Basic Accounts

On the recommendation of the ZKA, the Central Credit Committee, everyone should be entitled to open and operate a basic account. This type of account is sometimes referred to as an 'account for everybody', but is essentially a basic, standard bank account. Basic banking services include:

• Making transfers

• Receiving income

• Cash withdrawals

• Making payments

Other banking services may be offered by your account, but these are the services which will be offered by every account. This means that the most basic type of bank account may not allow the account holder to manage their account online or via telephone, but enables everyone to open an account, even if:

• The applicant exists on a low income

• The applicant has a poor credit rating

• The applicant exists on state benefits

However, people are only entitled to open one bank account: if you have a poor credit rating and wish to open more than one account, the second application may be rejected. Some banks will reject an application because they see an applicant as high risk, while others will follow the recommendations of the credit agency, that an applicant may not be able to manage their money if they have access to several accounts. The credit agency can also recommend that a customer's existing bank account be downgraded to a basic account, if they have developed a poor credit rating.