EU To Rule On Basic Bank Accounts For All Including Bankruptsposted on 8 October 2010 | posted in General Category | ( 0 ) CommentsThe European Union (EU) may force all banks in its constituent countries to offer basic bank accounts to everyone over the age of 18, regardless of their financial background. This includes people wishing to go bankrupt or have done so already. A report published by the EU claimed that around 30 million adults within these countries are currently without a bank account - excluding them from a range of useful services and potentially limiting their employment opportunities. It said: "Being denied access or having difficulty in using payment services may therefore prevent consumers from fully participating and taking advantage of the internal market and may result in persisting inequalities and a risk of financial and social exclusion." A debt adviser from Integrity said "Although progress has been made in terms of access to basic bank accounts in recent years, many people still find themselves unable to get a bank account - and many don`t even know that basic bank accounts exist. We have to constantly keep up to date with the banks to check their ever changing policies on giving bank accounts to people with bad credit history and debt problems". "People who would be interested in a basic bank account might benefit from a managed bank account, which takes care of budgeting on the account holder`s behalf. But we don't really recommend this, as there is always a monthly fee involved with these accounts". If the EU forces this rule then it will make access to banking in the UK much more fairer and will help those in debt. Share this blog entry:
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