Property News · March 25, 2017

Lords call for the banks to get back to basics


A ‘basic account’ is just that … but they aren’t well promoted probably because they don’t make moneyThere are almost 8m basic bank accounts open in the UK, and most of the big banks offer them, but they are arguably the Cinderella of the financial services world. You won’t find sports stars appearing in multimillion-pound TV adverts to plug them, or billboard posters extolling the virtues of these no-frills accounts. But perhaps that could be set to change.In a report on tackling financial exclusion, a House of Lords committee says banks must be “much more proactive” in promoting their basic accounts. It claims that in some cases, even branch staff are unfamiliar with them, and recommends that the government should “require” banks to properly promote them, in branches and via advertising. Continue reading…

Source : theguardian.com
Read more…Lords call for the banks to get back to basics

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