Credit card providers 'may begin charging for services'
Free banking in the UK may come sooner rather than later.
Credit card providers 'may begin charging for services'”
Banks and other providers of credit cards may stop offering the services for free as they are hit by financial regulations.
It is expected that banks will have to pay up to £1 billion to implement the changes that will need to be put in place as part of banking reforms and will attempt to pass the cost onto consumers through up-front charges.
According to Keith Churchouse, director at Churchouse Financial Planning, said that he can see the end of free banking coming more quickly than is predicted.
"People will need to be very careful as to how they choose their bank provider. We will see a lot more swapping of bank accounts as time goes along as people move to try and keep costs down," he suggested.
David Black, head of banking at financial research company Defaqto UK, recently advised consumers to ensure they are getting the best deal by comparing the offers available with cashback credit cards.
Written by ©
