I need a bank for uni but I think I have a cifas marker.

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eli89
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I need a bank for my to pay my student loan in but i'm being declined from banks when I try open a account. I've tried basic accounts but im struggling with that route as well .Ive had weeks of sleepless nights and depression to the fact I might not be able to attend university. I need help.
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LottieLot
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(Original post by eli89)
I need a bank for my to pay my student loan in but i'm being declined from banks when I try open a account. I've tried basic accounts but im struggling with that route as well .Ive had weeks of sleepless nights and depression to the fact I might not be able to attend university. I need help.
Hiya,

I'm sorry to hear this. It must be so stressful, especially since you're going to university. There must be a valid reason why you have a CIFAS marker: did you willingly give your debit card and online banking credentials to someone claiming to offer you easy money? Did you receive and transfer huge amounts of money? If so, then you may have a CAT 6 marker (for misuse of facility, i.e, your bank account) on your name, which lasts for 6 years. You will find it difficult to get any form of credit since most lenders and banks are CIFAS members and will see your name flagged up with a fraud marker, which will result in your application being declined. I think it's best you tell us what happened in more detail since it's not normal for you to have a fraud marker for no reason.

How do you know you have CIFAS marker? It could be that you may not be on the electoral roll at your address or you have a thin credit file, which can lead to your applications being declined. I'd stop applying for bank accounts because it can affect your credit rating if you apply for too many accounts at once (plus, the banks may get suspicious when they see your file full of rejected applications for accounts, which may result in a future application getting binned). You will need to do a data subject access request form (DSAR) where they will tell you which lender has put the marker on your name, and what type it is. Here's the link to the form: https://www.cifas.org.uk/contact-us/...s-request-form.

If it was a mistake, I would complain to the lender who put the marker there, and if they don't resolve it, then submit a complaint to the financial ombudsman. However, if you were complicit in fraud, then I'm afraid they were right in giving you the marker.

Sorry for this essay, there isn't really much I can do to help. AlI I can suggest is getting a prepaid card (not a Starling and Monzo bank account since they, I believe, are now members of CIFAS) though I'm not too sure whether you can get your student loan paid into a prepaid card. I'd check that with Student Finance if I were you. The link to prepaid cards is here: https://www.moneysavingexpert.com/cr...prepaid-cards/.

Hope this helps
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Quady
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(Original post by eli89)
I need a bank for my to pay my student loan in but i'm being declined from banks when I try open a account. I've tried basic accounts but im struggling with that route as well .Ive had weeks of sleepless nights and depression to the fact I might not be able to attend university. I need help.
Hiya

Given you've never had a bank account it seems unlikely you'd have a Cifas marker.

Are you on the electoral role?
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IWMTom
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(Original post by eli89)
I need a bank for my to pay my student loan in but i'm being declined from banks when I try open a account. I've tried basic accounts but im struggling with that route as well .Ive had weeks of sleepless nights and depression to the fact I might not be able to attend university. I need help.
On what basis do you think you have a marker? Have you neglected to mention a giant fact here?
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Joinedup
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You can make a subject access request to find out what information cifas hold on you. The cifas website explains how to do it.

If the information they hold is incorrect you'll be able to get it corrected.
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eli89
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(Original post by Quady)
Hiya

Given you've never had a bank account it seems unlikely you'd have a Cifas marker.

Are you on the electoral role?
Ive applied for the electoral role about a week ago
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eli89
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(Original post by LottieLot)
Hiya,

I'm sorry to hear this. It must be so stressful, especially since you're going to university. There must be a valid reason why you have a CIFAS marker: did you willingly give your debit card and online banking credentials to someone claiming to offer you easy money? Did you receive and transfer huge amounts of money? If so, then you may have a CAT 6 marker (for misuse of facility, i.e, your bank account) on your name, which lasts for 6 years. You will find it difficult to get any form of credit since most lenders and banks are CIFAS members and will see your name flagged up with a fraud marker, which will result in your application being declined. I think it's best you tell us what happened in more detail since it's not normal for you to have a fraud marker for no reason.

How do you know you have CIFAS marker? It could be that you may not be on the electoral roll at your address or you have a thin credit file, which can lead to your applications being declined. I'd stop applying for bank accounts because it can affect your credit rating if you apply for too many accounts at once (plus, the banks may get suspicious when they see your file full of rejected applications for accounts, which may result in a future application getting binned). You will need to do a data subject access request form (DSAR) where they will tell you which lender has put the marker on your name, and what type it is. Here's the link to the form: https://www.cifas.org.uk/contact-us/...s-request-form.

