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Topic 4, People who want to close their current account can do so at any…
Topic 4
standard current accounts, offering a full range of payment methods including
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◆ packaged accounts, which charge a fee for including additional services with the
account, such as travel insurance and car breakdown cover;
◆ basic bank accounts, which offer a debit card and/or cash card but no overdraft
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◆ student accounts, often with an interest-free overdraft;
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money to pay transactions that are due, that they are keeping to their budget and
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online, on paper and via ATMs to monitor their transactions. Statements are usually
provided once a month for current accounts, unless very few transactions are made,
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When people choose a current account they look for an account that matches their
everyday banking needs.
Current accounts are available from banks, building societies and the Post Office. All current accounts offer regular statements online or on paper to enable people to
monitor their transactions
Most adults use a current account for their everyday banking needs, such as receiving
payments, storing money for short periods of time, making payments and accessing
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Before anyone can open any new account, including a current account, they must
supply the provider with proof of their identity and address.
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criminals can use accounts to hide the source of their funds (for example, drugdealing) and to make payments in support of their activities (for example, terrorist
activities). Providers who do not follow the legal requirements face heavy fines. Providers need separate proof of identity and address so one document cannot be
used to prove both.
People who are on benefits, who are young or who do not pay bills can find it difficult
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People who want to close their current account can do so at any time and at no cost,
although they must pay any fees and other money that they owe.
They do not need
to give a reason, although many providers will ask, for marketing research purposes.
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