Switch Banks to Save £££s
Report by Which? highlights cost of bank charges
8th July 2005
Consumer watchdog Which? have estimated that the average banking customer could save £400 a year by switching their current account, credit card and other services from their current provider to a 'best buy' provider such as a purely online bank.
The watchdog claimed that the collective profits of British banking, valued at £35bn last year, were inflated by charges for 'worthless' products, such as payment protection insurance, and also by high charges for sevices such as unauthorised overdrafts.
High charges for using debit cards abroad were also criticised.
The report also revealed that while one in 3 customers are less than satisfied with the service offered by their bank, only 5% have made a switch in the last 2 years.
Read More: Guardian Unlimited
|
More on Bank Profits and Charges : OFT Turns Attention to Overdraft Charges (News, 07/09/2006), Banks Slash Penalty Charges (News, 05/06/2006), Banking Complaints up 50% (News, 03/05/2006), Euro Competition Warning for Credit Card Companies (News, 14/04/2006), Banks Threaten End to Free Banking (News, 10/04/2006), See all 33 Bank Profits and Charges stories >>> |
Home - Banking
