Co-operative Bank accounts 'available to undischarged bankrupts'

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Co-operative Bank accounts 'available to undischarged bankrupts'

Tue 27th Jul 2010

The Association of British Credit Unions Limited (ABCUL) has highlighted Co-operative Bank accounts as some of the only high street products available to undischarged bankrupts.

ABCUL chief executive Mark Lyonette noted that no legislation exists to help people in this situation to get access to banking facilities.

The organisation named Co-operative Bank accounts and Barclays products as the only possibilities open to undischarged bankrupts on the high street.

Mr Lyonette stressed that people in these financial circumstances should not be considered "too risky", claiming that strong relationships and tailored products make arrangements possible.

"For undischarged bankrupts to be denied access to transactional banking only worsens their already significant financial difficulties," he added.

ABCUL lauded a recent report produced by Citizens Advice, which discussed the role that credit unions play in providing banking facilities for those who are denied one elsewhere.

The industry body recently suggested that the accounts without overdrafts can be good for consumers, since it prevents them being charged for exceeding their balance.

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