Anorak News | An End To Free Banking

An End To Free Banking

by | 27th, April 2007

pickpockets.jpgTHE great bank charges debate rumbles on with the news that a full-scale inquiry is to be launched into the much-publicised illegal penalties imposed by banks on their customers.

The Office of Fair Trading announced the inquiry yesterday.

However, while campaigners welcomed the news, the likelihood is that the banks themselves will, rather unsurprisingly, cover their losses by imposing charges elsewhere.

Leslay McLeod of the British Bankers’ Association warned consumers of the likely end to ‘free banking’ – “A lot of banks would like to keep free banking if they can. But a lot of them are going to have to examine the OFT’s conclusions and tweak their model accordingly.”

According to Which?, customers pay £4.7 billion a year in default charges.

But, unlike petty pickpockets and shoplifters, the big-wigs behind the illegal penalties will never end up being charged with anything, never mind go to prison.

Posted: 27th, April 2007 | In: Money Comment | TrackBack | Permalink