Online Banking - Limiting Losses
 

My apologies if this is in the wrong forum or has been repeated elsewhere but does anyone know if there is such a thing as a bank account where it is impossible to go overdrawn. Many banks do not have an overdraft facility but all that means is you get charged an arm and a leg if you do go overdrawn.

What I am after is an account I can use for buying things online which would have limited funds with no ability to overdraw. That way if anyone obtained my details either by technological wizardry or my negligence (the more likely!) my losses would be limted and acceptable.

Thanks in advance for anyone who has any (useful) suggestions.

Myke

I set up a second account with my Building Society/Bank for doing just that. I requested that the overdraft facility be removed (the account has an automatic one as standard) which just required written confirmation.

Co-Op Bank's Cashminder account - no cheque book, Electron Visa card, online banking, payments in/out etc. Draw cash out at the PO/Link cashpoints, free to use, set it all up by calling an 0800 number. No overdraft facility, at all.

http://tinyurl.com/yuetvs

As the airborne perambulator said, I think ALL banks are legally bound to respect your request to remove any overdraft limit on your account, BUT be very careful, since any mistake by YOU will land you with not insignificant charges for a bounced transaction.

Here's another idea - Bread - a pre-paid card offered by Newcastle Bldg Soc.

You load it with money, and use it online/in shops. It's a Maestro card.

No opportunity to go overdrawn, just gets refused, like a credit card.

https://www.breadcard.com/faq.aspx

Thanks for the quick replies guys. The Bread idea sounds good but being a Yorkshireman (Definition: Scotsman without charity) I'm not keen on the idea of forking out ten quid for it and then paying 25p every time I put more money in. Since I would only be keeping a minimal balance and I (well, my wife actually) does a lot of online shopping, that would be a lot of 25p's.

I think FP's solution is the way to go - I'll be contacting my bank in the morning to try and set up a second account that works like Bread if they will let me.

Thanks again for the feedback

Myke

Just don't choose Northern Rock...

:}

SD

Let's be fair here? No-one has lost money as an investor there (yet:eek:). Darling Darling will protect us.........................

No one has yet lost money as an individual, but the taxpayer is exposed (through the loans from the BoE and Darling Darling's depositors' gtee wheeze) to the tune of £40 billion, which is quite a lot, I think you will agree.

The shareholders of course are well and truly ~*%^ed, but that's another story.

Saab - I think we have the makings of a new forum here - the 'PPRune Investors' Forum'. Of course, only professional investors will be allowed to post.........:)

BOAC,

I'm already considering a "PC-only" forum and a "MAC-only" forum. Proof of purchase required...

:rolleyes:

SD

What about those who retrieve from council recycling sites and skips..........................