Which? says banks must clean up their act

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Which? says banks must clean up their act

Wed 23rd Sep 2009

Which? has told banks to "put their house in order" following a report by the European Commission released this week.

Doug Taylor, personal finance campaigner at the company, has pointed out that there is still an issue over the amount UK banks charge in fees for unauthorised activity.

He noted that on average lenders received £152 from each account in 2006 through fees and he raised the point that no mention is made of the interest people lose by being charged.

"British banks should stop taking their customers for granted and put their house in order - starting with settling the court case on overdraft charges," Mr Taylor added.

The European Commission's report stated that banks in this country are now below average for price transparency on current accounts, he said, which stops people being able to compare products.

NatWest and RBS recently reduced their fees, which moneysupermarket.com argued is unusual considering they had previously insisted that the charges are a fair reflection of the costs associated with unauthorised consumer activity.

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