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Bank Charges Cause Concern |
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Up to 83 per cent of consumers would change banks in the event of free accounts ending, according to new research.
A YouGov survey on behalf of uSwitch questioned over 4,500 adults in the UK and found that the introduction of fees would lead to a significant shake up of consumer banking habits, with many having already been penalised by previous bank charges.
Almost 19 million people have been affected by such levies, according to the YouGov poll, with just over nine million successfully claiming these fees back.
However, around three million customers were unsuccessful in their attempts at reimbursement, while just 14 per cent of all consumers knew precisely what they could claim back.
"The UK is one of the only place in the world that doesn't charge for current accounts," advised uSwitch director of financial services Nick White.
"Customers have enjoyed free banking on current accounts for the past 23 years but the current backlash against charges for items such as overdrafts and bounced cheques, as well as ongoing investigations into lucrative financial products such as Payment Protection Insurance (PPI) on loans and credit cards, will serve as catalyst for the fast introduction of monthly fees," he added.
Hundreds of people are now turning to 'no win, no fee' law firms in order to reclaim charges, the BBC has reported.
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