Watchdog probes cost of banking
Published April 26th, 2007
The Office of Fair Trading (OFT) has launched a wide-ranging study into the charges banks impose on customers.
It could lead to recommendations that banks charge their customers annual fees - an end to “free banking.”
The OFT says people currently have no idea how much they are really paying for their banking services.
This wider study will run alongside its continuing investigation into the banks’ charges for unauthorised overdrafts and bounced cheques.
“We want greater transparency in what you get and what the charges are,” said an OFT spokeswoman.
“This will be the most wide-ranging study into personal banking to date.”
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