View Full Version : 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.. :confused:
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.
Some very mixed reviews here. http://www.google.co.uk/webhp?hl=en#sclient=psy&hl=en&site=webhp&q=think+banking+reviews&aq=2&aqi=g5&aql=&oq=&pbx=1&fp=d64255a5dc9e493e
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 ----------
Some very mixed reviews here. http://www.google.co.uk/webhp?hl=en#sclient=psy&hl=en&site=webhp&q=think+banking+reviews&aq=2&aqi=g5&aql=&oq=&pbx=1&fp=d64255a5dc9e493e
Thats what I first searched, I think its just luck of the draw lol!! :)
If you feel it suits your needs then go for it.
Out of the 4 accounts I've got. not one charges me admin fees every month for using them as a bank.
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-to-bank-charges.asp
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-to-bank-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! :)
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...
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 :)
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.
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.
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" ;))
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.
Ignitionnet
22-03-2011, 14:43
Just get a basic bank account with a cheque book? If those guys don't allow overdrafts they certainly won't be offering a cheque guarantee card.
In fact they don't, and that card isn't a debit card it's a prepaid Mastercard. Do expect to pay through the nose for withdrawing cash on it.
Avoid, avoid, avoid.
EDIT: Alternatively just get a planned overdraft and exercise some willpower.
joglynne
22-03-2011, 15:45
I go with sticking to your NatWest account and setting up an agreed overdraft, if you don't use it it will work out a lot cheaper than the Think Bank option you are considering sczoo19. I have had an agreed overdraft for longer than I can remember and have never used it but have the safety net of knowing that if I did have to it would be the cheapest option open to me.
As far as using cheques the check card guarantee system, mentioned by igni, is due to end on 30th June this year and any cheques issued after that date will not be covered by the guarantee so cheques may no longer be accepted by anyone who needs verification that the cheque will be honoured.
http://www.investmentinternational.com/news/banking/uk-cheque-guarantee-card-scheme-to-end-in-june-4300.html
turboserver
16-05-2011, 19:06
Re: Think Banking = Personal Banking HELL!:mad:
In March 2011 I set up a bank account with Think Banking. At the beginning of April 2011, I paid multiple cheques into my account. The cheques had cleared and debited from the cheque payer’s account. I was told that the cheques will be credited into my account by the 15 April 2011.
However, this has not happened, I have repeatedly contacted Thinking Banking and asked why? The response on each occasion is that they are experiencing an IT problem and that they will get back to me when they have something positive to tell me. I asked for a guarantee that my money was safe, to which their “Money Manager” representative reluctantly replied yes after my fifth time of asking.
Think Banking have no idea what the IT problem is or the earliest/latest date that the problem will be fixed.
I am seriously anxious and concerned about their lack lustre and laid back approach to money that is a vital part of my every day living life.
Update
1. 3rd May 2011, after a further conversation with a Think Banking Money Manager, the multiple cheques (Totalling over £5000) were finally credited to my card account. I was told I could withdraw from any RBS ATM machine a maximum total of £450 a day.
2. I withdrew £450 each day from the 3rd May 2011 to 7th May 2011.
3. 7th May 2011, I received a letter from Think Banking stating that unfortunately we are unable to continue to provide a service and subject to their Terms and Conditions of use and hereby given 7 days’ notice that the account will be closed on the 12th May 2011. This letter was dated the 4th May 2011.
4. 8th May 2011 the ATM refused to process any withdrawal request.
5. 9th May 2011 I contacted a Think Banking Money Manager for an explanation. They stated that ATM refusal was a security check prohibiting the misuse of a stolen card. I stated that the card was not stolen and please could I withdraw the allocated daily amount. They apologised, but said that unfortunately the card will be blocked for 24 hours.
They also said that my Account will be closed and that I should make alternative banking arrangements and any balance remaining in the account on the closure date will be refunded (Note: Initially Think Banking said this was a directive that came directly from the RBS, in another phone conversation they retracted the statement and said they were not affiliated with the RBS).
“Think Banking Limited which is not part of the Royal Bank of Scotland Group”
They said they were not at liberty to disclose any reason for closing the account. I said that my account was functional on the 3rd May 2011 and now a letter dated 4th May 2011 will close the account on the 12th May 2011; and after all the inconveniences of April, I should pay £25 setup fee and £14.50 monthly operational fee.
The account was terminated on the 12th May 2011 and subject to the outcome of a complaint I lodged concerning the service I received, will I hear whether I shall receive a refund of £25 setup fee and £14.50 monthly operational fee.
The most annoying aspect of dealing with Think Banking is that they constantly text/phone for your identification, salary and direct debit details, but as soon as they have these details they appear to offer any excuse for not providing a transparent banking service.
Think Banking are not a Bank, all they do is provide a questionable banking service.
Think banking isn't part of RBS Group, but any accounts you have with them are held with RBS. As you have said, they aren't a bank, they are an account management company.
If you still havent got the reason for them closing the account you can do a DPA request, requireing them to hand over a copy of ALL records they hold on you (which should include the reason for deactiation).
Thanks all for your advice on TB! much appreciated!
I have now just changed to Natwest and I must say they suit me to the ground :D
I've been with Natwest since i was 19 and not had any problems with them so far. :)
I've been with Natwest since i was 19 and not had any problems with them so far. :)
Thats good!
Hopefully I will be able to say the same thing (a few years down the line)
the only thing I don't like it there OD charges rather steep compared to my Santander (when they were good)
I've been in think banking for about two years now, this being the only bank that I could find that would accept me because I had gone onto debt management, I have since found others where I would be accepted but none as good as thinkbanking. Apart from my decision to go on debt management this was one of the best decisions I have ever made, I have had no problems whatsoever. There is an initial fee to pay for setting up the account then a £12.50 a month fee. I used to pay that at my previous bank for an additions account so no loss there for me. The benefits of this bank is that your money goes into a salary account where your direct debits and standing orders are paid from and what's left goes into a card account and this is yours to do whatever you want to do. So providing you have enough money going in you can never get overdrawn. I am tired of seeing posts where there are complaints about the monthly fee with this account there are no overdraft charges because you cannot get an overdraft in thinkbanking and I bet the normal banks are ripping you off with other charges as well.:D
I've been in think banking for about two years now, this being the only bank that I could find that would accept me because I had gone onto debt management, I have since found others where I would be accepted but none as good as thinkbanking. Apart from my decision to go on debt management this was one of the best decisions I have ever made, I have had no problems whatsoever. There is an initial fee to pay for setting up the account then a £12.50 a month fee. I used to pay that at my previous bank for an additions account so no loss there for me. The benefits of this bank is that your money goes into a salary account where your direct debits and standing orders are paid from and what's left goes into a card account and this is yours to do whatever you want to do. So providing you have enough money going in you can never get overdrawn. I am tired of seeing posts where there are complaints about the monthly fee with this account there are no overdraft charges because you cannot get an overdraft in thinkbanking and I bet the normal banks are ripping you off with other charges as well.:D
Yeah i think its luck of the draw to be fair, same with every other bank out there some people are lucky and some aren't lol
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