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Present research reports have discovered that near to two million grownups in Britain have the ability to make do without any banking account. But while residing “off the economic grid” could be popular with those who mistrust modern finance and online banking, lacking a bank-account might have major implications due to their economic wellness.

Firstly, there’s the fee. Research by the Financial Inclusion Commission discovered that without having a banking account can cost a lot more than £1,300 per year significantly more than an individual who conducts their financial affairs by way of an account that is current.

The study unearthed that a lot more than half (60%) of those without a banking account once had one however it was closed against their will as a result of financial obligation problems or any other difficulties with their bank. As soon as deprived of a banking account, those people then destroyed usage of making regular debit that is direct for things such as for instance electricity, phone or broadband charges – bills are often at the mercy of some kind of discount should you consent to spend by direct debit.

Percentage with no bank-account falling

Even though the headline numbers on those without a banking account are alarming, there are a few signs that are positive you dig a little deeper: