Austria's federal president Heinz Fischer has opened the first office of Zweite Sparkasse in Austria, which is intended to provide banking services for consumers who are currently without access to a bank account.
The financial institution specializes in providing bank accounts for those who experience financial difficulties and have no access to banking services. The innovative service, founded by the Erste Foundation, is unique in Europe.
The office will be run in conjunction with social welfare institutions such as Caritas and debt counseling services, together with volunteer employees from Erste Bank.
Initially, the only product offered by Zweite Sparkasse will be a limited-duration, interest-bearing customer account. This is a basic account with a bank card, which has no overdraft facility and is available to the customer for three years.
President Fischer stated, The Zweite Sparkasse is a ground-breaking initiative. This new financial institution can help financially excluded people return to an orderly life and once again participate in social processes. In doing so, it renders an important contribution to maintaining social stability in our country.
Around 12,000 Austrians do not have access to a bank account.