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Facebook users could encounter new bank charges

Customers who wish to receive updates via their Facebook account could face new bank charges, it has been suggested.

According to bosses at PricewaterhouseCoopers (PwC), more banks need to offer advanced services that take advantage of technological developments if they are to attract interest from Generation Y, This is Money reports.

Bosses at the organisation have hinted that bank account gimmicks such as charging £5 a month for notifications on social networking sites could help banks boost their profits.

Partner at PwC Stephen Whitehouse told the news provider that a digital revolution is underway and banks need to be able to introduce cutting-edge technology in order to appeal to people who were born in the 1980s and 90s.

"There is a fundamental change taking place in banking. For the first time in history banks are not driving the agenda," he was quoted as saying.

Last week, the same publication reported that bank account holders are being charged record amounts to have an overdraft, according to figures compiled by the Bank of England.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
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