Oldster's View

Fight Against Maturity

I didn’t know banks were subject to the law. Hm. Maybe they aren’t.

Scotsman.com News
Startling new evidence has emerged about how banks overcharge customers who go into the red.

Managers at Barclays boasted to an undercover reporter that bouncing a cheque or stopping a direct debit costs the bank as little as £1.50 or £2 to administer. The revelation comes as hundreds of thousands of bank customers attempt to reclaim “illegal” current account charges of up to £40.

By law, the banks are not allowed to make a profit from these charges, only cover expenses such as sending a letter.

But a reporter for the BBC programme Whistleblower who worked for Barclays heard colleagues admit how customers were hit by charges 15 or 20 times higher than their true cost.

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March 22, 2007 - Posted by | Uncategorized

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