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Bank charges 'are customers' biggest gripe'

Unfair bank charges are the number one complaint for consumers in Northern Ireland, according to a survey by one financial institution.

The Belfast Telegraph reports that Ulster Bank commissioned research and conducted interviews to gain insight into its customers and those of other banks.

More than 3,000 customers were questioned for the bank, whose parent company is Royal Bank of Scotland.

As a result of the findings, Ulster Bank is now trying to adopt a more consumer-friendly to banking, its retail markets chief executive Mike Bamber told the newspaper.

"Bank charges get lots of complaints. What customers are telling us is that what would be helpful will be having some forewarning of when they go overdrawn," he said.

Mr Bamber added that most customers acknowledge they will incur charges if they go over their overdraft limit, adding that charges have fallen "considerably" at Ulster Bank in recent times.

Charges of between £5 and £15 are placed on those who go overdrawn without authorisation.

Posted by Charles Baker
Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800060644-ADNFCR

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