UK customers receive excellent value from their banks

"We are very disappointed and surprised to see that the OFT mentions bank overdrafts in their press release on credit card default fees. Even though the OFT have been consulting with the credit card industry for over two years on credit card default fees, there has been no consultation with the industry on bank overdrafts. We do not accept that the principles the OFT is applying to credit card default charges apply to bank overdrafts."

"Banks do charge customers a fee when they go overdrawn without the prior agreement of the bank. Where there are extenuating circumstances, many banks will consider waiving this fee in individual cases on application by the customer."

Unlike in other countries where customers pay both to have a bank account and for the services they use, in the UK banks provide free banking, including access to free debit cards, free access to ATMS, free use of cheques, free use of direct debits, free internet banking, free telephone banking and the provision of free paper statements.

For further information, please contact:
Brian Capon, Head of media relations (020 7216 8810 )

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