What is Universal Banking Services?
There is no such thing as a ‘Universal Bank’. ‘Universal Banking Services’ consists of two strands: • 12 banks and building societies have agreed to make their basic bank accounts (sometimes called starter accounts or introductory accounts) available, free of charge, at Post Office counters from April 2003. The participating institutions are: Abbey National, Alliance & Leicester, Bank of Ireland, Barclays, First Trust Bank, HBOS, HSBC, Lloyds TSB, National Australia Group, Nationwide, The Co-operative Bank, and The Royal Bank of Scotland Group. • The Post Office is introducing the Post Office card account, which is a simple account just for the receipt of benefits, pensions and tax credit payments and cash withdrawal at Post Offices counters only. This means that claimants will still be able to collect cash at a Post Office branch, free of charge, if they so desire. Who will be affected and how? Approximately 14 million claimants currently collect benefit payments from a Post Office br
