No-fee account for budgeting and bill payments. With E-account you receive all the functionalities of a current account but without a debit card attached to it. You will benefit from having the use of a free current account without any cards, where you can receive salary or benefit payments and you can set up Standing orders and Direct debits to pay out.
With LMCU E-account you will be controlling your own finances.
If you are currently paying bank charges for return direct debits or standing orders and also paying hefty overdraft fees the LMCU e-account could be for you. It is mainly designed to manage your bills and other activities online and furthermore, our e-account is free.
How it work:
1) Open an e-account with the LMCU and get your account number and sort-code
2) Add up all your monthly bills
3) Inform your suppliers such as your gas / electricity / mobile / mortgage provider that you want to use this account number / sort-code to pay bills. Please use our sample letter if you wish to send them to your suppliers or simply call them to amend their details with the new LMCU e-Account number.
4) On your payday transfer the total of £850 to LMCU e-Account
5) Now sit back and think how to spend the 100s of pounds that you saved by not paying unnecessary bank charges.
You can make cash withdrawals from E account in any of the LMCU branches (subject to the branch withdrawal maximum daily limit) for a small charge.
|Monthly account fee||Free|
|Branch cash withdrawal||£1.50 per hundred pounds|