Bank charges up by fifth in three years warns report by Finance News Bulletin

Published: 15/01/07

Bank charges have greater than before by a fifth in the last three years, research conducted by Defaqto has foundThe average punishment charge charged on unpaid standing orders, bounced cheques or direct debits has greater than before from £27 to £32 over the period, the report foundFollowing successful narrow action on lowering credit card charges to a utmost £12 earlier this year, the Office of Fair Trading is at present investigating the chargesDavid Black of Defaqto warned that if banks are banned from charging what they like, they may install coverlet charging for all current accounts, however

"There are significant administration expenses involved in providing a present account service and the providers must not only cover these costs but also give a margin for profit," he said"Someone has to pay for the service, and in the container of accounts where banks do not charge a fee, it is those customers who go overdrawn and/or incur non-payment chargesclientele are unlikely to welcome action which results in millions more paying to access the best current financial records, even if the system is in the end fairer, he addedMoneyExpert Limited is authorised and regulated by the Financial military Authority (FSA Registration No

301654) The Financial Services power does not regulate some forms of mortgage contract, credit cards, individual loans, current accounts and

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