5 April 2007
In the ongoing debate about current account fees, a company dedicated to helping consumers win back their money from unfair charges has called for more transparency and lower fees.
Reclaim Bank Charges is the brain child of Filipe McManus who, having successfully won back money obtained through unfair fees, set up a firm to help other consumers regain their hard-earned cash.
Speaking on the recent Office of Fair Trading investigations into unfair charges, Mr McManus said: "I think a fair outcome for all would be a £2.50 charge for overdraft breaches and £4.00 for cheques...and then perhaps a monthly charge to have an account."
Mr McManus also stated that the investigation had led to a lack of trust from the consumers towards the whole banking industry, adding: "It is going to take a lot for the banks to regain the trust they have lost in the UK, a restructuring is not going change opinions overnight, it is going to take a lot."
Despite the unfair charges that have taken place already, Mr McManus did insist that the end of free banking was probably on its way.
"Basically, the way the charges work at the moment customers are paying not just for when they go overdrawn but so that other people can have free banking. They have propped up the whole system," he explained.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.