This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-19325917#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Which? says that free banking is 'a myth' | Which? says that free banking is 'a myth' |
| (about 4 hours later) | |
| There are large variations between banks in the cost of "free" current accounts, Consumer group Which? says. | |
| Which? says that its analysis "shatters the myth" of free banking. | Which? says that its analysis "shatters the myth" of free banking. |
| It says the cost of going overdrawn without permission for two days a month costs from £120 to £900 a year. | It says the cost of going overdrawn without permission for two days a month costs from £120 to £900 a year. |
| But the British Bankers' Association (BBA) called the report "disingenuous", and said customers could get free banking for accessing cash and making most types of transactions in the UK. | But the British Bankers' Association (BBA) called the report "disingenuous", and said customers could get free banking for accessing cash and making most types of transactions in the UK. |
| 'Disgrace' | 'Disgrace' |
| Which? says that even customers with authorised overdrafts can run up large charges at some banks, including RBS/Natwest and HSBC, charging an annual percentage rate (APR) of 19.9%. | Which? says that even customers with authorised overdrafts can run up large charges at some banks, including RBS/Natwest and HSBC, charging an annual percentage rate (APR) of 19.9%. |
| The group says that banks also make money from ostensibly "free" accounts by charging "hefty fees" for overseas transactions. | The group says that banks also make money from ostensibly "free" accounts by charging "hefty fees" for overseas transactions. |
| When Which? asked consumers how they felt, it says that more than 60% of those surveyed said they had paid a bank charge that they thought was "unfair, hidden or disproportionate". | When Which? asked consumers how they felt, it says that more than 60% of those surveyed said they had paid a bank charge that they thought was "unfair, hidden or disproportionate". |
| Which? chief executive Peter Vicary-Smith said: "When some people are paying up to £900 a year in bank charges it completely shatters the myth that banking is free." | Which? chief executive Peter Vicary-Smith said: "When some people are paying up to £900 a year in bank charges it completely shatters the myth that banking is free." |
| He added: "It's a disgrace that the very people who bailed out the banks are being asked to pay more for the most basic accounts, while the industry continues to be rocked by scandals like PPI mis-selling, Libor rate-rigging and IT failures. | He added: "It's a disgrace that the very people who bailed out the banks are being asked to pay more for the most basic accounts, while the industry continues to be rocked by scandals like PPI mis-selling, Libor rate-rigging and IT failures. |
| "Banks must be far more transparent about their fees and charges so that people can clearly see what they already pay." | "Banks must be far more transparent about their fees and charges so that people can clearly see what they already pay." |
| The report comes a week after Which? said that a cultural change was needed at banks. | The report comes a week after Which? said that a cultural change was needed at banks. |