23 August 2005
Loans provider Northern Rock has come in for criticism of its loans policy.
According to This is Money, Northern Rock is charging £45 for customers who want to receive funds via its express service into their nominated bank account, with only the alternative transfer method, which takes four working days, being free.
Northern Rock's rates are among the lowest on the market.
A Northern Rock spokeswoman told the news provider: "We are not trying to hoodwink anyone or trick our way to the top of the best-buy tables. We regularly topped the best-buy tables before this charge was introduced."
Mike Naylor of Which? said: "This is not a normal charge and I think Northern Rock should be more up-front about it. Rather than having to write a separate note to say you don't want this service, opting out should be part of the application process, such as by ticking a box.
"This charge is certainly something customers should take into consideration when comparing loans."
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