Forced Trust for the Banks
I have a friend who does not trust banks at all. He remembers when companies starting forcing staff to get bank accounts to pay their wages into and he remembers the way banks treated low waged people. I wouldn’t say that I have personally be regarded as low waged but many years ago when I first came to the UK, I struggled to adjust to life and got myself into a bit of the financial mess and I certainly did not enjoy the treatment I suffered at the hands of a particular high street bank.
UK banks will be legally obliged to provide a basic bank account to every citizen under plans in this year’s Budget. Why? The banks don’t want to, they are struggling to get us to pay more for our personal accounts already and now they have to deal with ‘unprofitable’ people as well. It does not bode well for everyone involved.
What makes this less palatable for people like my friend is that these ‘sharks’ got us into the financial mess and now we are to entrust them with more money!!! The question has to be, what benefit is a bank account going to be to the poorest?
via BBC News – Budget 2010: Plans to provide bank accounts for all.
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