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willowsend
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PostSubject: Bank charges   Tue Dec 20, 2011 1:27 pm

[size=150:2lynekd9]Banks to clarify misleading foreign currency charges

[size=85:2lynekd9]Citywire 20-12-2011
The improvements follow a super complaint from Consumer Focus calling on the regulator to investigate misleading and complex charges.
Banks have promised to provide clearer information about foreign currency charges after being criticised earlier this year for misleading customers with complex and costly fees.

Excessive foreign currency charges cost UK holidaymakers around £1 billion every year, according to Consumer Focus. The consumer group called on the Office of Fair Trading (OFT) in September to investigate.

After working with the OFT, the UK Cards Association and the British Bankers’ Association (BBA) have announced a package of improvements. These include:

•Making the charges clearer so customers can compare services more easily.
•Determining the most helpful way of illustrating foreign transaction fees and improving the credit card summary box information.
•Revamping banks’ websites to make information more accessible and enable customers to see at a glance all the fees that apply – as well as highlighting instances when multiple fees may be incurred.
•A better breakdown of travel money charges on current account and credit card statements.
Banks will also no longer charge customers for purchasing currency or travellers’ cheques in the UK with their debit card.

According to the OFT five banks currently charge customers for this service: Barclays, Co-operative Bank, Lloyds, RBS Group, and Santander.

The changes are expected to come into effect by the end of next year. And from next summer customers will be able to call their bank to find out the charges for using their card abroad.

The banking industry, however, said other key areas of concern – bureaux de change and charges imposed by foreign retailers and cash machine providers – are outside of their remit.

Though according to the OFT, most large foreign currency vendors have agreed to amend their advertising and improve the availability of exchange rate information on their website following concerns over confusing marketing phrases such as ‘0% commission’ and ‘competitive exchange rates’.

Mike O’Connor, chief executive of Consumer Focus said: ‘The OFT has agreed with Consumer Focus that people are losing out due to the action of banks and others buying and selling holiday money. The fees charged are opaque and difficult for consumers to calculate’

‘We also want to see an end to deliberately misleading marketing phrases such as ‘O% commission’, as services are not fee-free. Consumers have a right to know how much they are paying for their transaction and whether there are better options available,’ he added
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itchyfeet
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PostSubject: Re: Bank charges   Wed Dec 21, 2011 4:05 pm

Banks will always find a way of extracting money from the poor unfortunates that keep their money with them, after all they have to pay those lovely bonuses to themselves from somewhere!! What a strange world we live in now, everything seemed to be much more straightforward when I was younger.

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oddball
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PostSubject: Re: Bank charges   Wed Dec 21, 2011 7:09 pm

[You must be registered and logged in to see this link.] wrote:
What a strange world we live in now, everything seemed to be much more straightforward when I was younger.

Hey Itchy Gone are the days when you put your stash in the mattress

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itchyfeet
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PostSubject: Re: Bank charges   Wed Dec 21, 2011 8:08 pm

[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
What a strange world we live in now, everything seemed to be much more straightforward when I was younger.

Hey Itchy Gone are the days when you put your stash in the mattress

It was put under the floorboards in a big tin, cash of course!!

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