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End of free banking 'will promote transparency in bank charges'

While people who have avoided bank charges could be "outraged" by the end of free banking, other consumers will appreciate the transparency it provides.

This is according to uSwitch.com personal finance expert Michael Ossei, who pointed out countless people are paying for their bank account through hidden loan charges and fees that are concealed in small print.

Sweeping these costs "under the carpet" has made it hard for members of the public to understand which accounts meet their needs or compare the different products on the market, he added.

Millions of pounds are being paid by customers in "stealth fees and charges", the representative remarked, noting this expenditure could be avoided if bank claims provided the right information or if people were on the best accounts for their requirements.

Furthermore, if high street banks begin rolling out fees, Sainsbury's, Tesco and other new entrants to the market could "end up mopping up dozens of disgruntled current account customers", Mr Ossei declared.

Which? recently found some people spend £900 on bank charges every year, which it said exposes the "myth of free banking".

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801433460-ADNFCR



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