If it was a mistake, I would complain to the lender who put the marker there, and if they don't resolve it, then submit a complaint to the financial ombudsman. However, if you were complicit in fraud, then I'm afraid they were right in giving you the marker.

Sorry for this essay, there isn't really much I can do to help. AlI I can suggest is getting a prepaid card (not a Starling and Monzo bank account since they, I believe, are now members of CIFAS) though I'm not too sure whether you can get your student loan paid into a prepaid card. I'd check that with Student Finance if I were you. The link to prepaid cards is here: https://www.moneysavingexpert.com/cr...prepaid-cards/.

Hope this helps
I misplaced my halifax bank card then i got a email saying there has been fraudulent activity in my card.Which led the bank account to close the account.I didn't think anything of it at the time and opened a monzo account.1 year later monzo closed the account.
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LottieLot
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(Original post by eli89)
Ive applied for the electoral role about a week ago
Hi again.

It may take a month or so for your local authority to update credit reference agencies about your address. So, I'd wait until end of May until you can apply for another bank account.
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eli89
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The student finance deadline is on the 25th of may. my life will really be over if i don't make the deadline
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mnot
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(Original post by eli89)
The student finance deadline is on the 25th of may. my life will really be over if i don't make the deadline
You can apply after the deadline.
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IWMTom
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(Original post by eli89)
The student finance deadline is on the 25th of may. my life will really be over if i don't make the deadline
You don't need to provide bank details to apply. You can update afterwards.
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LottieLot
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(Original post by eli89)
The student finance deadline is on the 25th of may. my life will really be over if i don't make the deadline
I wouldn't stress about it if I were you. Like you said in your first post, you've been anxious and lacking sleep. So I'd relax and fill in the form and update the bank details like Tom (if that's his real name) says once you get an account. Are you looking to get a student account? If so, I'd check out their overdrafts, interest rates and freebies (like a free Amazon prime membership or a railcard) before applying. Here's the link to the student accounts: https://www.moneysavingexpert.com/st...-bank-account/.
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eli89
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(Original post by RedGiant)
If you've been applying online then you are likely to have trouble being verified if you have no accounts at all. Go to a bank branch and apply there with your passport and a physical proof of address. If you don't have any form of proof of address (e.g. a driving licence), request a notice of tax coding from HMRC which some/most high street banks will accept as a proof of address.

If that doesn't work then I suspect there's something you've not told us. Have you ever had any documents stolen? Have you been able to access your credit report?
Im going to halifax tomorrow to see if theres any information they hold about my old account.
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RedGiant
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(Original post by eli89)
Im going to halifax tomorrow to see if theres any information they hold about my old account.
Your old account? There we go then, that’s more than likely going to be connected to why you can’t get an account now (I wrongly assumed you never had an account before).
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Quady
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(Original post by eli89)
I misplaced my halifax bank card then i got a email saying there has been fraudulent activity in my card.Which led the bank account to close the account.I didn't think anything of it at the time and opened a monzo account.1 year later monzo closed the account.
You didn't think much about your bank account being closed? And you didn't think about the email saying you were shafted?

Oh well.
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Quady
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(Original post by eli89)
The student finance deadline is on the 25th of may. my life will really be over if i don't make the deadline
Surely you can just go to uni when the six years are over and do some cash in hand jobs until then?
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StudyMum2021
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Don’t go for a student account. Just go to a main bank in person, explain what happened and ask to open a basic account (no overdraft options, no cheques and no contactless facility). They shouldn’t have a problem with that 😊 I can recommend Lloyds bank
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Catherine1973
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In terms of back up, could you give a parents bank account number for the payments, they then pay the rent etc or give you cash to buy food or a credit card on their credit card account.
But best to get your own account sorted as well.
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IWMTom
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(Original post by Catherine1973)
In terms of back up, could you give a parents bank account number for the payments, they then pay the rent etc or give you cash to buy food or a credit card on their credit card account.
But best to get your own account sorted as well.
I'm sure that'll go down well for their parents when automated KYC and AML checks are carried out.....
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Catherine1973
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I wasn't suggesting he use the accounts, he would legitimately just be asking the student finance people to be paying into an account that is not his own. Unless student finance will only pay into an account in the students own name?
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