Results for Banking tag

Vickie Sheriff, Which? Director of Campaigns and Communications, said: “It’s been clear for years that the banks should be working much harder to resolve PPI claims fairly. The current process has been wholly inadequate and driven too many consumers to use claims management companies. Now the regulator has confirmed a deadline for the victims of [...]

Which? is calling for the regulator to act on unarranged overdraft fees after new research finds charges from big high street banks could cost up to 180% of the amount borrowed. Which? research finds that consumers needing as little as £100 could be charged up to £156 more by some major high street banks than [...]

Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Which? research has shown that punitive unarranged overdraft fees can be more expensive than some payday loans, and today’s announcement simply allows banks to continue to set their own level of exorbitant fees. The Financial Conduct Authority must now use its review of high-cost short-term credit [...]

According to the latest annual Which? banking customer satisfaction survey, the majority of banks still need to do away with hidden charges and penalties. Which? asked current account customers to rate almost 5,000 accounts for a variety of aspects of day-to-day banking, including: how banks dealt with complaints, how clear charges and penalty fees are, [...]

Which? research finds that high street banks have closed more than 1,000 branches across the UK in the past two years as customers go online and banking services are offered at Post Offices.   As the Griggs report finds that banks could do more to support local communities when they shut branches, new Which? research [...]

Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Which? has long highlighted the fact that punitive unarranged overdraft fees can be more expensive than some payday loans. The Financial Conduct Authority must now use this review to tackle these high charges, which are often faced by the most vulnerable customers.”   Background In July [...]

Alex Neill, Managing Director of Which? Home & Legal Services, said: “This is a welcome first step, but is not a cure and won’t be enough to protect people from bank transfer scams. Many people will be surprised that banks don’t already do things like check that the payee name matches the account number. “With [...]

In just two weeks since Which? launched its online scams reporting tool, more than 650 people have told us about losing over £5.5 million to bank transfer scams. Which? is submitting stories from victims of scams to the Payment Systems Regulator as evidence in its super-complaint into bank transfer fraud. UK consumers now make over [...]

Peter Vicary-Smith, Which? Chief Executive, said: “Access to the services necessary to make every day banking possible should be simple and straightforward. Banks can and must do a better job of working with their customers to understand their needs and those of the local community, especially when they are making changes to the services they [...]

Today Which? is making the first super-complaint to the financial regulators calling on them to ensure banks better protect customers who are tricked into transferring money to a fraudster. UK consumers now make over 70 million bank transfers a month, compared to just over 100 million in a whole year a decade ago. However protections [...]