British banking customers benefit from one of the most competitive retail banking markets in the world , according to a leading industry figure.
Ian Mullen, chief executive of the British Bankers' Association (BBA), says international research shows that UK banking customers get "extremely good value" from their banking providers.
His comments come after consumer watchdog Which? launched a campaign slamming the banking fees that are charged by banks .
Mr Mullen says that in many other countries, banking customers need to pay to have a bank account and they are charged for the banking services provided to them.
He notes that in the UK , banking customers receive free banking, which includes access to free debit cards , free access to cash machines , free use of cheques and direct debits , free internet banking , free telephone banking and the provision of free paper statements .
"Banks do charge customers a fee when they take extra credit from the bank without the bank's prior arrangement and this service is widely used by customers," he adds, explaining that many banking providers will consider waiving this fee in extenuating circumstances.
"We also understand that unauthorised overdraft interest rates are only applied to the whole balance for a tiny minority of current accounts and by one large building society ."
Mr Mullen indicated that he is looking forward to discussing the issue further with Which?.
Banking sector hits back at watchdog
Financial Services > e-banking > Banking news
Banking sector hits back at watchdog
Mon, 03 Apr 2006
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