Yorkshire residents ‘turning backs on banks’

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NEW research suggests at least 125,000 adults in Yorkshire do not have a bank account.

Doncaster, Leeds and Wakefield are among the worst places in the UK for high numbers who do not use banks.

The figures were released by Sheffield-based current account provider Ffrees Family Finance whose chief executive, Alex Letts, said he suspected people were being “forced out” by high charges.

“The data suggests a flight from the traditional banks since 2008 among the mid to lower paid.

“Perhaps because retail banks’ current accounts are not really suitable for the majority of the population who want something more modern, and lower cost. Perhaps also it reflects a breakdown in trust between the consumers and the banks after the financial crisis and the well publicised mis-selling scandals.”

He said it was “disheartening” to see thousands without a bank account.