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Brits oppose obligatory bank charges and support 'free banking'

The overwhelming majority of Brits are opposed to incurring bank charges for owning a current account, a survey from uSwitch.com has found.

A total of 75 per cent of respondents would be opposed to banks charging a fee for this service, with 81 per cent saying they would not even pay a small fee.

This is despite the fact that the "myth of free banking" could have reduced transparency in the sector, encouraging lenders to make money through incidents such as the payment protection insurance scandal.

While 38 per cent of those polled by uSwitch.com said they would be concerned about the expense involved in account fees, a further 16 per cent argued they would be unable to afford it.

However, only 43 per cent of people think it will still be 'free' to own a bank within a year.

"Banking is only really free for those who never go overdrawn - everybody else is paying in some way or another through myriad charges or less competitive rates," personal finance expert at uSwitch.com Michael Ossei said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801463971-ADNFCR



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