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Basic Bank Accounts: The EMA Extension. Paul Ross. Basic Bank Accounts: Background. Available since April 2003 in Post Office accessible form Over 1.52 million in operation Key tool towards financial inclusion. Basic Bank Accounts: what are they?. A ‘ no credit’ account

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basic bank accounts background
Basic Bank Accounts:Background
  • Available since April 2003 in Post Office accessible form
  • Over 1.52 million in operation
  • Key tool towards financial inclusion
basic bank accounts what are they
Basic Bank Accounts:what are they?
  • A ‘no credit’ account
  • Allows benefits to be paid direct
  • Standing Orders + Direct Debits
  • ATM access
  • Bank and Post Office access
basic bank accounts availability
Basic Bank Accounts:Availability
  • 17 different banks
  • Most can be opened either:
    • In branch
    • Over the internet
    • By post
    • By telephone
basic bank accounts opening an account
Basic Bank Accounts:opening an account
  • ID + V
    • Money Laundering regulations
    • Guidance for banks
    • Guidance for customers
      • The BBA web-site
      • Financial Services Authority
basic bank accounts opening an account1
Basic Bank Accounts: opening an account
  • ID +V
    • Passport
    • Letter from responsible person:
      • Teacher/further education registrar
      • Social worker
      • Doctor etc
    • Utility bill/driving licence/benefits book
  • Talk to the bank!
basic bank accounts issues for young people
Basic Bank Accounts:Issues for young people
  • ID +V
  • Qualifying Age:
    • 13 banks = 16 years old
    • 4 banks = 18 years old
  • Speak to Bank about alternatives with BACS function e.g.
    • Savings accounts
    • Young person’s account
basic bank accounts points to remember
Basic Bank Accounts:Points to remember
  • Doesn’t allow debts to build up
  • Stepping stone to increased financial confidence
  • Ask the bank to help you
basic bank accounts further information
Basic Bank Accounts:further information
  • Financial Services Authority
    • No Bank Account? Leaflet
    • www.fsa.gov.uk/consumer
  • BBA
    • www.bba.org.uk
    • The Banking Code
basic bank accounts the ema extension1
Basic Bank Accounts:The EMA Extension

Paul Ross

Director, Retail Banking

British Bankers’ Association

Paul.ross@bba.org.uk