BANK CHARGES AND THE POST OFFICE CARD ACCOUNT

Motion Text

That this House notes with concern that First Direct is to introduce a £10 monthly charge for those current account holders who do not deposit at least £1,500 per month, or keep a balance at that level; is concerned that other banks may follow suit and that the proposed charge will have a substantial effect on those on low incomes; notes that many people have to pay charges to withdraw their own money from ATM machines; is concerned that if the Post Office Card Account is withdrawn without a similar account being in place many families will be unable to operate accounts without charges which will eat even further into their already inadequate incomes; and urges the Government to reverse plans to withdraw the Post Office Card Account or, if they are not prepared to do so, immediately to make clear that a replacement simple bank account without charges will be made available through post offices once the Post Office Card Account is withdrawn.