Court ruling on bank charges could see some worse off

New research out today by financial data website MoneyExpert claims that most people are not prepared to pay for a bank account, even if it paved the way to a simpler banking system with no hidden charges.

The study showed that 58% of people are not willing to pay for a bank account and suggest that this group is not being listened too. After testing the fairness of bank charges, banks could impose fees for all customers if they cannot charge those customers who go overdrawn without the banks prior agreement.

The company suggest that 80% of bank customers currently do not go overdrawn and yet they would be penalised by having to pay a monthly fee.

The report also showed that of the 39% of customers who were prepared to pay a monthly fee for their bank account, most were only willing to pay between £1 and £5 per month.