The glasses came out so I could see what the article said and I thought to myself, “Really, you’re only exposing it now?” This has been going on for a long time Rekha! However, compared to “Account Maintenance fees” with foreign accounts, it could be even worse - my opinion being account fees will at some point be introduced as we are the only country that currently offers free banking.

With prepaid cards there are unfortunately fees that have to be paid. ClearCash, compared to others has kept these fees low but time and time again we hear, “as long as I can get free banking I will stick with that.” And no matter how many times my team and I try and explain – “but your bank account isn’t actually free”, it still seems to have no effect. They may not cost anything to run, but once the overdraft is hit, even by a penny, the charges kick in – instantly. And with thousands of people around the UK returning from their summer holidays abroad and kitting out their kids for the back to school wardrobe, the banks are in for a treat. As “in the red” statements arrive on doorsteps across the country, I can hear the pennies dropping now like a slot machine with a big win - and the big Cheshire cats looking like they just licked the last of the cream.

If you’re struggling with your finances, you’ll find high overdraft charges combined with low credit interest means the days of free banking are long gone.

The examples used in the Rekha’s article show how your bank account, without an authorised overdraft, can easily and quickly switch from friend to enemy – costing you over £1,000 a year.

It’s about time these “hidden charges” are exposed and I give huge credit to Rekha Jogia who has not only highlighted the overdraft charges and shown how much someone can become indebted by them, but also highlighted other unexpected charges from a “free” bank account such as the one we get when using our cards abroad.

Those lucky enough to have seen foreign soil this year will find themselves, even if not in an overdraft when they return, falling out of love with their bank…foreign transaction fees can soon end up costing you more than you think.

The upshot of this, is to research the account that’s right for you, whether it be a premier account, a basic account, a foreign exchange account or a prepaid card. Whatever choices you make in order to manage your finances, it’s vital you make it your business to know the fees, penalties and charges. Terms and conditions are in small print for a reason – go the extra mile – take your time and read them – they could make a big difference to where you put and how you manage your money.

Want to know more about managing money effectively – check out BudgetMaster now.

But time is running out it seems, for those with bills too big and purses too small to make even the minimal re-payment.  Statistics are coming in fast and quick, confirming the steady rise in credit card debt.  As people return from their “must have” summer holidays, I feel the question has to be asked, is it really worth it?  Really?  Is it?

A colleague of mine recently told me she doesn’t own any credit cards – not because she can’t, but because in such cautious financial conditions, she believes it’s safer to go without.  So where do we go from here?  There seems to be a huge divide in this country from those who use credit cards and those who don’t?  Those who don’t – like many ClearCash clients – only use the money they have to buy the things they need – if they can’t afford it, they go without.

But despite this – I question why the rest of the nation continues to spend their way into debt?  No sooner will they have come back from their summer holiday, which they couldn’t afford in the first place, to then start spending the money they don’t have on Christmas presents.

UK banks and building societies have confirmed, that in the last 12 months, they’ve written off £9.6 billion of loans to individuals.  In quarter one alone, £2.13 billion was written off of which £1.25 billion was credit card debt.

Surely, the whole nation needs to sit up and take notice – or will the rest of the credit card fan club only find their senses when it’s too late – when the red bills arrive on the doorstep and they’re officially, undeniably, in debt.

If you’ve taken a summer holiday this year – why not tell us here on our poll how you paid for it

- ClearCash responds to customer demand to supply cheque cashing service

- ClearCash provides this service up to 45% cheaper than any other UK Prepaid card providers for cheques £250 and under

The cheque isn’t dead yet. To meet heavy customer demand, ClearCash has launched a cheque cashing service which can be up to 45% more cost effective than any other UK Prepaid card providers.

Many ClearCash users rely on the card as their sole financial portal. Recognising this, ClearCash introduced this service to ensure clients can make use of cheques given to them as gifts or payment for services.

