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Bank Claim: People 'are wasting fees'

Many high street banks offer current accounts with added bonuses such as mobile breakdown cover and travel insurance, but new research has found that people are not using the services and are wasting the fees they pay to the bank each month.

Consumer watchdog Which? found a third of the people in the UK with these products never use the benefits of the account, a figure which equates to between £240 and £320 million in wasted bank fees every year.

According to the group, the Financial Services Authority (FSA) is about to discuss the scenario and Which? executive director Richard Lloyd said he was pleased by the FSA's decision.

"Banks have a responsibility to make packaged accounts more transparent by clearly explaining what each of the individual elements are worth, so customers can compare," he added.

Recent research from Defaqto has found that the number of such accounts in the UK has doubled during the last five years.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800778432-ADNFCR



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