Groups call for lower bank charges following investigation

Both uSwitch and the Motley Fool called for lower charges and for disgruntled customers to reclaim unlawful charges from their banks.

However, David Kuo, head of personal finance at the Motley Fool, said that customers should still be financially educated, which typically leads to a debt management plan.

Nick White, director of personal finance at uSwitch, added: “Today’s BBC revelation that it only costs a maximum of £4.50 to deal with any default charge on a current account, will only reinforce the argument that the current levels of charges being levied on customers by the banks are ‘unfair’.”

While welcoming the investigation, Mr Kuo urged proper debt management: “But they should also revisit the steps that led to their bank accounts falling into the red in the first place to avoid making the same mistake again.”