OFT to review current account charges
According to recent studies by a leading consumer interest group, bank penalties are pushing those with restricted income into serious debt difficulties.
Numerous consumer groups and media outfits have challenged banking institutions, demanding that surplus charges and on the spot penalties should be better explained to consumers, to allow lower income customers the chance to make a more informed decision with regards to their account provider.
Currently, people who have identified better deals on the current account scene are less inclined to change their bank due to a fear of disrupting their financial set-up, which could have a negative knock on effect to the rest of their finances.
Bank charges are the cause of much concern for some customers, especially those living below the poverty line. As a result, the Office of Fair Trading has announced plans to review a number of different bank’s procedures relating to current accounts, and to fully analyse banking charges with the intention of having them withdrawn completely.
