Bankruptcy is not the end of your bank account

Even if your business has gone bankrupt, it doesn't mean that you can no longer enjoy the benefits of having a regular bank account

13:42 25 September 2013

If you have opened a business but things didn't quite work the way you hoped they would, it does not mean that your bank life is over. Although many banks, especially the larger ones, will not take the risk of granting you a debit account or a personal bank account, there are other basic facilities that they will grant you without even checking your credit ratings; so being bankrupt will not be a problem in this case. These bank accounts are indeed limited, but they still make life easier and allow you to get back on track.

So let's take a look at what basic bank services are available for people who have gone bankrupt.

• Basic bank accounts allow you to use a credit card for any payments you make or any money you receive, so you don't have to work with cash every day.

 

• Some basic bank accounts do not allow you to make internet payments or to have a debit card, but others will, so make sure to check all of the offers on the market before applying for it;

 

• In some cases, you can have access to a basic bank account that will allow you to give auto debit options or standing orders;

 

• Some of the bank accounts require you to pay a monthly maintenance fee. However, this fee is generally small and will guarantee you that you don't pay for any other charges or become indebted;

While a basic bank account does not mean that you will immediately recover from your bankruptcy, they are the first step you need to take if your plan is to get up on your feet and start things all over again with your business.