Darling announces Basic Bank Accounts for all
04/09/2010

Chancellor of the Exchequer Alistair Darling talked about in the 2010 Budget speech a week ago that every adult in The united kingdom should be entitled to open a basic bank account.

Online PR News – 09-April-2010 – – Chancellor of the Exchequer Alistair Darling talked about in the 2010 Budget speech a week ago that every adult in The united kingdom should be entitled to open a basic bank account.

According to the British Bankers' Association (BBA)), around eight million adults in the Great britain currently have a basic bank account. Recent plans announced in the UK Budget could see an extra 1Million opening a bank-account over the following 5 years.

The British Bankers' Association commented "Everybody can have a bank account if they want one, unless (and this is rare) the law says they can't."

In recent years UK banks have worked with the UK Government to cut financial exclusion, halving the number of households dont have a bank account. Every 4 weeks 40K more Uk Citizens open basic accounts."

These bank accounts are aimed at people with low incomes, or those with poor credit ratings who would not meet the approval for a standard bank account. An ideal example of the kind of bank account the government is aiming to make accessible to all, is the basic bank account from Secure Trust Bank.

These accounts have been designed allow the user to have control of thier own finances and open features such as direct debits (DD) and internet banking.

A prepaid card from Mastercard also acts as a quick and simple means of money transfer; for instance, if the account holder has relatives, or even a loved on at University far from home, they can send them an additional prepaid MasterCard loaded with the amount of money they wish to send to them.It also opens up the world on online banking, eCommerce and online retail to people who would otherwise be excluded.

Wonder is a new govenment will review this after the next election?