Research released today by Which? details the extent of charges on ostensibly ‘free’ current accounts. This might actually be music to the ears of the bankers – many within the banking industry would prefer to charge up-front for services like bank accounts. Either way, ordinary customers lose out.
Customers are currently being charged hefty fees in a range of circumstances. According to Which? charges for going overdrawn, without prior approval, range from £120 to £900 per year. But even customers with authorised overdrafts will be charged for being overdrawn at an APR of 19.9%, which is higher than many credit cards and personal loans.
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Image: Tim Peters