How does the banking facility work?
The account has the advantage of two special accounts that work together to take
care of your financial commitments – whilst looking after your personal spending
needs. The account gives you the peace of mind that comes from knowing there’s enough
money set aside to meet all your financial obligations.
This is achieved in three easy steps:
Step 1
Income is paid into your banking account
Step 2
We'll help set aside the money you need to pay your regular commitments such as
standing orders.
Step 3
We transfer the remaining funds into the prepaid card, which can then be used to
withdraw cash at cash machines, pay for goods in shops and restaurants or shop online.
Banking
The Spectrum Financial Group launched banking product 'cardonebanking' in 2008 using our very
own, in-house cash management platform.
Result? Built for today’s market place but based on traditional Jam-Jar banking, our banking facility has
all the functionality to allow customers to manage their day to day money, creditors and household bills.
• No credit checks
• No hidden fees
• Never spend more than you earn
• Manage your money online, through texting or through a UK call centre
• MasterCard® prepaid card facility also provided - acting as your debit card
For instance, cardonebanking offers online account management services and text account alerts –
real “mobile” banking and valued ‘24/7 functionality’ that today’s customers expect and
appreciate. Every day thousands of our customers are paying their utility bills, rent,
mortgage, council tax, insurance and even their debt plans, using their cardonebanking facility.
They receive free alerts when there is insufficient money to pay a standing order, but no matter
how many times a payment may be bounced, we charge no "insufficient payment" fees.
For a flat monthly fee of £12.50, our customers enjoy everyday banking with NO hidden fees or
charges. According to the Office of Fair Trading, 12.6m accounts incurred at least one insufficient payment charge
in 2006, incurring an average fee of £205 per annum. 1.4m people paid £500 or more in bank
charges in 2006, many of whom are financially vulnerable. cardonebanking fees are £12.50 per month or
£150 per annum, a clear saving. more...
• pay £12.50 per month – no bounced payment fees
• wages can be paid in – carry a balance of up to £25,000 in the billing account
• standing orders can be set up online and over the phone
• bank transfers and bill payments
• an account-linked Prepaid MasterCard® Card is issued – for cash withdrawals worldwide, high street spending and making purchases online, or by phone.
• move money from your billing account to your card account automatically or ad-hoc by texting
• receive ‘wages have arrived’ text alerts
The Spectrum Financial Group has an established, hugely experienced in-house call centre to
support customers through the account application procedure, to activate new cards and
accounts, set up standing orders and handle general customer services enquiries.
For more information visit
www.cardonebanking.com
A cardonebanking account
has the advantage of combining two accounts that work seemlessly to help manage a customer's finances.
‘Billing account’ – into which wages/moneys are paid and the sums subsequently used to settle
routine bills via standing order
‘Prepaid MasterCard® Card Account – onto which funds are loaded for subsequent cash withdrawal
(via ATM’s worldwide), payment for goods and services on the high street, online, and by phone.
cardonebanking costs £30 to open and then £12.50 per month. There are no credit checks and
there are no other fees (except for spending abroad). This means that if you ‘bounce’ a
standing order, we charge you nothing. What’s more, we will text you 7 days in advance to
let you know if there are sufficient funds in your account to cover the payment.