The Irish Banking Culture Board has launched a guide to the "Basic Bank Account", which provides essential guidance for customers to apply for a bank account to support their inclusion and accessibility to banking.
A basic bank account is a current account that provides essential daily banking services, which all residents of the EU have the right to, no matter what their financial situation.
The basic bank account financially empowers customers in a vulnerable position, supporting peoples' financial freedom and providing dignity and access to a better life for many.
All retail banks in Ireland provide a basic bank account with the same core features - receiving money, making payments, making lodgements and withdrawals and a debit card.
The new guide has been translated into Arabic, French, Lithuanian, Polish, Pashto, Urdu, Portuguese and Mandarin, removing language as a barrier to many who are seeking to apply for a basic bank account.
IBCB said it conducted research in 2020 to better understand the needs and wants of people in accessing and utilising banking services.
In doing so, it sought the views of organisations that support marginalised and vulnerable groups who experience difficulties accessing banking products.
It said its research identified a clear need to raise awareness of the basic bank account as a first step towards financial inclusion across society.
IBCB is also partnering with Safe Ireland and TASC in providing funding, banking expertise and support with bespoke financial resilience training to victims of domestic abuse.
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It said the new partnership will have an impact nationwide, delivering valuable training throughout Safe Ireland's national network of 39 organisations.
Angela Black from the IBCB said the new guide is of vital importance and a positive response from the banking sector to help prevent financial exclusion for many people in Ireland.
"Banks have listened and are responding to the needs of those who have found opening a bank account challenging, due to their specific personal circumstances," Ms Black said.
"By providing this helpful guide, which promotes an important service, banks are demonstrating in a practical manner, their support for marginalised members of our community, those dealing with domestic or societal challenges that have impacted their lives, and those excluded by the language barrier," she added.
