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Credit Cards - Cost of banking set to rise - 12/05/2008

  
 
  Several major banks in Britain are set to increase the monthly fee on many customer accounts in an apparent retaliation against the Office of Fair Trading’s clampdown on extortionate overdraft charges.

Royal Bank of Scotland, Natwest and Lloyds TSB have all announced that they intend to raise the cost of monthly fees yet are denying the move is related to the recent High Court test case in which a judge ruled that the OFT could decide on the justness of overdraft charges.

Charges look set to go up by as much as 20 percent which will net banks many millions of pounds in revenue but critics have pointed out that the poorest will be hit the hardest.

“Any attempt to pose charges on low income households would drive a coach and horses through the government’s efforts to increase financial inclusion and access to financial services,” said Doug Taylor of comparison site, Which?

The OFT recently moved to limit penalty charges on credit cards to £12 and many believe that banks will counteract such caps on their revenue by raising interest rates and monthly fees.
 
     
 
 

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