Debt advice needed for customers hit by rip-off banks
20/07/2010The exploitation of bank customers is ongoing, according to Vince Cable, who has told the BBC that debt-laden Brits are still being ripped-off.
The Business Secretary made the claim in response to findings from last night’s Panorama, which revealed that banks are charging as much as 167 per cent interest on unauthorised overdrafts.
The programme also found that the average interest on authorised overdrafts was 32 per cent, much higher than the advertised 19 per cent.
Halifax customers with debt levels as small as £10 told the programme that they were effectively facing bank account charges of 3,650 per cent annually, due to their policy of charging a flat rate of £1 per day.
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