Latest Debt News
Consumers could be charged to have a bank account
12/05/2008 13:14:00
Following the recent ruling to test the fairness of bank charges in a legal case, banks could charge all customers if they cannot impose fees on those who go into the red without permission, one financial expert has claimed.
Findings from a survey by MoneyExpert revealed that 58 per cent of people are not prepared to pay to have a bank account.
Opposition to fee-based banking is strongest among those who have never paid a charge with two thirds saying they would not pay for a current account.
Sean Gardner, founder of MoneyExpert.com, said, "The recent announcement provoked a huge amount of excitement yet it's worth bearing in mind that this legal battle is far from over."
"Given that most people would prefer not to see the end of free banking and would only be prepared to pay a modest monthly fee the majority of bank customers stand to lose if the banks eventually lose this case."
Of the 39 per cent who said they would be willing to pay a monthly fee for their bank account, most are only willing to pay between £1 and £5.
Previously research from the financial experts revealed that 18,000 credit card applications are rejected every day.
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