B RITISH B ANKERS' A SSOCIATION 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   Allows benefits to be paid direct   Standing Orders + Direct Debits   ATM access   Bank and Post Office access

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

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

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!

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

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

Basic Bank Accounts: further information  Financial Services Authority  No Bank Account? Leaflet   BBA   The Banking Code

Basic Bank Accounts: The EMA Extension Paul Ross Director, Retail Banking British Bankers’ Association