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Banks need to do more to reassure basic bank account customers

2nd November 2012 Print

Michael Ossei, personal finance expert at, comments on the latest update from the Treasury Select Committee and its inquiry into access to cash machines for basic bank account customers: "While the majority of providers have confirmed that they don't intend to restrict access to cash machines for their basic bank account customers, this message of solidarity is severely undermined by the lack of a similar commitment from RBS and Lloyds - who between them have almost 40% share of the basic banking market. While the two giants cite the need to cut costs, the fact is that they are leaving millions of vulnerable customers excluded.

"Banks have spent the last few years talking about rebuilding consumer trust, but without action talk is cheap. The whole point of basic bank accounts is to protect vulnerable customers and to help eradicate financial exclusion - giving everyone access to a bank account and their money for free. As it is, only four in ten (43%) people think that banking will still be free in a year's time. Forcing customers to pay for access to their cash is another step towards the end of free banking."