Banks are jeopardising the success of no-frills bank accounts set up to help vulner-able and low-income customers by cutting back on the services offered through them, a report warns today.
Consumer Focus has called for banks to voluntarily agree a minimum set of standards for basic bank accounts, which are held by one-fifth of the adult population as their only or main account.
The accounts were set up nine years ago to allow "unbanked" consumers access to mainstream banking by making it easier for them to have an account they can use to pay in wages and any benefits.
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