Tag: free banking

Which? report claims free banking is a myth

Which? report claims free banking is a myth

A new report by consumer group Which? highlights the high charges that can be applied to a�?freea�� current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. […]

August 21, 2012 More
Bank of England may end free in-credit banking

Bank of England may end free in-credit banking

A director of the Bank of England has warned that official intervention could be considered to end the a�?dangerous myth of free in-credit bankinga��. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it […]

May 24, 2012 More
Which? calls for action on overdraft charges

Which? calls for action on overdraft charges

Consumer group Which? is calling for unfair overdraft charges to be stopped after finding that charges are too complicated and impossible to compare. Which? asked a number of volunteers to calculate how much an unauthorised overdraft would cost at RBS-NatWest, HSBC/First Direct, Lloyds, Barclays, Halifax, Nationwide and Santander. The volunteers, who included a maths PHD […]

January 17, 2012 More
Regulator says free banking should end

Regulator says free banking should end

A leading financial regulator has blamed the a�?illusiona�� of free banking for leading to some products being mis-sold. Andrew Bailey, director of banking services at the Financial Services Authority, said that a�?free-if-in-credita�? current accounts have distorted the market. He said that a�?free bankinga�� means that a�?charges are levied inconsistently across products supplied by banks, with […]

November 25, 2011 More