Millions unable to access bank services
18/02/2010Banks are being urged to open up their services to the millions of people who can't access them.
The Better Banking Campaign – formed by charities and local groups – says up to seven million people are excluded from getting loans, overdrafts and credit cards.
People excluded from using the banks could be forced into a debt spiral, as the campaign says many are forced to take out payday or home credit loans. This usually means they're paying back high interest rates on small amounts of money.
This comes after Treasury figures showed nearly 2m (1.75m) people don't have a basic bank account.
The campaign's spokesperson Steve Wyler says it's "deplorable" that financial institutions aren't giving those people and businesses in need any support.
One company that is trying to tackle this problem is leading debt solutions provider, Atlantic. Its innovative new current account aims to take the uncertainty sometimes associated with having a bank account – like unexpected charges – whilst still providing the convenience of paying in or withdrawing cash at most banks or other outlets that provide the facility to top-up the card, such as the post office. 
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