Back to Basics…
If you haven’t heard, the Banking part of the Post Office is to offer three new bank accounts. What is important is that one will be a free basic account with a Debit Card & accessible online.
All three will now undergo a trial period before a nationwide launch.
Why is this so important… (you mean you haven’t read previous posts??) It’s YOUR MONEY!!
And it ends years of diminishing access to vast numbers of people who have and do rely upon what really is a basic right.
Still existing are the horror stories of various banks restricting access to cash to only ‘their’ ATM’s after years of loyalty, and with branches closing nationwide, it impugns the integrity of honest people.
Moreover, there are hundreds of thousands of people nay millions, who have had the aggravation of being denied a simple banking account.
But quite simply (and you can thank the intransigence of successive Governments – over decades – combined with a malicious campaign by the ‘banks’ to deter and mislead ‘you’ otherwise) forthcoming changes to the banking sector – which they have brought upon themselves and the tax payer’s purse – means this move by the Bank of Ireland should be the first of many.
But don’t hold your breath.
Having a ‘free’ basic bank account is not the ‘B’ all and end all of banking. It is though the first step on the ladder of understanding and using money for the majority of us.
The older amongst us may remember saving stamps and a Post Office Account. Pay money in and the book was sent away for an update. Positively prehistoric compared with today.
Even getting your first ‘proper’ bank account was an ordeal.
But banking then was a different beast. There was one unbreakable tenent then, one of trust. My word is my bond.
However, financial scandals, take-overs, Government impositions and sell off’s, swingeing rulings and charges, branch closures, PPI, fraud, EU legislation, […do I need to continue!] have taken their toll. How anyone can have loyalty to one bank in particular completely stuns me.
You wonder why we would even want one.
But, it is a lifeline, your only option other than a ‘jam jar’ under the bed. And however much you want to argue against them (basic accounts that is) just to live these days, you are going to need one.
So with relish this move by BoI is welcomed purely that it means greater access for thousands who need this kind of facility. Whether or not as an individual ‘product’ it stands up to others on the marketplace, is another matter.
The move though is proof positive there is competition out there and that as this is the case, recognition that banks must finally put their house in order.
Note this though, the campaign to have basic bank accounts as an option is not just for one bank to take up. Every financial institution wanting to call themselves a bank should have this availability to customers. For as it was once, it will and must return.
And for the still doubting Thomas… ‘….take a rain cheque’ [just couldn’t resist it]
Back to Basics…