It is estimated that in excess of one million people in the UK do not have their own bank account. This can present all kinds of difficulties, such as getting paid by an employer and making payments online. There are many reasons for not having a bank account and here we take a look at some of them and discuss how to make life easier with a no credit check bank account.
The Fintech Revolution
It simply isn’t the case any longer that having a bank account allows you to deposit money and take out cash to pay for things. Financial technology (fintech) is accelerating more quickly than ever and now the vast majority of payments for goods and services are made using a bank card or via a bank account – for many of us cash is becoming a thing of the past. So why are there still so many of us who don’t have ab account?
Bad Debt and Credit
Those who don’t have a permanent address, the homeless for example, are likely to struggle when it comes to opening a bank account. That said the main reason why people don’t have an account is because they have a poor credit rating or lots of debt.
Those who have been unable to pay bills, meet repayment schedules and therefore defaulted on loans are also likely to find it hard to open an account. There are however plenty of banks and companies around who offer products to those who may fail a credit check.
Basic and No Credit Check Accounts
Banks and companies such as Think Money offer a range of services for people who otherwise may find it difficult to open a bank account. Basic bank accounts, for instance, allow the user to pay money in, have debit functionality and will let you take out cash from an ATM, but won’t allow you to overdraw or access any other type of credit.
Essentially, these types of account offer a safe method of banking. In addition, many of these types of account can be opened without the need for a credit check and so are available to almost everyone – you will probably still need a permanent address in order to open one.
Despite some of these accounts coming with a monthly charge they can be a real game changer, saving the user a lot of time and allowing them to function more easily, more happily and more effectively.
In order for a business to be a success, it will need to have a confident workforce as this allows employees to be productive and keep morale high. This can be a huge challenge for entrepreneurs as it can be difficult to boost confidence in people, but fortunately there are a few steps that you can take which should help to instil confidence in your workforce.
One of the most obvious ways to inject confidence is to give everyone regular positive feedback. This will help people to feel important and valued in their position while also creating a positive working atmosphere which everyone can benefit from. It is also a good idea to give positive feedback in public but if you have to give constructive criticism this should be done in private. Positive feedback should also always be genuine.
Assign a Mentor
If you have new, inexperienced and/or employees that are low on confidence it can be an excellent idea to assign them a mentor. It can be hard to build confidence at work by yourself but when you have someone that is established then it allows them to show them the ropes and build greater confidence. Mentoring should always be followed up with sessions where they can discuss what they have learned and if they have any questions. Additionally, it can also be a confidence booster for the mentor as it shows that you have deep respect for their approach to their work.
Establish Clear Expectations
It can be difficult for an employee to feel confident in their role if they are not completely sure about what is expected from them. This means that you can inject confidence by clearly establishing what is expected from them – it can be helpful to write these down and then to regularly review these expectations at a staff appraisal with them in order to track progress.
Professional Indemnity Insurance
Professional indemnity insurance is a smart purchase for any business owner to make and it is also one that could save the company a huge amount. This type of cover protects the company and employees against claims made by a third party as a result of omission, error or negligence. This will allow your employees to take calculated risks with confidence. Without this type of cover, a business will often be hamstrung by timid employees who are scared into indecisiveness and inactivity. This is particularly true in today’s day and age where companies are operating in an incredibly litigious environment.
These are a few of the best ways that a business owner can instill confidence in the workforce. This could have a huge impact on the overall success of the company while also making it a more enjoyable place to work. Confidence in employees can be difficult to create and maintain which is why it should always be viewed as a constant and ongoing experience. The key is to create a positive working environment by showing them that you value their hard work, as well as making sure that they have the ability to make decisions without worrying too much about the consequences.