Keeping on top of your money â?? Banks improve current accounts

[Legal Beagles]

Sweeping improvements to how personal current accounts operate will help millions of bank customers better manage their finances the British Bankersâ?? Association said today.

More...

[enaid]

Re: Keeping on top of your money â?? Banks improve current accounts

Keeping on top of your money – Banks improve current accounts
21/11/2011

Sweeping improvements to how personal current accounts operate will help millions of bank customers better manage their finances the British Bankers’ Association said today.

In a series of initiatives designed to help customers keep on top of their money the largest member banks have promised that all full service current account holders will get:

alerts when account balances gets close to their agreed limit;
advance warning of charges to be paid and when they will come off the account;
wiggle room so charges won’t apply if the account slips into the red by small amounts; and
certainty over when they need to pay money into their account that day to avoid charges.
In addition customers will also be able to opt out of overdraft facilities altogether so the account can’t go into the red.

Other action on the way:

Annual statements

Customers will also get an annual account statement setting out exactly what went in and what went out of the account.

Switching

Customer will be able to move their account banks in seven days taking on the work of transferring all regular payments and will compensate customers if, for no fault of their own, they incur costs.

Financial difficulties

Banks also recognise that there are times when personal circumstances change and people may find themselves in financial difficulty. Banks are working to help customers and to provide active support if they believe customers are heading towards trouble