Banking fees will result in customers changing banks

| November 9, 2007 | 0 Comments

At least 80% of consumers said they will swap banks if their existing bank introduced monthly or annual current account fees, according to a survey by the consumer group Which?.

In July, it was announced that the Office of Fair Trading and several high street banks were together launching a test case in the High Court to determine whether or not the current level of unauthorised overdraft charges was reasonable.

There is speculation that banks may consider introducing monthly or annual account fees to regain revenue if it is discovered that these charges are too high. Which? discovered that if this occurred, 87% said the Government should get involved to guarantee the banks don’t overcharge. Doug Taylor of Which? said they would be very disappointed if it comes to this.

He added that consumers don’t want to be charged for their current account and will vote with their feet if their bank introduces a monthly or annual fee. Banks shouldn’t need to be forced to treat their customers fairly.

Banks only have themselves to blame for the damage they’ve caused in relation to the overdraft charges episode Mr Taylor concluded.

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