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PPI: No bank accounts are 'free'

No bank accounts can be considered to be free even if they do not charge a monthly fee, according to an expert.

Many firms claim to offer free banking but low interest rates, high overdraft charges and foreign transaction fees can all contribute to banking costs.

Peter Vicary-Smith, Which? chief executive, claimed every UK consumer will be faced with bank account charges.

He said: "Contrary to popular belief, banking is not free. Whether it's through low interest rates or high charges, we all end up paying for our current account in the end.

"The complicated ways banks present charges makes it difficult for people to work out whether they're getting a good deal."

The consumer website claimed that Santander account holders could face annual overdraft charges of £1,140 if they default on two direct debit payments a month.

Mr Vicary-Smith advised consumers who are regularly in debt to switch to a more suitable account depending on their requirements.  ADNFCR-2776-ID-800027305-ADNFCR

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