Bank charges 'need to be clearer'

The charges imposed by banks when people go overdrawn or exceed their overdraft limit need to be made clearer.

This is according to Andrew Hagger, a spokesperson from Moneynet.co.uk, who said that debate on such charges is far from over.

He made his comments after NatWest and the Royal Bank of Scotland (RBS) announced they are to reduce the financial penalties they impose on customers in such instances.

Set to come into force from October 1st, the changes have been planned before an exact position on the validity of such charges has been made by the courts.

Commenting on the issue, Mr Hagger said: "Bank charges need to be clarified and become more transparent.

"A look at the changes RBS and NatWest are making shows you that they have five different sorts of charges so it is still quite difficult for customers to know how much they may be charged."
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09/09/2009 15:13

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