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Where are you based where derisking is illegal? Here in the UK it makes the news fairly frequently when someone notable becomes unbanked because of CIFAS or SAR
by noodlesUK 3y ago
Where are you based where derisking is illegal? Here in the UK it makes the news fairly frequently when someone notable becomes unbanked because of CIFAS or SARs or similar.
Also, I wasn’t able to get a debit card until I was 12, but perhaps that has changed over the past few decades.
- tyfon 3y agoI live in Norway. My kids got a card at around 5, but they are older now. Not with visa/mastercard of course :)
- qubex 3y agoSounded like Italy. Same exact situation. The interbank payment consortium even created a cashless payment system called “Satispay” that lots of consumers and small retail businesses use on a daily basis.
- Ekaros 3y agoHmm in Finland it seems there is "Basic" card. Which I think is technically just more limited VISA debit card. Preventing such things as overdrafts.
- vidarh 3y agoEvery EU country is required to have laws providing for some level of basic account.
- multjoy 3y agoIt rarely makes the news and it happens all the time, but usually because people don't see fraud as criminal until it catches up with them.
- vidarh 3y agoI'm in the UK, and while regular banks don't generally provide debit cards at low age, providers like Go Henry specializes in accounts for kids with built in parental controls from age 6. They are effectively prepaid visa cards with app access for parents to top up instantly. With respect to closing accounts, there are extremely few cases where people can be denied a basic account with the largest banks, but most smaller banks are not required to provide a basic account, and other account types can be denied at will, and most people have other accounts types (there are something like 7 million basic accounts).