Menu
06/03/2007
NI banks told to clarify bank charges
Northern Ireland’s banks have been told they must clearly outline their charges to customers, according to the final remedies package published by the Competition Commission (CC).
In its provisional findings last October, the Commission concluded there was a lack of clarity on charges with “unduly complex charging structures and their application, combined with a reluctance among customers to switch providers, were restricting competition in this market.”
The CC has suggested banks must make it easier and cost-free to switch accounts from one bank to another.
It has been examining the banks since May 2005 following a “super-complaint” from the Northern Ireland Consumer Council and consumer group, Which?.
The Commission has proposed a package of remedies including:
The CC has suggested the implementation by the banks must be in place by April next year.
(JM/SP)
In its provisional findings last October, the Commission concluded there was a lack of clarity on charges with “unduly complex charging structures and their application, combined with a reluctance among customers to switch providers, were restricting competition in this market.”
The CC has suggested banks must make it easier and cost-free to switch accounts from one bank to another.
It has been examining the banks since May 2005 following a “super-complaint” from the Northern Ireland Consumer Council and consumer group, Which?.
The Commission has proposed a package of remedies including:
- Use easy-to-understand descriptions of current account services
- Provide clear explanations on the levels of charges and interest rates and how and when they are applied
- Provide better information on statements including details on charges and interest rates
- Provide each customer an annual summary of charges and interest payments
- Give customers at least 14 days’ notice of charges and debit interest incurred from the date of their monthly statement before these are deducted from their account
- Send an annual reminder to customers about their right to close their account or switch to another bank
- Introduce improvements to the switching process, including offering a charge-free and interest-free overdraft facility to new customers for at least three months.
The CC has suggested the implementation by the banks must be in place by April next year.
(JM/SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 August 2013
NI Retailers 'Satisfied' With Local Banks
The majority of independent traders in Northern Ireland say they are satisfied with the services provided by local banks, according to a new report.
NI Retailers 'Satisfied' With Local Banks
The majority of independent traders in Northern Ireland say they are satisfied with the services provided by local banks, according to a new report.
11 October 2016
Minister Slammed For Failing To Provide Figures On Number Of Foodbanks
The SDLP has hit out at the Minister for Communities after he failed to provide figures on the number of foodbanks in Northern Ireland or the number of people using them. SDLP Foyle MLA Mark H Durkan said Minister Paul Givan "boasted" about everything he is doing to support food banks, however he was unable to confirm how many of them exist in NI.
Minister Slammed For Failing To Provide Figures On Number Of Foodbanks
The SDLP has hit out at the Minister for Communities after he failed to provide figures on the number of foodbanks in Northern Ireland or the number of people using them. SDLP Foyle MLA Mark H Durkan said Minister Paul Givan "boasted" about everything he is doing to support food banks, however he was unable to confirm how many of them exist in NI.
15 November 2004
NI banks massively overcharging customers, claims watchdog
Bank customers in Northern Ireland are charged over 21 times more than their mainland counterparts, according to a report published today.
NI banks massively overcharging customers, claims watchdog
Bank customers in Northern Ireland are charged over 21 times more than their mainland counterparts, according to a report published today.
28 April 2006
NI bank customers are paying more
A report by the Competition Commission (CC) has revealed that Northern Ireland bank customers are paying higher charges for current accounts than those in the mainland. The CC report claims that this is due to a lack of competition between the four main banks in the province - Bank of Ireland, Ulster Bank, First Trust and Northern Bank.
NI bank customers are paying more
A report by the Competition Commission (CC) has revealed that Northern Ireland bank customers are paying higher charges for current accounts than those in the mainland. The CC report claims that this is due to a lack of competition between the four main banks in the province - Bank of Ireland, Ulster Bank, First Trust and Northern Bank.
05 February 2009
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
-
Northern Ireland WeatherToday:It will be rather cloudy with scattered sleet and snow showers but mostly rain near the North coast. Feeling bitterly cold in fresh or strong northerly wind. Maximum temperature 4 °C.Tonight:Clear intervals and wintry showers, most frequent in the north but mostly of rain along the North Coast. A cold night with risk of icy stretches. Minimum temperature -1 °C.
