Earlier this month, Advocate Marcus Stone criticised Jersey branches – such as Barclays, HSBC, NatWest, RBSI and Lloyds – for not being obliged to offer a ‘basic bank account’, unlike in the UK where they are required to do so by law.
A basic bank account offers restricted services – such as a deposit account and a debit card – for those who cannot obtain a normal bank account, such as individuals declared bankrupt, people with poor credit ratings or ex-convicts.
Currently the only basic bank account on offer in the Island is provided by a credit union – a non-profit organisation which offers basic financial services and advice – called Community Saving Limited, which had its funding slashed by 30 per cent last year.
Mr Ferey said that his organisation was in talks with high street banks in the Island about the introduction of basic accounts.
‘People don’t necessarily have a bad credit rating because they have been frivolous with money – it can be down to things like making a bad decision,’ he said.
‘And when people have committed a crime and come out of prison, they do need a bank account to re-enter society. We have discussions that are ongoing with some of the banks over here regarding the provision of a basic bank account.’
