Universal Credit: UK’s Banks Turn on Coalition over Free Bank Account Plan

Some of the UK’s largest banks have balked at the coalition’s proposal to force them to set-up free current accounts for universal credit (UC) claimants.  Many of the country’s claimants do not have current accounts and with banks often charging monthly admin fees to run accounts, the Treasury is keen to create an industry-wide service that would provide those on UC with a free service. The Treasury is currently locked in talks with the big high street lenders, but government sources have claimed that negotiations have been marred by differences with the banks unhappy about the lack of fees. Read more on 24dash.