UK Money News
16th July 2008
Current accounts are 'not serving customers well'
Britons are being poorly served by their bank account providers, according to a consumer watchdog.
In a study conducted into bank accounts, the Office of Fair Trading (OFT) said that terms of the accounts are too opaque for customers, leaving many unsure of the rate of interest they earn and the way in which bank charges are calculated.
The lack of understanding of accounts that this fosters is making customers less inclined to switch accounts, the OFT claimed.
Banks also came under fire for the fact that 81 per cent of their income is derived from charges to customers who do not have sufficient money in their accounts and interest payments.
John Fingleton, chief executive at the OFT, said: "Personal current accounts are a vital gateway to effective participation in the economy. But this market is not serving consumers well."
The survey also revealed that just six per cent of bank customers have switched current account provider in the last 12 months.
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