§ Dr. CableTo ask the Secretary of State for Trade and Industry what agreement has been reached with commercial banks on the charges to be levied on failed direct debits on basic bank accounts under the Universal bank. [32554]
§ Mr. Alexander[holding answer 1 February 2002]: The banks have agreed to make their basic bank accounts accessible through post offices as part of universal banking services. Implementation of that agreement is now a commercial matter between Post Office Ltd. and the banks. The detailed features of these accounts are not part of the agreement on universal banking services. However, the Government have announced their intention to establish a benchmark CAT standard—covering charges, access and terms—for a basic bank account, and are still in discussion with the banks about these.