Your Basic Rights to getting a Basic Bank Account

Published on 7 September 2017 by Raffick Marday

The basic Right To Have A Basic Bank Account

I will not be surprised if our children read getting a basic bank account as a constitutional fundamental right. Just like every citizen is entitled to food and shelter, on similar lines now each person is entitled to have their basic bank accounts. Government's declaration in March 2010 that everyone should have guaranteed access to a basic bank account by 2015 is then definitely a step in the right direction.

It is actually not feasible for everyone to get a bank account in a high street bank. Especially in the post-credit card era, where almost everyone has faltered on their credit card bills once in a while, the investigations by a bank before they open your standard current or savings account becomes all the more excruciating. Also for individuals with low or irregular income the banks become stringent. If you have an account which is previously overdrawn in the same bank, then again you are turned down as ineligible.

But do not despair, because as aforesaid, a basic bank account is your right. By their very design, these accounts are meant to provide banking facilities to the common masses.

Their utility can be captured in the following points:

• A safe place to deposit your income and tax credits.

A cash card to make withdrawals from cash machines.
A debit card that also allows you make purchases in some banks
Nil fee as setup charges
Ability to open an account without money or as little as £1.
Ability to pay both cheques and cash into the account.
Ability to pay bills via direct debit from the account and set up standing orders in some banks.
Mostly you will not be paid any interest on your deposited money. This is a feature of savings and standard current accounts.

And again mostly, the bank will not provide you with any chance to get overdrawn. While in a standard current account, you can overdraw and then pay back along with an interest.

You can find the facility of a basic bank account at the high street bank. This will give you a chance to experience premium quality customer services also, without costing you a fortune.

All that you will need to produce is just your identity proof such as a driving license or a passport. And a separate proof of your address, like on a council tax bill, or a utility.

Are banks working to reduce branch networks?

Branch banking access has always been a vital part of the banking relationship for its consumers, despite the growth in other areas to access your account such as services provided by ATMs, over the telephone, and on the Internet.

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