Move Your Money: Change Account
HJ Fantaskis | 17.10.12
London Rebuilding Society is a social enterprise that offers fair and affordable financial services to people excluded by conventional banks.
For just a pound per week, the Change Account will offer customers a full range of services including direct debits, standing orders, a visa prepaid debit card, budgeting facility and full mobile banking but with no hidden fees or charges.
Available from next month, the Change Account is being launched following recent research by Which? shattering the myth of ‘free’ banking. The research found that some consumers are paying up to £900 per year simply being overdrawn - as well as missing out on hundreds of pounds of interest.
Danni Pafford, a Move Your Money campaigner says, "Despite the fact that banking services are an absolute necessity, the Big Banks have ignored millions of low-income customers because they don’t think they are worth serving. That's why its so great to see a social enterprise proving that, with a little innovation and by putting customers first, you can deliver fair and affordable banking services.”
The launch of the Change Account comes at a critical time for the retail banking sector.
The introduction of Universal Credit in 2013 means all benefit recipients will receive a single monthly payment into their account on behalf of the entire household. This means that it’s vital that households have access to proper payment services which enable them to manage their money.
Steve Round, Chairman of London Rebuilding Society says, “There are over 3 million people in the UK who either don’t have a bank account or are stuck on a basic bank account which simply isn’t fit for purpose - with millions more with accounts which are inappropriate for their needs.
Even if these families - who tend to be on low incomes - can get a proper account, many refuse because they know they will be hit with unfair fees and charges which could send them headfirst into a spiral of debt. "
The Change Account will cost customers just £1 per week for the full range of basic payment services. Additional fees for services such as international transactions, lost cards and additional named cards on the account will be clearly highlighted in all the literature.
At Greenhouse, we're very excited to hear news of alternative banking options, like the Change Account. Will you be opening an account? Have you already changed accounts? Drop us an email, or a tweet!
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