Product category:
Banking / credit / debt
News Release from: Motley Fool | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 27 April 2007
Fool.co.uk comments on OFT investigation
of personal banking charges
Following news that the Office of Fair Trading (OFT) is investigating personal banking charges, David Kuo, Head of Personal Finance at Fool.co.uk, says:
"Anything that will remove the current cloud of mystery surrounding personal bank charges is a welcome move "For far too long, banks have encouraged the idea that consumers have been enjoying free banking
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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But the harsh reality is that free banking has been delivered at the expense of hidden charges, penal fees and poor interest rates on money held at the bank.
"The upshot of the OFT's investigation may be an end to free banking as we know it.
But at least consumers will be able to make informed choices without trying to untangle cross-subsidies and concealed fees.
"We await the OFT's findings with interest.
We also hope it brings an end to the practice of robbing Peter to pay Paul, or in some cases robbing Paul to pay Paul without him knowing." For further information and/or to arrange an interview with David Kuo, please contact: John Megaughin or Toby Parker @ The Red Consultancy, 020 7025 6414/6440, motleyfoolteeam@redconsultancy.com.
Sonia Rehill, PR Manager Fool.co.uk, DD: 020 7297 8159/07968 747331, soniar@fool.co.uk.
About The Motley Fool - www.fool.co.uk: Fool.co.uk is an independent, award-winning personal finance site dedicated to providing expert financial advice, community-generated guidance and independent financial comparison.
In a world full of over-complicated jargon and dubious motives, Fool.co.uk is determined to tell the truth about finance in words everyone can understand.
Launched in 1997, it has over 2.5 million members and around 500,000 site visitors a month.
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It's about people helping people change their lives in real and measurable ways, starting now.
If, after gathering the facts they need, users decide they want a better current account, credit card or other financial product, Fool.co.uk makes it easy for them to identify and apply for the products that suit them best.
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