People recovering from bankruptcy will no longer have a choice over where they can access a bank account as Co-op withdraws from the market.
Only the Co-op and Barclays offered accounts to those who are undischarged bankrupts - generally the 12 months after a bankruptcy order is made.
The former has said it will no longer accept new customers of this type, blaming an "un-level playing field".
It said existing customers in this situation would not be affected.
'Disproportionate'People who have been made bankrupt are generally only allowed to open a basic bank account.
These accounts do not offer overdrafts. Some have a debit card, but only with limited facilities. They do not incur a monthly fee.
There are about 20 basic bank accounts available, but now only Barclays allows undischarged bankrupts to sign up.
The Co-op argued that all banks should work equally to offer help to those who have been financially excluded.
"Across the industry there has long been an un-level playing field in the provision of basic bank accounts, with our bank doing far more than most, and we have been calling for some time for this to be addressed," said John Hughes, managing director of retail banking at the Co-op.
"Unfortunately it has now come to the stage where our disproportionate market share of the basic bank account market has continued to grow significantly, and regretfully, we now need to take steps to address this."
17 Sep, 2012
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Source: http://www.bbc.co.uk/news/business-19621680#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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