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Which? research unveils 'high' bank charges

Some consumers pay hundreds of pounds every year in bank charges, a consumer advocacy group has said.

Which? found that a person who used an unauthorised overdraft for two days every month would lose between £120 to £900 annually.

It pointed out that even some people with authorised overdrafts will have to deal with sizable loan charges, with HSBC and NatWest holding interest rates that are higher than personal loan and credit card charges.

This research "shatters the myth of free banking", it remarked.

People who remain in credit also incur bank charges when they withdraw money abroad and are losing interest, Which? stated.

It confirmed that it believes agreements between banks to roll-out monthly fees would constitute a breach of competition law, highlighting comments made by the Office of Fair Trading regarding price-fixing agreements.

Which? chief executive Peter Vicary-Smith said it's "a disgrace" that consumers are having to pay more for their bank accounts "while the industry continues to be rocked by scandals like PPI misselling, LIBOR rate-rigging and IT failures".

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801432894-ADNFCR

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