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Posted by Emily Swanson

MPs have told high street banking giants Royal Bank of Scotland (RBS) and Lloyds TSB that they must give reasons why they have restricted their basic account customers using their rivals' ATM points.

Chairman of the treasury select committee Andrew Tyrie stated he had concerns that these exclusions are preventing many people from accessing the UK's infrastructure of free cash machines.

A response from head of RBS's retail division in the UK Brian Hartzer explained that the fees are in place to reduce the costs the bank must pay each time a customer uses a competitor's ATM point.

Basic accounts from RBS and Lloyds TSB offer many of the same services of a standard current account but do not provide overdrafts.

The select committee said they are useful to those with poor credit histories - however such consumers are also considered financially vulnerable.

Recently, director of Churchouse Financial Planning Keith Churchouse claimed free banking may come to an end with more charges being passed on to customers.

11/10/2011 13:40