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Banks levy charges on packaged current charges

Around seven million Britons are facing higher monthly bank charges from their current account providers. According to a report from the Times, Royal Bank of Scotland, NatWest, owned by RBS, and Lloyds TSB will raise the fees on packaged accounts by an average of 20 per cent. David Black of Defaqto said the move can be attributed to lenders attempting to tap other sources of revenue ahead of the ruling by the Office of Fair Trading which could see overdraft fees capped. He said: "The current account market is going through a lot of changes as a result of the OFT court case. "If the conclusion is that these charges are too high, the OFT could seek to force banks to reduce them. If that's the case, banks have to look for other ways of making money." Packaged accounts are those which include other financial products such as mobile phone insurance for which customers.

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