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PPI Claim News - 8/3/2010

 
Bank charges: New system will 'take time' for customers to accept

Virgin Money's intention to charge monthly payments for its current accounts rather than rely on overdraft fees will not be immediately greeted by customers.

This is the suggestion of Informed Choice chartered financial planner Martin Bamford, who said that reaction to similar proposals in the past had not been "particularly welcoming".

"Customers are aware that banks already profit by paying nil or very low interest on current accounts and by cross-selling other often expensive financial products," he explained.

Mr Bamford went on to say that British banking could shift towards a more European model, something he believes "is likely to happen in time".

Virgin's plans were revealed in an exclusive article in the Sunday Times yesterday (March 7th), in which chief executive Jayne-Anne Gadhia explained the proposals.

If the plans came to fruition, Virgin would become the first bank to chare a compulsory fee on its current account range, no matter how much a person paid in per month.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.
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