ClearCash launched in 2009, is targeted towards people struggling to manage their finances and those who may not be able to use a normal bank account due to bad debt or poor credit rating.

Samuel Mond, Operations Director of ClearCash comments:
“The appeal of ClearCash has widened substantially over the last 12 months to people of all backgrounds and finances – mainly because we offer tools which are useful to anyone wanting to stretch and manage their budget in such frugal times.

“The cheque cashing service was clearly in demand but we needed to make sure it was a cost-effective service too. There was no point introducing it if a client ended up losing too large a proportion of the value of their cheque just to pay for the privilege of cashing it.”

This additional service has been incorporated into the ClearCash Prepaid card’s portfolio, which already includes the interactive BudgetMaster, enables users to see first hand whether they are over or under spending. This has proved a popular resource, helping cardholders get to grips with their finances and gain a higher level of understanding regarding money management.

Earlier in 2010, ClearCash was awarded Best Unbanked Pre-paid Card 2010 and runner up as Best Pre-paid Newcomer 2010 – coming second to the more publicised O2 Card, by Pre-paid 365.

Launched following customer feedback, the new ClearCash tariff gives clients the option of only being charged when they actually use the card.

Samuel Mond, Operations Director for the card explains,
“For regular card users, the Pay Monthly card saves a considerable amount of money as there are no UK transaction charges.

I’m sure everyone will be cheering on England and your home countries during this summer’s world-cup. And for thoselucky enough to go, utilising a prepaid travel card is just one way to keep your moneysafe.

The days of travellers cheques seem to be long gone and the alternative – to carry wads of cash around with you is certainly not the most appealing option. So, as thousands of people pour into South Africa to support their much loved football teams it’s good to see that the media are acknowledging the sensibility of prepaid cards and advising those travelling abroad to use these as a form of security to hold their money and pay for transactions on.

Not only do prepaid cards allow people to keep their money safe but they also have the added security of chip and Pin. Although ClearCash can be used abroad, for people looking for a specialist prepaid which is completely targeted towards foreign exchange use, we recommend you take a look at RationalFX, FairFX and CaxtonFX of which all are very competitive and will help you get more for your money when changing in to the South African Rand. Using normal Debit or Credit cards abroad can work out very costly.

Prepaid cards are becoming more popular and 2010 / 2011 will see the industry take off even more. ClearCash is soon to launch a new Pay As You Go card with no monthly fee and very low transaction fees. If you would like details on this please email info@clearcash.co.uk

Anyways – summer is now here and the world cup is nearly with us…until next time, enjoy the weather and “come on England!!”

To view the article in the Telegraph please click here

ClearCash has an active interest in sports and sporting personalities as we believe the same determination demanded of becoming an expert athlete and sportsman requires the same dedication and commitment to address one’s finances and stay on top of your game. And with this affinity, we have donated funds as sponsorship to winning team Sale Rovers – who were fantastic at last week’s final – proving that team work and dedication can help anyone reach their goal.

And of course, as many of you know, we also sponsor professional boxer, Genius Joe Murray who has to date won all of his fights….and long may it continue!

Click here to see highlights of Sale Rovers and their moments of Glory.

Best wishes and congratulations to the team.

The winning Team

Although I accept there are many different viewpoints on this issue, what I find frustrating is when only half a story is told.

Even if it’s done so with the best of intentions, when speaking and advising the public – particularly through such a respected source as the BBC – is it not fair that the full picture be given?

The BBC claim that, according to a case study they reference, Prepaid card clients are not made aware of the fees they incur as part of the agreement. But are we all to be tarnished with the same brush? Certainly, in our case, each applicant must sign a form / tick a box online to agree to our terms and conditions (which are clearly visible not only on our site but all consumer based comparison sites such as MoneySupermarket) - before receiving the card. It’s also a legal requirement to have the terms and conditions clearly visible on any publication (paper and web – which we of course do).

