uSwitch criticises charges on the Lloyds TSB current account
www.moneynews.co.uk > Banking > uSwitch criticises charges on the Lloyds TSB current account
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uSwitch criticises charges on the Lloyds TSB current account
Mon 2nd Oct 2006
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The impartial online and phone price comparison service was critical of the way Lloyds TSB has decided to show "preferential treatment" to customers with fee paying packaged accounts.
Customers with a Lloyds TSB current account will, from November 1st, see their £10 unauthorised overdraft buffer removed, which was essentially a goodwill gesture on behalf of the bank to avoid penalty charges.
Nick White, the head of personal finance at uSwitch, said: "UK banks currently generate almost £2 billion every year by issuing a total of £ 42.5 million charges on current accounts."
He continued: "Not content with this income, it seems Lloyds are making further changes that could significantly increase this figure."
Mr White went on to state that he was disappointed with the bank for allowing Platinum and Premier account holders to continue enjoying the perks taken away from Lloyds TSB current account customers.
Another change to the Lloyds TSB current account will see a removal of the waiving of one bank charge per year.
Following a review of default charges accrued on credit cards, the Office of Fair Trading has recommended that current accounts charges be examined also.
Related News : Banking |
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Related News : LloydsTSB |
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