her buying things we don't need or want because it was "a bargin" )
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Last edited by MikeyB; 22-03-2011 at 14:08.
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Old 22-03-2011, 14:48   #15
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Re: Think Banking = Personal banking

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Originally Posted by danielf View Post
Frankly, I find it hard to believe these are hypotheticals. You either don't pay charges at present which means you'd be stupid to move to an account that costs £14.50 a month, or you are paying charges. If the latter, you need to look at an arranged overdraft to avoid the charges, and look to reduce whatever is missing between your current balance and what you have left at the end of the month.
Agree totally - that is exactly what an arranged overdraft is for, I can't see what the problem would be in having one.
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