Over the last five years, those banking with the big four UK banks - Barclays, Lloyds TSB, NatWest and HSBC - have paid an estimated £2.2 billion in banking charges, Halifax claims.
The big four's failure to offer credit interest and lower overdraft rates to their current account holders have allowed their profits to swell, according to Halifax.
Loyal customers of these banks have been excluded from improved current account offerings, Halifax states, adding that many of them have been left with an interest rate of 0.01 per cent.
What is more, these current account holders are charged authorised overdraft rates that are double those available from other providers like Halifax, the bank says.
It claims that Halifax offers current account holders "real alternatives" that reward them for loyalty.
Peter Jackson, managing director of banking and savings at HBOS, says: "We have seen the benefits of this approach and will continue to offer customers a fair deal in the future."
Following the merger of Halifax and Bank of Scotland on September 10th 2001, HBOS has 22 million customers.
With assets of over £440 billion, it is the UK's largest mortgage and savings provider as well as being a major player in the provision of new current accounts and credit cards in the UK.
Big four banking customers pay billions, Halifax says
Financial Services > e-banking > Banking news
Big four banking customers pay billions, Halifax says
Fri, 10 Feb 2006
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