/24-7PressRelease/ - LONDON, UK, December 20, 2006 - Consumers of some of the leading banks in UK got furious when BBC Money Programme investigation revealed that their banks were taking higher charges from them. It has been found out that the banks are charging up to 30 for a service which otherwise would cost the customers 4.50.
Banks are charging the consumers high particularly on overdrafts on their current accounts. The hefty amount they charge cannot be justified as the banks need to spend on each overdraft merely 4.50. So, there is no wonder that the revelation has caused uproar among the consumers. There is likelihood that some of them go for legal complaints and compensation.
Nick White, director of personal finance at the price comparison and switching website uSwitch.com, said that it was clear that those charges were currently playing an important role in bolstering banks' profits and would continue to do so unless the Office of Fair Trading (OFT) took a tough stance on capping them.
It may be mentioned that an investigation has been launched by the Office of Fair Trading which could see the banks being forced to cap penalty charges at 4.5. It is supposed to ascertain that the banks charge the administration costs only, not incur a penalty.
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