8 September 2006
uSwitch, the price comparison and switching website, has commented on the Department of Trade and Industry (DTI) investigation into credit card cheques.
Nick White, head of personal finance at uSwitch, said the DTI announcement was disappointing and that its timing should be questioned.
He commented: "It comes hot on the heels of the OFT's announcement today into current account overdraft charges which may suggest that the DTI have not done as much as they should have done to resolve this issue."
As a result uSwitch has called for a number of measures to improve the situation including a ban on unsolicited credit card cheques, a prohibition on sending cheques to customers who have only made the minimum payment and a prominent tobacco-style health warning on all cheques.
Mr White added: "We do not share their view that a summary box, listing the associated costs and fees, is an adequate solution to ensure that customers are fully aware of the pitfalls associated with credit card cheques.
"In reality, this falls short of what is required and the summary box will have little impact on the way that consumers use credit card cheques."
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