Post Office Card Account:Written question - 48674

Q
(Motherwell and Wishaw)
[N]
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Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 18 May 2020
Treasury
Post Office Card Account
Commons
To ask the Chancellor for the Exchequer, what steps he is taking to ensure that people who are unable to open a bank account when the contract with Post Office Ltd for the Post Office Card Account ends are able to access cash.
A
Answered by: John Glen
Answered on: 02 June 2020

The government believes that individuals, regardless of their background or income, should have access to useful and affordable financial products and services, including a bank account.

Basic bank accounts are a key financial inclusion policy. They provide people with a way of receiving income, whether that be salary, pension, benefits or tax credits and enable people to manage their money on a day-to-day basis effectively, securely and confidently. A basic bank account is fee-free for all everyday banking services and has no overdraft facility.

The 9 largest personal current account providers in the UK are legally required to offer fee-free basic bank accounts to customers who do not have a bank account in the UK or who are ineligible for a bank’s standard current account.

The Treasury publishes data on basic bank accounts annually. The December 2019 publication shows that in total there are nearly 7.5 million basic bank accounts open in the UK.

For people who cannot access a bank account, the Department for Work and Pensions will continue to offer the HMG Payment Exception Service that allows customers access to funds via PayPoint outlets.

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