Is Your Bank Account Secure From CMS? Find Out Now!

#childsupport #childmaintenance #banking
Is Your Bank Account Secure From CMS? Find Out Now!
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Transcript

Hello how are you so let's talk about banks. So I often read in the forums a question along the lines of which bank can I use in order to stop the CMS taking my money out of my bank account.

So let me give you the answer, it's not quite as straightforward as you may think because the organization doesn't have to be called a bank in order for CMS to take the money from it it has to be listed as a deposit Taker and deposit takers are registered with the with Bank of England so obviously your common Banks such as NatWest, Lloyds, TSB they are classified as deposit
takers I.E they can take money from the public and invest it as part of the banking operations whereas other institutions are not so.

The big one that I hear about all the time is a bank called Revolut. Now Revolut is actually not a deposit taker. So in theory the CMS cannot take money, from a Revolut account.

I nearly said bank account because, actually it's not actually a bank, it's actually a financial or it's a fintech, other companies that they can take money on banks such as Monzo they can take money from Monzo because Monzo is registered as a deposit taker so really if you're looking to protect your money I'm not going to say hide but protect your money because I am aware that lots of people have had money taken out of their account before and the reasons for it being taken at the account are simply wrong

it would appear that Revolut are the current banks that can take your money and it will be protected for the moment, it's worth saying that Revolut have applied for a UK banking license at some point they will get that license, and at some point they will be classified as a deposit taker by the Bank of England and therefore the CMS will be to apply a order against the bank to get your money deducted. Now there's a catch here is some people say well they've taken my money out of a savings account well the reason they take it over savings account is because that account is with a bank it is a bank account.

As simple as that you could quite a camp you're quite a savings account but ultimately it's an account and that's why they're able to take money from it. Here is a Revolut link.

https://revolut.com/referral/?referra...

So just because your money is in a savings account with with a deposit taker such as NatWest
Lloyds RBS isn't safe it can still be taken because quite simply the bank get an order that money so they choose which account it comes from and they do that without consulting you and therefore the money's deducted.

So hope this video has been useful, don't forget to like and subscribe. CMS doesn't work for a lot of people so hopefully if it's not working for you my videos will help you out but the key thing is for an institution to have money taken out of your account for our institution if it's labeled as a deposit taker by the Bank of England then CMS can get your money.

Ok, like And subscribe have a great day see you later. Bye bye

#cms #csa #childsupport #childmaintenance #childmaintenanceuk #childmaintenanceservice
#cms #csa #childsupport #childmaintenance #childmaintenanceuk #childmaintenanceservice #childsupport #dwp #hmrc
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