The problems with POCA

"The Association of Credit Unions is optimistic about a deal for one huge credit union to offer accounts to all the low-paid through post offices; but it needs a change in the law. Post Office accounts are essential as there are no banks in poor wards. If the government does close savings facilities in post offices, ignore all future pieties about 'local community'. However, present Post Office card accounts are dreadful: they only take in benefits, they won't take pay cheques, they don't do direct debits for bills, they have no credit facility, nor even a debit card, and they only allow one withdrawal a week after queuing up."

Writing in today's "Guardian", Polly Toynbee has an article which puts the problem of poor savers into a wider context than the current debate about the collapse of Farepak.