Do you know how much it costs to run your bank account?
Over the last few months, as profitability in UK finance sector has become harder to come by, a number of charges have been introduced to the mix, with very few hitting the financial headlines. Many financial operations, such as Halifax, have used the introduction of new European laws to amend their small print and introduce new charges and potentially expensive changes to customer agreements.
While there is no question that all changes in procedures and charges have been legitimately highlighted to customers, the vast majority of people in the UK have no interest in reading the small print of their account. As a consequence, monthly charges, increased overdraft charges and other similar charges have been introduced over the last few months potentially earning banks and building societies millions of pounds a year.
It has never been more vital than today to ensure you know exactly what you are being charged on a monthly basis and the cost of any additional services you may require. We need to re-educate many of the UK population who do not read their monthly or annual statements and ultimately have no idea how much "free banking" actually costs. If the banks and building societies are making us aware of changes, via their new terms and conditions, who should we blame?
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