Consumers call for free banking to stay

Consumers have made clear their opposition to any plan to end free banking in the UK.

This was one of a series of widely-held views expre…

Consumers have made clear their opposition to any plan to end free banking in the UK.

This was one of a series of widely-held views expressed by members of the public to a panel representing the Parliamentary Commission on Banking Standards at an event organised by consumer group Which?

According to the charity, many said they would not want to pay for having an account when they are already being hit by "unfair" charges and the high cost of overdrafts.

People in debt because of being overdrawn may be particularly concerned about any possible charges as they try to stay within their agreed limit, particularly if they are operating on a tight budget.

Other requests by the public included rewards for customer loyalty when struggling, with some people stating they gained little help or sympathy when in difficulties from banks they had been with for many years.

Discussing reform of banking at the Liberal Democrat party conference in Brighton this week, business secretary Vince Cable said: "Public anger at the greed and stupidity in this industry will continue for a long time."

Posted by Paul Thacker
 

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