Current account interest rates 'a common complaint', notes moneysupermarket.com

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www.moneynews.co.uk > Banking > Current account interest rates 'a common complaint', notes moneysupermarket.com

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Current account interest rates 'a common complaint', notes moneysupermarket.com

The amount of money customers are charged for using an overdraft is a common complaint, according to moneysupermarket.com.

Tim Moss, head of loans and debt at the price comparison site, made his comments after the Financial Ombudsman Service (FOS) released its complaints data for the six months up to June 30th.

He claimed that overdraft fees are one of the most common issues the FOS has had to deal with, along with the problem of credit brokers charging a fee upfront and then failing to secure a product.

But Mr Moss suggested that despite a rise in the number complaints during the past six months, it is not banking standards that have dropped.

"Although the number of complaints made by consumers has increased year-on-year, it is important to remember that much of this is driven by the increased awareness of the complaints procedure," he said.

Santander recently revealed that it had 4,881 cases referred to the FOS during the first six months of the year.

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