|
Bank Account News
OFT win 'could usher in current account charges' - 22/01/2008
|
|
| Why not be the first to rate this article? |
|
|
Email this page to a friend
|
The routine practice of not charging for current accounts in the UK could end in the event of an Office of Fair Trading (OFT) win in its case against eight leading banks, one price comparison website asserts.
FinanceDaily.co.uk points out that the financial services providers involved in the case are unlikely to refrain from attempts to recuperate any debt incurred as a result of an OFT win.
And introducing charges for current account holders is one obvious way of winning back losses, the website notes.
"If the banks lose the case it will almost certainly be the end to 'free' banking in the UK because the banks will have to find alternative ways of earning money back from customers," says Dale Lovell, editor of FinanceDaily.co.uk.
He adds that interest paid on current accounts is also likely to become a thing of the past as banks attempt to squeeze as much as possible out of consumers.
In this way, current account holders who are able to manage their finances without getting into debt or exceeding their overdraft limit will pay the price for the difficulties faced by other consumers.
New research from uSwitch.com highlights how Britons could save money by shopping around for items such as gas and electricity, mobile phones and loans.
© Adfero
Back to Index
|
|