Something rather unusual is going ot happen for UK’s banks: check-up on the way they run current accounts for their personal customers.
In 2008 the OFT (Office of Fair Trading) reviewed how bank accounts work. Now is the time – maybe not the best – to see what progress the banks have made.
It will control whether banks have made it easier for people to switch accounts and to understand their overdraft charges. Banks are in the process of paying up to £9bn in compensation for mis-selling millions of customers payment protection insurance.
Since 2008, people are looking at banks almost like being an enemy – when it fact it is not.
True, bad things happened but, not all banks are the same. And in fact some pointed at some financial establishments simply because someone did something they shouldn’t have done.
On BBC News Business, Claire Hart a spoke person of the OFT reported:
…Through this review, we want to understand what progress banks have made in providing customers with better information about account charges, greater control over their accounts and easier account switching facilities…
Banking sector is almost too obscure and even too complicated to be fully understandable. Transparency is necessary for all.
This check-up seems to be a good thing in order to help account holders to be more confident about what takes place behind bank counters with their own money.