Next month the Competition and Markets Authority (CMA) is due to publish the provisional findings from its investigation into current account and banking services.
In light of this, both Which? and Tesco Bank are calling for greater transparency in bank charges for services such as overdrafts.
Tesco Bank is proposing a ‘traffic light’ system of red, orange and green labels to make it clear to people how much their bank accounts are costing. Meanwhile, Which? want the CMA to look at how people use their accounts and the quality of customer service. Which? is calling for banks to ensure fairness, control and transparency. Suggestions to achieve this include banks helping customers control their overdrafts by notifying them when they are about to go in the red and increasing compensation to customers for poor service.