Well, it is as it sounds, it is a stripped down account with limited possibilities. There is no overdraft, so no overdraft fees, a key selling point and there is no check. It could also be that you can withdraw less money each day from ATMs. The question is, why would you go for a bank account if you have less facilities? Given, so that the selection of facilities is less than the full current account, why would anyone with a basic do you even bother? The most common reason is the credit history. In the United Kingdom (and in many other countries in the world) applying for a full bank account with checks and overdrafts requires a credit check. Everyone needs banking today. You need to pay a salary, direct debits for bills etc have, in fact, it is now difficult to work for someone without a debit card! Imagine trying to pay anything over the phone or over the Internet without a debit card! This means that of all the existing facilities with a normal account but without the overdraft fees can afford. The offer a bank account that has no lines of credit, and only comes with the option to pay to retire and pay by debit card, ie it can be made available, without considering a loan. However, some people are with almost perfect credit scores turned to basic accounts simply because they do not want the temptation of credit lines. Some simply prefer to have the temptation of money and it makes for better management, have a simple calculation with limited options. We can help to make your bank account.
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