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Loan claims: Free banking 'is a complete myth'

Bank charges, fees and lost interest cost consumers more than £9 billion every year, Which? executive director Richard Lloyd has pointed out.

He argued that the claim banking is free is a "complete myth", adding the suggestion that these companies would stop misselling if they charged people for using current accounts is "completely ridiculous".

The sector has let the public down "so badly" that their customers should not "keep having to foot the bill", the representative noted.

Mr Lloyd called for a "fundamental change" to the practices and culture within this industry, as well as "greater transparency about the true cost of banking".

He also said the inquiry into the sector being undertaken by parliament ought to put the interests of the public at the "centre" of any reforms it imposes.

The consumer advocate is not the first to claim free banking does not exist, with executive director at the Bank of England Andrew Bailey recently calling this concept a "dangerous myth".

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801428639-ADNFCR

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