From: "Yes Baby" <2468@never2latebtinternet.com>
Newsgroups: uk.finance
Subject: Re: Bank charges 'crippling customers'
Date: Sat, 30 Jun 2007 10:41:37 +0100
Bytes: 3430

your real names not Mike Terry is it



"Robin T Cox"  wrote in message 
news:sFohi.10236$uR5.8959@newsfe7-gui.ntli.net...
> Bank charges 'crippling customers'
>
> Press Association
> Saturday June 30, 2007 7:33 AM
>
> http://www.guardian.co.uk/uklatest/story/0,,-6748001,00.html
>
> Banks have been accused of presiding over a current account "jungle" that
> disadvantaged vulnerable customers.
>
> The National Consumer Council (NCC) said unfair banking charges "crippled"
> Britain's most vulnerable current account holders and called for better,
> clearer and more upfront information from providers.
>
> It follows concern that people on low incomes and with limited financial
> knowledge are being hit with fees as high as £39 for going beyond their
> overdraft limit, pushing them further into debt.
>
> In response to the Office of Fair Trading's (OFT) consultation on personal
> current accounts, the NCC is pushing for similar safeguards to those
> already brought in to the Northern Ireland market.
>
> As such it is calling on the OFT to force banks to provide more
> information on bank statements, including explanations of how and when
> interest rates and charges are applied.
>
> In addition, it wants the watchdog to investigate how the costs of "free
> banking" arise and how the burden of often hidden costs are split between
> different groups of customers.
>
> And in a bid to get a better deal for the least well-off in society, the
> consumer watchdog called on the OFT to include basic bank accounts in the
> remit of its current investigation.
>
> Ed Mayo, chief executive at the NCC, said: "Navigating through the current
> account jungle can be a real challenge. People are reluctant to switch
> because they are either worried about standing orders and direct debits
> not being paid, or feel that the process is too complicated.
>
> "Those on low incomes or with limited banking experience are most likely
> to be adversely affected. For them a default charge of £39 is enough to
> push them into debt.
>
> "It is about time banks stopped pulling the wool over people's eyes and
> started behaving more responsibly."