Should banks be REQUIRED to provide a basic account?

[PhantomReclaimer]

Banks have to be licensed to operate.

 

In todays society it is very difficult - and to all intents and purposes impossible - for an individual to get through life without an account.

 

Do people feel that a condition of a banks license to operate should be that it is required to provide a basic current account to any applicant for free? I'm talking here about an account that you cannot overdraw on, does not pay interest, and which comes with a basic debit card (without cheque guarantee) and cheque book. It should have facility for paying DD's, SO's, etc, and for money to be paid in via BACS/CHAPS, etc.

 

Thoughts?

 

P.

[notlam]

I agree. They should, although to expect it to be provided free is nice but would perhaps be unfair on the poor old banks.

 

I think it would be ok if they provided the basic account and were allowed to charge a reasonable fee for setting up DDs, SOs, clearing cheques, etc. but ONLY at a fair rate - meaning pennies not pounds.

[phunkeymonkeh]

I was under the impression that banks are required to offer a basic account to people who do not have any other bank accounts.

 

Basic accounts include the ability for CHAPS/BACS, DD's, and you get a cash card (not a debit card)

 

However if you have banking facilities elsewhere then they are under no obligation to provide you with a service.

 

At least thats my understanding.