Budget 2010: Bank accounts for all

Former_MSE_Rose

This is the discussion thread for the following MSE News Story:

"Banks must do more to offer all customers a basic current account at the very least, the Chancellor has announced."

Read the full story:

Budget 2010: Bank accounts for all

blind-as-a-bat_2

The British Bankers' Association says in a statement: "Everybody can have a bank account if they want one, unless, and this is rare, the law says they can't, As long as it is with the co-op or barclays if you are or have been bankrupt

Thought i would make that statemant a little more accurate:cool::D

Im sure others could add more from the DFW side

Old_Wrinkly

Banks must do more to offer all customers a basic current account at the very least, the Chancellor has announced.
He says over the next five years one million more people will have access to a current account.

Yes, that's about all I recall him saying on this matter, too.
What a waste of space ...

glider3560

Old_Wrinkly wrote: »

Yes, that's about all I recall him saying on this matter, too.

In the whole budget report (236 pages), this is the only mention:

3.70 In October 2009 the Government announced that it had met its shared goal with the banks to reduce the number of adults without access to a current account by half. The Government believes that it is possible to make further reductions in the number of adults without access to banking services, potentially by up to half over the next five years, and that one step towards achieving this would be to introduce a new right to open a basic bank account. The Government intends to introduce a new ‘universal service obligation’, giving people the right to a basic bank account under certain conditions and will consult on the details.

jaemac

What if you don't actually want a bank account? I know people who don't and who have been pressured into having one just to make it more convenient for others. Once we are all on the system it makes it easier for 'big brother' to have even more control over our lives.

MoneySavingUser

jaemac wrote: »

What if you don't actually want a bank account? I know people who don't and who have been pressured into having one just to make it more convenient for others. Once we are all on the system it makes it easier for 'big brother' to have even more control over our lives.

so you'd like it to be more inconvenient for others?

davidgmmafan

"so you'd like it to be more inconvenient for others?"

C'mon give the guy (or gal) a break. There are many people who don't like DD's because the companies have too much control. Personally I have no problem with discounts for DD but object to penalties for not paying by DD (ahem Virgin, BT & Sky).

Who's to say those who don't have a bank account CHOOSE not to because they don't want even the possibility of being hammered by bank charges, and/or chasing things up if there is an error regarding a DD. In my experience you usually have to educate the bank worker about the DD guarantee before you make any progress.

JacksterD

davidgmmafan wrote: »

C'mon give the guy (or gal) a break. There are many people who don't like DD's because the companies have too much control. Personally I have no problem with discounts for DD but object to penalties for not paying by DD (ahem Virgin, BT & Sky).

Surely there's no difference? Companies who give a discount to those who pay DD are basically imposing a penalty on people not paying by DD.

As for Darling's announcement, this is great news! It's about time everyone was able to open a bank account and live life in the 21st century!

Old_Wrinkly

JacksterD wrote: »

As for Darling's announcement, this is great news!

Ahem! I think you need to re-read his 'announcement'. He is going to consult.
Ergo, nothing is going to happen.

Teddy198

I am going to go bankrupt very soon and I have been trying for months to get a bank account where money can be paid in electronically, direct debits paid out but has no cheque book, overdraft or debit card - isn't that a 'basic account'. The friendly staff smile and say 'oh yes we can do that, here are the forms' but when I read them they are always for a standard bank account and specifically 'not' for people who are bankrupt. I'm still looking.

usedandabused

The banks still treat people on low income and subprine with utter disdain, that we're all theives and scally's, the process many Banks have in place to deter customers opening a basic account is shocking!

Even when you ASK for a basic bank account, they are unwilling to assist, I'm disillusioned with the whole banking process, a few odd banks/BS are worth their grain, but not MOST!