More than half of banking customers are subject to unfair charges, new research shows.
The study by FairInvestment.co.uk reveals that a total of 61 per cent of people incur banking charges by exceeding their overdraft limit or going overdrawn without permission on a fairly regular basis.
David Doulton, director of FairInvestment.co.uk, said: "With the cost of living on the rise, consumers are finding it harder and harder to make ends meet. Banks have a responsibility to their customers to provide fair bank charges ."
Such banking charges are currently up to £40 per incident, he added.
This means that banks are "raking in" around £3.5 billion a year from customers through banking charges each, Mr Doulton stated
In April Mr Justice Andrew Smith ruled that banking charges are unfair, which potentially clears the way for people to reclaim past charges .
However, his findings could be the subject of a legal challenge .
Half of customers hit by banking charges, survey shows
Half of customers hit by banking charges, survey shows
Fri, 13 Jun 2008
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