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Cannot Open a New Bank Account

Questions & AnswersCategory: Debt ReviewCannot Open a New Bank Account
Anonymous asked 2 years ago

Debt Safe advises that we open a new account but I cannot open a new account.  One bank has already frozen my account; will the other do the same? And then how do I access my salary?

1 Answers
Matthys Potgieter Staff answered 2 years ago

Hi there.

Thank you for getting in touch.

Yes you’ll have to open a new savings account with at bank where you do not have any debt. This is so that your debit orders won’t go off when your salary is paid in. Just remember to advise your employer to deposit your monthly salary into this new account. It is still your bank account so you will have access to you salary.

Keep in mind that debt review (and its process) is recognised by the National Credit Act and controlled by the National Credit Regulator. This means that the debt review process lawfully protects you. So you won’t get into trouble when following the debt review process. Opening a new savings account is part of that process.

Have a great day.