The Co-op Bank has decided to stop offering basic accounts to the considerable number of people going through bankruptcy in a move which has dismayed charity, Citizens Advice, which has a local
bureau at Neetside.
Gillian Guy, Chief Executive at national charity Citizens Advice said:
“We’re very disappointed that the Co-operative Bank has decided to stop offering basic bank accounts to people going through bankruptcy. This leaves only one bank – Barclays – willing to provide basic bank accounts to people in this situation.
“This market needs to be shared – all banks should have a responsibility to spread the risk and cater for clients who don’t represent immediate profit.
“Not being able to open a bank account has very serious repercussions for people – it’s much harder to process wages and benefit payments, pay in cheques and pay bills. Without a bank account, these basic everyday tasks can become huge and costly obstacles to overcome, particularly for people who are often already at a vulnerable point in their lives.
“Citizens Advice wants the Government and all banks to work together to find a sustainable solution that ensures everyone has access to this essential service.”