Stay away - there are alternatives

Card One Banking - www.cardonebanking.com
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Johnboy024's review of Card One Banking - www.cardonebanking.com

“Stay away - there are alternatives”

★☆☆☆☆

written by Johnboy024 on 30/09/2013

Due to adverse credit, I decided to join the "bank". Firstly they are not covered by the FCA money guarantee so if they go bust you loose your money. A simple search on companies house and you will see what I mean. This is public information and seriously worth a look.

Charges
£12.50 a month to do nothing
15p for a computer generate SMS BALANCE
£3.50 for a pay in book with 12 bits of paper
Can't recall the charges but charge you to transfer money, Between £3.50 and £10
10p minute to call - although pleasant staff and quick enough to answer.

Ok so they don't charge for bouncing direct debit. Most banks only charge £10 to bounce a DD now so you'd have to bounce at least 14 a year to cover your monthly fee.

So what's your alternative. Think money. Looked at there site and only monthly account charge.

Barclays basic account - cash card only account( has debit card)

Co-op basic account - cash card only account

I'm just giving you options folks, by stay away from cardone banking in my view.

John Vernon

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Cardonebanking's Response to Johnboy024's Review

Written on: 25/08/2015

I'm very sorry you feel this way about the account. Although you are correct in pointing out that there are alternatives to this account, many of our customers feel that the £12.50 monthly charge is less than the bounced payment charges that they would be paying with high street banks. We are most certainly regulated by the FCA, this is a requirement for any financial institution within the UK. Our client accounts are held with Barclays PLC, meaning if we were to "go bust" our customers' money is perfectly safe. We have been trading since 2007, longer than many of the alternatives, so this is highly unlikely.

We try to be as transparent as possible with our charges and our Customer Service advisors always advise the cheapest and easiest way for our customers to carry out transactions.

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Johnboy024's reply to Cardonebanking's Comment

Written on: 25/08/2015

2 years to reply! If you go bust the money is not guaranteed. You may ring fence the money through Barclays. In reality it's not a real bank account . I py £12 to bank of Scotland and get aa cover, phone insurance and travel insurance and overdraft

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