#FinCapWeek – Bank accounts
In certain circumstances Apex tenants can be turned down when applying for a current account. This could be due to a number of reasons including past history and no credit history. Free Basic Bank Accounts were launched at the start of 2016 and are designed for:
• Those who don’t already have a bank account and are ineligible for a current account
• Those who can’t use their current bank account due to financial difficulties
As Basic Bank Accounts cannot become overdrawn there is no need for credit checking by banks. They will therefore help tenants manage money better and when Universal Credit is implemented in Northern Ireland in 2017 it will be essential to have some form of bank account.
Most free bank accounts allow for the following:
• Salaries or benefits can be paid in directly
• Free use of ATM’s
• Pay bills by direct debit or standing order
• Pay money into account
• Some accounts have access to a debit card
It is necessary to be aged at least 16 to open a Basic Account but this could be 18 with some banks.
If tenants would like assistance opening a new bank account please contact Apex’s Financial Inclusion Officer, Michael Lyttle, on 02871304800 and he will complete an online application on your behalf.