No Fixed Address Bank Account

Re:No Fixed Address Bank Account by Kwpolska on Sunday May 08, 2022 @09:11AM (#31303688)

This sounds good in theory, but the way it’s implemented in Poland is a bit of a joke. The basic account must be your only bank account in Poland. You need to visit a bank branch to open it (for any other accounts, you can usually just take a selfie and a photo of your ID card), banks tend not to promote its existence and hide it in unguessable places on their websites, and there are some other random limitations (eg. no e-government access, no Google Pay). The basic account is free, has a free debit card, and has five free operations and five free ATM withdrawals. But normal accounts with cards cost nothing if you have some minimum usage, standard transfers done in online banking are free, and withdrawals in the bank’s own ATMs are usually free too.

The effect? Less than ten thousand basic accounts existed in 2020, two years after their introduction. (source in Polish: https://serwisy.gazetaprawna.pl/finanse-osobiste/artykuly/14...)

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Re:No Fixed Address Bank Account by blfr on Sunday May 08, 2022 @11:45AM (#31305086)

Banks routinely offering a better account than basic minimum is to their credit and expected in an even slightly competitive sector, not a joke at all. That in other countries it needs to be legislated is weird.

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Re:No Fixed Address Bank Account by signal11 on Sunday May 08, 2022 @09:10AM (#31303683)

UK law requires its 9 largest banks to offer fee-free basic bank accounts[1]. While that's not the same as a legal right to an account, it ensures people with poor credit history have access to banking -- it's pretty inclusive but IIRC does require an address -- the 'no fixed address' approach fixes that.

[1] https://www.gov.uk/government/collections/basic-bank-account...

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Re:No Fixed Address Bank Account by Beltalowda on Monday May 09, 2022 @04:11AM (#31311728)

The "you can be refused an account if you do not comply with EU rules on money laundering and terrorist financing" line is key here; this requires an address. This is also what leads to the catch-22 of "you need a bank account to rent something" and "you need an address to get a bank account".

Things are a lot easier now with IBAN though, and a bank account is less of a hard requirement than it was 15 years ago.

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Re:No Fixed Address Bank Account by rr808 on Sunday May 08, 2022 @08:43AM (#31303521)

Sure but this is for citizens where I'm guessing OP was on a working visa.

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Re:No Fixed Address Bank Account by the_svd_doctor on Sunday May 08, 2022 @09:03AM (#31303634)

The first line in the link says it’s for anyone residing legally in the EU. Not just citizens.

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Re:No Fixed Address Bank Account by pards on Sunday May 08, 2022 @08:07AM (#31303315)

Same in Canada. The regulation is called "access to basic banking" [0]

[0] https://cba.ca/newcomers-to-canada

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Re:No Fixed Address Bank Account by refurb on Sunday May 08, 2022 @09:01AM (#31303622)

"....if they meet the identification requirements set out in the Bank Act."

Not sure I see a difference?

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Re:No Fixed Address Bank Account by PeterisP on Sunday May 08, 2022 @12:51PM (#31305732)

Identification does not require a fixed address, and it's not like the UK "no fixed address bank account" discussed in the original article can be opened without a proper ID.

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Re:No Fixed Address Bank Account by refurb on Monday May 09, 2022 @01:43AM (#31310996)

Understood, but the challenge of getting documentation for ID can be as significant as having a permanent address.

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Re:No Fixed Address Bank Account by donthellbanme on Sunday May 08, 2022 @08:53AM (#31303579)

In the USA, you don't have a right to a bank account.

In most cases, unless you bounced a check (There is a separate system banks use on checks. It not tied to credit agencies.) you can get an account by walking in with any check, or money, though.

Many of our poor are stuck with Payday, with their outrageous fees.

Some homeless shelters offer p.o. boxes. Very few sadily.

All the Covid fun money blown out of tee shirt bazokas to fraudsters, and big healthy businesses; none went to people without an address. None.

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Re:No Fixed Address Bank Account by toast0 on Sunday May 08, 2022 @12:00PM (#31305224)

> In most cases, unless you bounced a check (There is a separate system banks use on checks. It not tied to credit agencies.) you can get an account by walking in with any check, or money, though.

ChexSystems is a credit agency. They just specialize in one data point (as of now).

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Re:No Fixed Address Bank Account by dan-robertson on Sunday May 08, 2022 @10:09AM (#31304122)

It’s easy to say that poor people make (or are forced to make) terrible financial decisions. But that may not entirely be the case and we may be missing some of the advantages of those decisions. See for example http://www.businessinsider.com/check-cashing-stores-good-dea...

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Re:No Fixed Address Bank Account by ricardobayes on Sunday May 08, 2022 @10:53AM (#31304612)

Cashing a check takes 6 weeks in the UK. Not many people can wait that long for their salaries to show up.

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