General Banking Services

  • around 2 million adults (1.3 million households) are without access to bank account –while a further 4 million use accounts infrequently;
  • In certain deprived areas, there are free ATM/ bank branch deserts. Low income groups are more likely than higher income groups to withdraw small amounts of cash frequently – which means they can incur effective charges of 10-15% if they only have access to fee paying ATMs;
  • basic bank accounts provide an alternative for excluded consumers but there is huge variation in performance of individual banks in terms of opening and operation of accounts;
  • branch closures – the closure of bank branches in local areas can have a negative multiplier effect in vulnerable communities.