Which? the consumer group states that there are still
large variations in the cost of current account charging to consumers, and the
idea of ‘free’ doesn’t exist.
In its latest analysis of some of the main banks in
the UK, it stated that the UK banking system ‘shatters the myth’ of free
banking. Which? states the cost of going overdrawn without permission for two
days could cost customers as much as between £120-£900 per annum.
However the British banking system have retaliated
stating that the report is not correct as many customers could still access
free banking in the UK – well as long as they don’t go overdrawn.
Which? chief
executive Peter Vicary-Smith stated: "When some people are paying up to £900
a year in bank charges it completely shatters the myth that banking is free."
He added:
"It's a disgrace that the very people who bailed out the banks are being
asked to pay more for the most basic accounts, while the industry continues to
be rocked by scandals like PPI mis-selling, Libor rate-rigging and IT failures.
"Banks
must be far more transparent about their fees and charges so that people can
clearly see what they already pay."
If you are unsure about your financial situation why not get in touch, we will be able to give you a review of your financial circumstances.
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