Think Money

EU may rule on basic bank accounts for all

News   •   Oct 08, 2010 14:13 BST

The European Union (EU) may force all banks in its constituent countries to offer basic bank accounts to everyone over the age of 18, regardless of their financial background.

A report published by the EU claimed that around 30 million adults within these countries are currently without a bank account - excluding them from a range of useful services and potentially limiting their employment opportunities.

It said: "Being denied access or having difficulty in using payment services may therefore prevent consumers from fully participating and taking advantage of the internal market and may result in persisting inequalities and a risk of financial and social exclusion."

A banking expert at Think Money said: "Although progress has been made in terms of access to basic bank accounts in recent years, many people still find themselves unable to get a bank account - and many don`t even know that basic bank accounts exist.

"People who would be interested in a basic bank account might benefit from a managed bank account, which takes care of budgeting on the account holder`s behalf."

News source: Think Money.com