UK Money News
12th May 2008
End of free banking would leave majority worse off
The majority of Britons will be worse off if overdraft fees are scrapped, it has been claimed.
In the High Court ruling last month it was decided that charges for going into the red are subject to unfair contract regulations.
This is regarded as the first step towards the Office of Fair Trading being allowed to determine what kind of financial punishment is apt for going overdrawn.
However, should the overdraft fees be scrapped banks are likely to begin charging customers for current accounts to make up their shortfall in income, warns price comparison site MoneyExpert.com.
This will leave the 80 per cent of bank account holders who do not pay overdraft fees out of pocket, according to Sean Gardner, founder of MoneyExpert.com.
He said: "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."
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