Managed Bank Accounts

Many people have problems managing their credit cards, thus the banks charge them extra fees for going overdrawn or because they take out cash unexpectedly. Many of these people have a bad credit history; they do not pay their bills on time, so they simply can not manage their accounts efficiently. There is a new product, the think banking account, developed for people who cannot manage their accounts.

The think bank option is not like any other bank account, it has some special features. Let us see how to apply for one. People can apply for think banking even on the internet, but any bank can help you, so it is enough to go to a bank and ask about the think account. There is a registration fee which costs $25, and the monthly administration fee is of $12.50. The bank takes this monthly administration fee for running the person’s account, but they have a lot of services included in this fee.

For paying the registration fee, the person will get a debit card, which is a lot safer than credit cards, because the holder cannot go overdrawn with this type of card. If the account is on the name of two people, they can ask for an extra card for only $5.

Now let us see what the bank does for its clients who have a think banking account. First of all, they assign each person a personal money manager, so the person will not have to call the bank if he has any questions related to his account, he will be able to talk to a person who knows his financial situations. The personal manager is the person who looks after the holder’s financial commitments, he also knows the account holders finances, so the account holder does not have to worry anymore for paying his bills, this will be done by the personal money manager. The think banking option has a great advantage compared to other bank accounts: the bank does not charge the account holder for monthly statements, and he does not have to pay anything extra for the personal money manager.

There are many things a person can do with this kind of bank account. He can open a salary account and his salary will go directly there. The personal money manager will make sure that the account holder has enough money to pay his monthly bills, in other words the holder cannot take out too much cash with his debit card. Also, the personal money manager will make sure that the monthly bills are paid. Direct debits can be arranged too, the holder has to give the details of his salary account to the company he wants to pay, and he should notify his personal money manager so he can make sure that the exact sum will be paid as direct debit. There are great offers even for self-employed people or for people who have a bad credit history, because they are not interested in credit history at all. Also, the bank will send the holder monthly statements both for the salary and the card account.

Let us see all the benefits of a think banking account. The first benefit is that the person does not have to worry about the bills anymore, so the think banking account offers peace of mind. There are no unauthorized fees or other charges; a personal money manager looks after the account. The bank sends free balance updates by text and the account holder gets a Maestro card. With the help of this card he can have access to cash wherever he is, from cash machines or he can pay using his cards in many places. There are no credit checks, thus the think banking account is for everyone, even people with a bad credit history. The account is easy to open, it takes only a few minutes, and the account holder will meet with his personal money manager and the card will be ready in approximately one week.

The think bank account has all the benefits of a managed account without the surprises of a credit card, because the person will never go overdrawn again or he will never have to pay extra fees or other charges, except the ones stated in the contract.