Banking charges affect nearly 20m, financing study reveals

Mon, 12 Mar 2007

Almost 20 million people across the UK have been asked to pay additional banking charges at some point, according to research that may be of interest to banking customers.

A study from financing website uSwitch.com has discovered that 18.96 million people have been hit with charges for activities such as going overdrawn or failing to make a credit card repayment on time.

And of this group, it is estimated that 52 per cent have not been able to reclaim their money at a later date.

Nick White, director of financial services at the financing website, commented on the findings.

"We are in little doubt that the introduction of banking fees will be one of the biggest triggers for current account switching that we've ever seen," he said.

Recently, financial services provider Halifax launched a new high-interest current account that offered gross interest of six per cent as well as a £100 welcome present.

Putting this banking deal into context, the company pointed out that three of the traditional big four banks offer comparable credit interest of 0.1 per cent.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.