BBA: 1m basic bank accounts opened in UK

06 October 2006
According to figures from the British Bankers' Association (BBA), one million basic bank accounts have been opened since the organisation began pushing for people to become financially included in the UK.

The specialist accounts are for those who previously did not have a bank account and were restricted in their abilities to set one up or did not want to use an institution for fear of incurring charges.

The Universal Banking system, working towards financial inclusion for those without a current account, was established in April 2003 and has been an acclaimed success in the interim, the BBA said.

"We shall…build on this achievement in our continuing work to promote financial inclusion," said Ian Mullen, the BBA's chief executive.

"We have [a] commitment to the shared goal of making significant progress towards halving the number of adults in households without a bank account by November, 2006."

The latest figures suggest nearly four million basic accounts are now open. These type of daily banking products can be operated from branches and mobile branches, as well as ATMs.

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