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Bank rules eased for bankrupts
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Bank rules eased for bankrupts
Reforms to make it easier for banks to offer basic accounts to undischarged bankrupts are set be introduced. Only Barclays still offers accounts, after the Co-op stopped supplying them to bankrupts in September. But a legal change will reassure banks that they are unlikely to be sued, if a bankrupt uses an account to spend money on which creditors might have a claim. Consumer Minister Jo Swinson said that without an account bankrupts would struggle to restore their finances. But she added that providing the accounts would not be compulsory, and would still be a commercial decision for each bank. "Having access to a bank account means being able to make vital transactions quickly and safely, avoiding the risk of carrying around large sums of money," she said.....Read more here: BBC News - Bank rules eased for bankruptsTags: None
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