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BBC News - : Good thing or barrier to competition?
here's one extract:
"Mike O'Connor is the chief executive of Consumer Focus, which has considerable power to act on behalf of customers. He says that the "perception" of free banking is not good for competition.
"It is great not to have to pay for a bank account, but is not necessarily good for the consumer in the bigger scheme of things," he says.
"Bank accounts are paid for by people who make mistakes and go overdrawn - they are often the least well-off and the least well-informed."
He says that no bank has totally broken ranks. That may not be that surprising, given the relatively hostile reaction to suggestions that Virgin Money may charge £5 a month for a current account."
here's one extract:
"Mike O'Connor is the chief executive of Consumer Focus, which has considerable power to act on behalf of customers. He says that the "perception" of free banking is not good for competition.
"It is great not to have to pay for a bank account, but is not necessarily good for the consumer in the bigger scheme of things," he says.
"Bank accounts are paid for by people who make mistakes and go overdrawn - they are often the least well-off and the least well-informed."
He says that no bank has totally broken ranks. That may not be that surprising, given the relatively hostile reaction to suggestions that Virgin Money may charge £5 a month for a current account."
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