Consumer Focus Post Office Basic Bank Facts
March 31st 2010 Posted at Basic Bank Account
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Consumer watchdog Consumer Focus has today provided some stats as to why they have asked for immediate introduction for the new basic bank.
Consumer Focus commented on “There are almost the same number of post office branches (11,923) as bank and building society branches combined (12,270). There are 6,566 post offices in rural areas. Source: Post Office Ltd, British Bankers Association
Research conducted for Consumer Focus by ICM developed a blueprint design for a ‘custom’ bank account based on what low-income consumers said they wanted from a banking product.
The product incorporated principles considered as essential by the low-income consumers surveyed, including convenient access, simplicity and control.
It was designed to offer a viable alternative to both POCA and existing basic bank accounts. The account differs from
POCA as it would allow consumers to receive inward payments such as wages, access cash from any ATM and have debit card functions
According to the research, seven out of ten (71%) of the financially excluded – those with no bank account or a Post Office Card Account (POCA) – said a new, easy to use product offered through the PO would suit them better than their current arrangements. 72% said they would consider opening such an account if it was offered at the PO 1.75 million adults do not have access to a transactional bank account (source; HM Treasury).
These groups struggle to access a range of mainstream financial products, which imposes real costs on individuals and their families. For example, they may be more likely to pay additional costs because they are unable to use electronic bill payment methods, or pay for goods and services on the Internet”
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