Bank To Remove Bank Charges
In an interesting development ahead of the soon expected ruling from the new supreme court on whether the FSA can challenge the fairness of bank charges and fees, one bank has announced a new account that will not make apply a fee for unauthorised overdrafts or bounced payments.
This has clearly been in the planning process for some considerable time and it seems unlikely that mere coincidence is the reason for this announcement only days before the supreme courts decision is announced.
Santander will offer the new bank account from January 2010 to their mortgage customers. The account will have an interest charge of 12.9% applied to overdrafts regardless of whether it is an authorised or unauthorised overdraft.
In offering a fairer and more honest way of charging customers Santander are likely to attract customers who are sick to death of the way charges have previously been applied. Unless other banks respond they can expect to lose customers to Santander though the fact that the bank account will only be offered to mortgage customers will limit the numbers of applicants.
It is a shame that it has taken so long for the banks to start thinking about their customers and it has taken a long running court case to move forward but it would seem that we are seeing the beginning of a fairer and simpler way of managing bank accounts and for that we should be thankful.
It will take a long time for the banks to earn any respect from customers and we know they cannot be trusted to care about their customers but this would seem like a good start from Santander.
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