Current account overdraft fees to be cut by Lloyds TSB

High Street banking giant Lloyds TSB has announced recently that it will be reducing the overdraft charges on its current accounts later this year following demand from customers. The reduced overdraft fees will come into effect from 2nd December this year, and will affect both daily and monthly fees.
Customers who go over their overdraft limits [...]

Banking system branded unfair and confusing

A consumer campaign group in the UK has branded a payment system used by the UK banking industry as confusing and unfair. The system has been designed to make transactions quicker and easier, but according to officials from the consumer campaign group Which? the system is actually unfair and confusing.
The Faster Payments Scheme that is [...]

Bank of England indicates interest rates will remain low

Since March of 2009 the base interest rate in the UK has stood at its lowest level in the history of the Bank of England, which spans over three centuries, and earlier this month the central bank announced that the base rate would remain at its record low of just 0.5 percent.
Whilst this low rate [...]

Base rate kept on hold

The base interest rate in the UK has been kept on hold at its all time low of just 0.5 percent. This is despite the fact that the recent general election resulted in a hung parliament. The base rate has been at 0.5 percent since March of last year, with this rate being the lowest [...]

Banks need to be aware of stress caused by financial matters

One financial industry expert has stated that banks need to be more aware of the stress that financial management can cause to consumers. The comments come after a survey showed that banking was towards the bottom of the list when it came to industries offering good levels of customer service, with many consumers feeling that [...]

Customer service from UK banks is poor

The results of recent research have indicated that many consumers in the UK feel that the level of customer service seen at banks in the UK is poor. The research was carried out by moneysupermarket.com as part of its new annual industry service rankings, and showed that banks were performing very poorly in the opinion [...]

Lib Dems to encourage lending from banks

The Liberal Democrats have been encouraging banks to start lending to businesses again whilst continuing with their election campaign in Scotland. The party has called on banks to start lending to successful businesses, stating that the banking industry is failing to meet lending targets despite the fact that so many banks are now partly state [...]

Many use alternative means of saving to avoid banks

Since 2007, when the global credit crunch swept across the UK, confidence levels in the banking industry have plummeted. The near collapse of Northern Rock and other financial institutions, which caused immense concern amongst savers that thought they might lose their money, played a big part in this drop in confidence.
The results of a recent [...]

Customer satisfaction levels with banks on the rise

Over the past couple of years the banking industry has taken a lot of flack, having been partially blamed for the financial crisis and being constantly under fire for everything from security breaches to bank charges and customers service levels.
However, a recent report has shown that whilst consumer confidence in banks plummeted during the financial [...]

Packaged bank accounts could be mis-sold warns FSA

Over recent years banks in the UK have been pushing the sale of packaged bank accounts, which are current accounts that come with a monthly fee in exchange for a package of benefits.

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