Anyhow, I've got a basic bank account with the co-op which is fantastic. I can't go overdrawn and if there are insufficient funds in my account then the transaction simply rejects. Perfect since I always loose count and the internet bank statement is never upto date*.
However, for the sake of credit rating and other things I was thinking about seeing if I could get a normal bank account. The problem is that they all have this built in trap - what used to be called the unorthorised overdraft is now cleverly re-worded ("Informal overdraft") but ultimately the trap that costs you £30 if you spend a penny too much, which would be no use for me.
Are there any normal bank accounts that don't have this booby trap? I've had a look at the t&c's of a few but all seems to be setup to charge you.
* If I go to Tesco and buy something with the co-op card and also with my cashplus card, I can walk home and log onto the cash plus site and see the transaction listed straight away as pending. With the co-op that doesn't happen, yet the card does check my balance and authorise the transaction real-time (hence cannot be used in some situations). How come cashplus can do it my the high street banks can't? Ironically if I go to any cash machine the balance IS correct and up to date.