Is it possible to have 2 joint current accounts with the same bank?

Question

We have ovadraft of £1500 at the mo keep gettin charged £127 fees, to avoid this (as they wont extend o d) can we open a new joint account to `start from scratch` & gradually pay off otha acct? Obviously move standing orders & Direct Debits 2 otha acct. Soz if this confusin but advice greatfully accepted as HSBC r doin our head in & costin a fortune...Ombudsman beem informed of charges & being v helpfull. Please no `wise` answers- we r in this sh** as i had 2 hav 5 moths off work & was on ssp.

Answer 1

Depends how bad your credit rating with HSBC is.
Providing your rating is still reasonable then yes you can open a second account, sit down with the bank and explain what you want to do and why.
Providing you maintain your accounts in a reasonable manner you can have as many accounts you like.
I have two current accounts with HSBC, salary goes into one, most of it then gets transferred to my second bills account (which I leave to run on it's own with all bills on S/O and DD).

Answer 2

I worked at a bank in the US, but I'm pretty sure the rules are pretty much the same. At my bank if have an account in bad standing, no, they will not grant you another account and let you "pay off" the other one in time, especially with the sum of money that you are overdrawn. If you leave the account for too long they will put it into collection, and that will have very negative consequences for you. At least here in the US, if that happens, al other banks can refuse to give you a new account until the debt has been paid and you have had an account in good standing with the original bank for at least 2 years.

The best thing for you to do is to talk to your bank manager and see if you can work out some sort of agreement. In some cases, my bank manager would reverse or waive fees for customers.

If you are able to, you'll want to stop those direct deposits, because all they will do is go to pay the overdraft and the bank will not refund any money for you to live on.

Answer 3

PLEASE go get some proper help with Credit Counseling Services -- I know they have something like that in the UK as they do in the US.

Here in the US -- if you are that seriously overdrafted, you will NOT get any more credit, and if this debt remains unpaid for too many months (and no payments are made), then the Bank can go out and start proceedings against you to pay that debt -- and they WILL do so.

YOU need to look at all the spending you are doing and restructure -- restructure your debts to live BELOW your means, and to start paying down the debts that you have. Look at the basics -- Housing Costs, Food, Clothing -- Power to stay warm and lights on -- anything after that -- telly, etc -- well, there are lots that can be sacrificed over the short term to pay down the debt that won't be that hard to deal without.

I seriously doubt whether the bank will allow you to open another joint account, and other banks are NOT going to offer to open accounts to you with such serious problems right now.

PLEASE get help with your finances -- Here in the US -- even Churches do offer some Financial Counseling Services -- so that may also be a place to turn to for help. Get your Finances straightened out, and give up for the short term those luxuries that are not generally necessary for life.

Answer 4

Under normal circumstances, yes, you may have additional accounts with the same bank joint or singular. However, due to the fact that you owe an overdraft on this particular account, I don't believe obtaining an additional account in your name is going to assist you nor is it going to be allowed.

Perhaps at another bank but there again, you have to disclose those accounts that you hold elsewhere.

I assume that the bank has frozen your account at this time? Perhaps you can have them open another account but not issue or ask for any line of credit or overdraft and pay down the amount that you owe on a weekly/bi weekly or monthly basis, based on the time periods that you receive paychecks etc.

Have them take an agreed upon sum directly off the top of any money that you deposit...they might prefer to work with you rather than force you into a position whereby they never get this money.

If they know your situation perhaps they can work something out for you...something that allows you to still have access to your money but that is also slowly getting rid of the debt you owe.

Good luck with this...go at it with a logical mindset and remember you get more with honey than vinegar (talking sugar sweet might get you were you need to go :) Stroke their ego...sucky position but it might work out best for you.

Answer 5

We were in the same boat, being crippled by bank charges, move banks its a lot simpler, any money owed in charges etc make the HSBC a sensible offer and pay them off over a time, hope this is of some help

Answer 6

the bank will look at your past conduct and if you have had charges they will not let you open another joint account with them, they all calculate your total debt and savings before they will offer you another product with them., and generally if you have had bank charges within the last 3/6 months they will not allow you to take on other lending. You could try going to another bank/building society but they do share information abount your financial conduct with credit reference agencies, so I doubt that would work. My advice would be to speak to CAB or a FREE debt helpline who can help to get you sorted and get you back on your feet, they will look at moving dates of d/d's and standing orders for you and if necessary speak to anyone on your behalf and it is free (Not one of the rubbish ones that charge a fee and advertise on the TV!) When you are all sorted again do get a copy of your credit file from experian or equifax to make sure it is correct!!. Do it promptly though because the banks are in it for profit not to help you as a customer. I know this from working from a high street bank for a number of years. Good luck !!

Answer 7

Most banks allow any number of accounts (within reason) or you can open a new account with a different bank anyway because you can move money between the accounts with no cost using Internet banking and the HSBC sucks anyway

Answer 8

no. If they won't extend your overdraft they are unlikely to pen you a new account. You would be better off opening a new account in another bank & transfering money each month to old bank to pay off debt.

Answer 9

Not really helping but I have the same problem with HSBC - if you have a managed loan (overdraft) with them, they don't normally extend anymore facilities to you.

Answer 10

You need proper help not hair-brained schemes and I suggest you contact Citizen's Advice Bureau NOW