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News Article

Everyone - including undischarged bankrupts - 'should be entitled to a basic bank account'

Published 21 September 2012 by

According to the national charity Citizens Advice and the consumer champion Consumer Focus, basic bank accounts should be available to everyone. This comes after the Co-operative Banking Group announced that it will no longer be providing a basic bank account to undischarged bankrupts.

The director of financial services at Consumer Focus, Sarah Brooks, said: "This is worrying news for people with undischarged bankruptcy who need access to an account to manage day to day life. Not having a bank account can make it hard to participate in modern Britain and can create financial problems for the households who can least afford it."

She added: "Everyone needs the option of having an account which, as a minimum, lets them access their money safely and conveniently, make payments and receive their salaries and any benefits."

Gillian Guy, the chief executive at Citizens Advice commented: "All banks should have a responsibility to spread the risk and cater for clients who don't represent immediate profit."

She went on to say that: "Citizens Advice wants the Government and all banks to work together to find a sustainable solution that ensures everyone has access to this essential service."

Basic bank accounts, however, aren't the only option for those going through bankruptcy. A spokesperson from thinkmoney said yesterday that: "The thinkmoney Personal Account is an alternative to a basic bank account/bankruptcy bank account - and anyone, including undischarged bankrupts, can apply for an account with us. They just need to prove that they're 18 or over and a UK resident."

The thinkmoney Personal Account also comes with a built-in money managing service, which could help you to budget. This can be very useful during financially difficult times - such as going through bankruptcy.