Banks block out the poor?
20 November 2006
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Individuals on low wages are being made to go to loan sharks and "Farepak-style saving schemes" due to the fact that banks have turned them away, suggests a document formed by MPs.
They apparently state that banks are making it hard for members of the public who are not applicable for a standard account to start basic accounts - and are falling short in offering people more information about them.
The report also asks banks to get rid of their unfair penalty charges. Plans to bring in a £10 fine for those holding an account who pay in short of £1,500 a month are also condemned.
Treasury Select Committee chairman John McFall cautioned in the Mirror newspaper: "Don't treat the poor like second class citizens or we will end up with more Farepaks and illegal lenders."
However, banking organisations reject claims that they treat those on poorer incomes badly.
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