Consumer watchdog group, Consumer Focus, has stated that “dark clouds” appear to be hovering over the future of simple bank accounts, such as those designed to be used by the elderly and other vulnerable groups.
The BBC publicized Consumer Focus’s concerns – which said that an increasing number of banks have been issuing restrictions on the use of these simple bank accounts, while the Co-op withdrew from the market altogether in September. The watchdog requested some basic standards to be met including cash machine/post office counter access, free debit card use, leniency towards overdrafts and no massive fees towards charges that are late.