Co-operative Bank urges vigilance of current account

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Co-operative Bank urges vigilance of current account

It is important for people to keep tabs on what is happening to their bank balance, since there are several factors to watch out for, according to a finance expert at the Co-operative Bank.

Director of retail products at the firm John Hughes explained that savers can be the victims of fraud if they are not careful and the more vigilant a person is regarding their current account, the easier it is for lenders to combat the issue.

He stated: "A little bit of effort can pay quite a lot of benefit to customers in ensuring that they track things like how their account is working and how their expenditure patterns are developing."

Mr Hughes made his comments in response to research by the Co-operative Bank, which indicated that five per cent of people polled never check their bank statement, while 39 per cent do not regularly review their finances.

In his view, this is a concerning situation.

For example, he pointed out not all current accounts are the same with regards to overdraft fees and interest, meaning that different types of products can suit different people.

The Co-operative Bank representative noted there could be "unwelcome surprises" in store for some consumers if they do not check the terms of their account.

However, Mr Hughes encouraged switching between financial services providers, claiming individuals should feel safe doing so.

He suggested it could be a sensible thing to do from time to time.

"Customers monitoring and reviewing their arrangements may find that they need to think about some alternative arrangements, added Mr Hughes.

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