The Treasury select committee has published a report criticising high street banks and accusing them of treating low-income customers as "second-class citizens".
The government's decision to not renew the post office account card also came under fire.
The committee urged ministers to find a replacement for the Post Office card account, which is used by more than 1.2 million people without access to a bank account and is due to be scrapped in 2010.
Stakeholder Response: Help the Aged
Mervyn Kohler, head of public affairs at Help the Aged, said: "The Treasury select committee takes no prisoners in its report.
"The Department for Work and Pensions deserves to be criticised for its role in the sorry history of the Post Office card account.
"The committee is therefore quite right to insist on an adequate replacement well before 2010 and points to a range of concerns about basic bank accounts.
"The strength of the report lies in the sharp comments on other banking issues which need urgent action in the quest for greater financial inclusion.
"Many older people, who have been confused by developments around the Post Office card account and the DWP's attempts to persuade them to 'migrate' to bank accounts have encountered real difficulties securing and using a basic bank account.
"The Treasury select committee has put its finger on these issues.
"Currently 12 per cent of people over 85 have no bank account, and over two million pensioners are among the 4.3 million people receiving their benefits through a Post Office card account. This is not a record to be proud of.
"Help the Aged welcomes the committee's view that the Treasury should act to champion the role of the Post Office in promoting financial inclusion.
"High street banks must also up their game, or see their voluntary regulatory regime replaced by a strong universal service obligation."
Stakeholder Response: Which?
Emma Bandey, personal finance campaigner for Which?, said: "Which? agrees with the TSC’s recommendation for buffer zones to be introduced to basic bank accounts as it will help those on low incomes avoid unfair charges.
"Which? has calculated that bank customers pay £4.7bn each year on default charges and these obviously hit those on lower incomes the hardest.
"Any recommendations to help consumers like this should be applauded and we will be watching the uptake in the industry.
"There have been mixed messages this week from the banking industry. On the one hand the British Banker’s Association announces its commitment to financial inclusion while on the other First Direct introduces monthly charges on its current account, penalising those who don’t earn £1,500 a month.
"Consumers will now be looking for reassurance from the banking industry that any changes in charging do not introduce a new level of unfairness or are simply a way of making consumers pay more overall. Which? has consistently called on the banks to open their books and be honest about their charging structures."
Stakeholder Response: Age Concern
Gordon Lishman, Age Concern's director general, said: "Post Office card accounts are very popular with pensioners and we would be strongly opposed to any moves that make it more difficult for people to access their pensions and benefits.
"These accounts were set up so that benefits, pensions and tax credits could be paid directly into the Post Office, making it much easier for older people without a bank account to receive their cash securely, without the fear of becoming overdrawn or paying extra charges.
"The Post Office will lose an important source of revenue if the government fails to renew its contract after 2010, which could force many more branches to close down."