The BBC also claims that costs are incurred by the client when having benefits paid on to Prepaid cards. This may be true of Radio 4’s case study, but not of ours. ClearCash allows bank transfers to be made into the icounts, and payments via salary and benefits can easily be made –without any additional cost to our cardholders. The problem highlighted in the BBC report, when further investigated online, that the most likely reason other prepaid providers charge for benefits to be paid in to their prepaid accounts is because the benefits agencies refuse to transfer the monies to prepaid cards due to the “extra admin” that’s incurred.

In our case, when benefits are paid into the ClearCash icount system, our office have to find the payment in the system. Normally, the payment will be made with the cardholders card number and this allows the system to automatically place the funds in their icount without delay. Unfortunately, the benefits office do not offer this facility and instead reference the client’s name or NI number. Our team must then manually search for the payment under the cardholder’s name and place the funds in the correct icount. A big admin burden to us that the benefits agencies can’t be bothererd with but in this situation, we do it because it’s needed. Although ClearCash doesn’t charge for this service, this is what I suspect other providers are charging their £2.50 fee for.

Furthermore, the article from Channel 4’s MoneyBox also quotes Minister Helen Goodman who states that she feels prepaid cards are not suitable for people on benefits. It’s possible Helen Goodman doesn’t understand why many people opt for Prepaid cards …because they can be much cheaper than operating a bank account on which you go overdrawn every month. Many people who doing something about their debt and who no longer qualify for a bank account, find security in a Prepaid card. which can give them a strong alternative to a normal account, but offers new features which assist them with their money management and also ensure they are in no danger of going into overdraft and consequently experiencing further charges. This is easily achieved mainly because there is no line of Credit.
Being Operations Director of ClearCash has given me an opportunity to really understand why people use our card and how it can genuinely help improve the financial stability of their life. With that said, I understand we can’t all agree on everything, but surely I can expect, especially from the BBC, a fair representation from both sides of the coin…no pun intended
Should either the Money Box or Minister Helen Goodman like a complementary ClearCash card and icount to test for themselves, they can contact me.

According to the telegraph, half of current accounts already charge banking customers a monthly fee of as much as £25!

Are the OFT going to stand back or fight on? Overdraft charges are too high and something needs to be done about it!

As Martin Lewis says from MoneySavingExpert.com “Banks have taken our money unlawfully and justice demands that they give our money back!”

Things for ClearCash are getting better and better. We’ve been working on some really exciting developments for you but you’re going to have to sit tight and wait whilst we get the last few bits sorted out! Trust me, it’ll be worth the wait.

Since my first waffle a few months a go, I did say that we’re seeing ClearCash as an evolution, a birth of a product that will develop into something very special, and that’s exactly what we’re doing.

Joe Murray, aka Brand Hatton’s Champion Boxer, Genius Joe, is also evolving! As you may know, ClearCash sponsor Joe as we see in him the message of ClearCash – fighting for a better future.

Joe’s now won 4 out of 4 of his fights since going professional after the Olympics last year. And the other Friday we saw him continue in his success as he shows what true determination can achieve.

Click here for Joe’s post match interview - do you like his t-shirt

With an extreme training regime, Joe applies the same dedication to his profession which we believe our clients should apply to their ClearCash icount, to ensure a healthy and stable financial future.

Many people ask me, why Joe? Why did we choose to sponsor Joe. Well, Joe is like most people in Britain today – but what makes him different, what makes him admirable, is that he strives and fights for a future he believes in. We believe in Joe, and know that ClearCash is backing a ClearWinner.

As our brand gains recognition in this industry, it’s great to be communicating more and more with ClearCash clients. The feedback we’re getting about how much the BudgetMaster is helping you, is great to hear and now more than ever this tool will become vital as so many of us start to save up for Christmas.

So as you put on those boxing gloves and battle out your finances, remember the motto: ClearCash - Intelligent Money Management.