Here is some great news for low income young earners in the UK who have been denied a simple checking account due to a red flag/bad credit alert by regular banks.
The new trend for the young internet savvy Britons is to go 100% online.
The 100% online banks have a low overhead and hence are able to waive a lot of fees that regular banks like to impose on customers trapped in the cycle of living Paycheque to Paycheque.
These online banks because of low overheads and the need to gain clientele with new younger tech savvy customers are even willing to waiving the following Brick and Mortar Bank fees that are charged such as: 24 hour Overdraft, Overdraft Protection Transfer, and Insufficient Funds Fees for deposit accounts.
Late fees on credit cards, business and consumer loans.
Strategically as these Online banks do not have their own ATM facilities they would let their customers use any ATM for no fee and yet let the customer have their paycheck deposited directly into their Online Bank account.
These Online banks will also give you a regular cheque book as they understand that their customer is not able to use your Debit card everywhere.
I am sure in spite of all the advantages mentioned above for 100% online banks, there may be some apprehension towards using these new online banks.
I am also sure that there may be some small print where the smart lawyers for these online banks have a way of levying some different kind of fee on our young customers.
We want to help you stay out of different kinds of bank fees for as long as possible, but if there are occasional situations when life throws you too many punches in the form of small print and new banking regulations and you find yourself under too much financial pressure and you’ve just run out of ways to stay out of debt, we at www.paydayfinancial.co.uk are here to help you with a stop gap loan and make your borrowing experience as less stressful and educative and supportive as far as possible.
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