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YOUR MONEY : IFSRA investigating the availability of bank accounts.
(From Irish Independent)
SHOULD everyone be entitled to a bank account?
That's an increasingly important question as financial products and the manner in whichwe pay for them become increasingly sophisticated. People who don't have an account could experience difficulties, if, for example, their employer decides to pay wages electronically - which most people agree is a good thing for security and convenience.
Without some sort of financial record, they may also find it hard to get access to credit, particularly mortgages, and may be driven into the clutches of money-lenders.
The issue is a live one, highlighted in around 60 calls to the Irish Financial ServicesRegulatory Authority (IFSRA).
Callers have related difficulties with opening bank accounts, branch closures, and withdrawals of services.
"People do see that there is a need for this type of service (but) to force banks to offer accounts on which they were making losses would be seen as a pretty radical step," says IFSRA's consumer director Mary O'Dea.
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IFSRA have published issue 1 Regulatory Connection new sletter, autumn 2004, giving news about IFSRA and its work. It can be freely downloaded from the IFSRA website at www.ifsra.ie
