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Bank Claim: Holidaymakers must be given more information

Banks, lenders and travel money providers have been told that they must make information regarding their currency products more clear and ensure their customers are aware of all the options and implications.

The Office of Fair Trading (OFT) has acted on a super-complaint from Consumer Focus about what the group deemed was often misleading and confusing information.

Lloyds, Barclays, RBS, Santander and the Co-operative Bank have all agreed to scrap the debit card charges made while consumers were abroad. The banking groups previously charged their account holders between 1.5 per cent and two per cent of the value of the transaction for the service.

"Companies should be earning profits by competing to provide the best value products and services, not through charges that are hard for customers to identify or interpret," said John Fingleton, chief executive of the OFT.

Consumer Focus stated that it welcomed the announcement and customers should have the right to know exactly what charges they will be subjected to while on holiday.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801244734-ADNFCR



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