OFT report on bank accounts

[Alf W]

http://news.bbc.co.uk/1/hi/business/7508835.stm

Personal current accounts are not working well for consumers, the Office of Fair Trading (OFT) has said.

The OFT said the £8bn industry was not clear enough, with many consumers not knowing their account's interest rate or what they paid in bank charges.

The complexity of the market meant that consumers were less likely to switch banks, the watchdog said.

What a load of old horse-5h1t! I suppose the OFT couldn't be seen to have spent ages looking into to this to report that everything was fair enough.

Anybody who doesn't know these things probably just doesn't care. As far as I'm concerned, those who abuse the system can expect to pay for that and not at the expense of those who manage their finances responsibly.

[Peoplesoft bloke]

http://news.bbc.co.uk/1/hi/business/7508835.stm

......... I suppose the OFT couldn't be seen to have spent ages looking into to this to report that everything was fair enough.

They have done before - CDs was one I remember - ridiculous

Anybody who doesn't know these things probably just doesn't care. As far as I'm concerned, those who abuse the system can expect to pay for that and not at the expense of those who manage their finances responsibly.

I think the point was that it's almost impossible to make comparisons. As for "abusing the system" - what system? If you do stuff that the bank charges you a stack for that's great (for the bank). People like me who wind up getting interest and not paying any charges could just as easily be termed abusers at that rate.

[BoredBloke]

I agree with the OFT on the rate part. The amount they pay on a standard current account is cr@p. This is the same money they lend out at x times that interest rate. While I know this is how banks make their money, there seems to be little variation between crap rate at one bank and the crap rate at another - but at least it's 'free'

[lilelvis2000]

The British banking may be 'free' but it is hardly second to none. Bank transfers take 4 working days, and can take up to five in some cases. Its caught me out a couple of times..as the standing order goes on a monday and the money doesn't arrive until the tuesday.

Not only do the banks make huge swathes of cash on the interest they earn on our money during these days, they also earn mega bucks when you go into overdraft because some bank took an extra day to put it into your account.

Compare this to other countries in europe when transfers happen on the same day, or at least overnight. By heck, In the UK transfers take so long, you'd think there was a old man with a cane and a huge bag of money carrying it to the other bank!

[Gonzo]

By heck, In the UK transfers take so long, you'd think there was a old man with a cane and a huge bag of money carrying it to the other bank!

Sshhh! Don't give the game away! This is a far cheaper method than investing billions in computer systems.