1 / 10

Basic Bank Accounts: The EMA Extension

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

norton
Download Presentation

Basic Bank Accounts: The EMA Extension

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Basic Bank Accounts:The EMA Extension Paul Ross

  2. Basic Bank Accounts:Background • Available since April 2003 in Post Office accessible form • Over 1.52 million in operation • Key tool towards financial inclusion

  3. 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

  4. Basic Bank Accounts:Availability • 17 different banks • Most can be opened either: • In branch • Over the internet • By post • By telephone

  5. Basic Bank Accounts:opening an account • ID + V • Money Laundering regulations • Guidance for banks • Guidance for customers • The BBA web-site • Financial Services Authority

  6. 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!

  7. 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

  8. 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

  9. 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

  10. Basic Bank Accounts:The EMA Extension Paul Ross Director, Retail Banking British Bankers’ Association Paul.ross@bba.org.uk

More Related