eccount money is owned by Tuxedo Money Solutions who provide many well known prepaid card solutions, both corporate and consumer. The eccount money account is a consumer UK personal basic current bank account which comes with a linked prepaid Visa debit card. To use the prepaid Visa card, funds from the bank account are loaded onto it. The customer decides how much money must be transferred over to the prepaid Visa card each month taking into account how much needs to be left in the bank account to cover bills. If for some reason there is not enough and there are funds on the prepaid card, then eccount money may transfer funds from the Visa card back to the bank account.
The account is available to anyone who is a UK resident and at least 18 years old (subject to identity and address checks). Individuals who have a bad credit history including undischarged bankrupts and those in an IVA can open an account. There is a monthly fee of £12.50 and a one-off fee of £12.50 to open the eccount money current account.
What eccount money offers:
- A guaranteed personal current account for those resident in the UK (subject to identity and address checks).
- No credit checks. Undischarged bankrupts or those with an IVA (Individual Voluntary Arrangement) can apply. Identification and address checks may be carried out electronically through a credit reference agency or they may ask for original ID documents as proof. To obtain all the facilities that the account has to offer including standing orders and Direct Debits it will be necessary to upgrade the account. This requires the submission of 2 hard copies of identification including a copy of some form of official photo ID (e.g. passport/driving licence).
- Visa prepaid debit card. Funds are loaded onto the prepaid Visa card from the bank account. The prepaid Visa debit card can be used worldwide to purchase goods and services as well as access cash at Visa ATMs. The Visa card can also be used for online and phone transactions.
- Standing orders and Direct Debits (once account has been upgraded).
- There are no fees for refused or stopped standing orders (there is for a Direct Debit – £5). However, if the bank has to stop or reject a payment because of insufficient funds more than once, they may withdraw the Direct Debit and standing order facility. There are also fees for setting up and using Direct Debits.
- Pay in salary/wages/benefits once account has been upgraded.
- Pay in cash at Post Offices (free) and at over 23,000 PayPoint locations nationwide (3% transaction fee).
- Pay in cheques by post. They must be sent directly to the eccount money centre in Chester.
- Withdraw up to £500 in cash per day using the prepaid Visa debit card at any cash machine in the UK and abroad displaying the Visa symbol. Withdrawal fees are payable. Also some ATM operators may charge extra fees on top. Sufficient funds must be available as it is not possible to go overdrawn with a prepaid debit card.
- Online banking, mobile banking and automated telephone banking service.
- Online statements.
- No overdraft facility.
- No cheque book.
- Cannot use prepaid Visa at LINK ATMs.
- Monthly and set-up fees for using Direct Debits.
- Monthly fee of £12.50. Set-up fee of £12.50.
No interest is paid on account balances.
Some of the fees for this eccount money basic account include:
UK purchase transactions Free.
Overseas purchase transactions Free.
UK ATM withdrawals £0.50.
Overseas ATM withdrawals £2.25.
Paying in Fees:
Bank transfer Free.
PayPoint 3% (max. load £249 per transaction).
Post Office Free (max. load £250 per transaction).
Postal cheque cashing service £10 per cheque.
Online credit card load 3% (max. £750 load).
Online debit card load Free (max. £750 load).
Payments and Transfers:
Standing Orders Free.
Single Payments Free.
Direct Debits – They recommend that bills are paid by standing order.
Direct Debit set-up £2.50 per mandate.
Direct Debit monthly fees £2.50 for the 1st. £1.50 thereafter.
Direct Debit failure £5.
Maximum card balance, daily and monthly load £5K.
Maximum annual load £20K.
Online credit or debit card load (daily) £1.5K.
Max. weekly credit/debit card load £2K.
Information and Alerts:
Online balance & transactions Free.
Replacement card £4.95.
Paper statement £10.