Survey: Customers split on free banking by Finance News Bulletin

Published: 23/05/07

The bulk of Britons want banking to remain free, with most also saying this is more important than having the right to get back banking charges This is according to an online survey by website trickcouk, which found that nine in ten people are in favour of gratis banking

Two-thirds added that gratis banking is important and it is right for banking clientele to reclaim charges deemed as being unlawfulBut free banking leftovers the most important to customers when faced with a choice between not paying for banking and having the correct to get back charges"It is not surprising that when push comes to shove, a vast majority of store customers put self-interest before sympathy," commented David Kuo, head of personal finance at Foolco

ukHe added that a court choice to uphold the right of Lloyds TSB to accuse a banking customer for their in debt account might have significant repercussions on the banking sector"Although the ruling is not binding on any other court cases, the upshot is that banks may be less willing to capitulate over claims for illegal bank charges," Mr Kuo commented"The genie may be out of the bottle, but customers are still ultimately masters of their own bank account," he supposed, adding that banking customers should button accounts if they are not given the most excellent deal

He suggested free banking is a myth, as it has been delivered "at the expense of hidden charges, penal cost and poor interest rates on money

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