An investigation by the Office of Fair Trading (OFT) found that consumers struggle to understand current account charges, as well as interest rates and overdraft fees.
As a result, new measures from 2011 will see banks make it easier for consumers to understand their costs and charges, as well as making the switching process easier.
This means it will be simpler to transfer direct debit payments from an old account to a new one. OFT found that many consumers are deterred from switching accounts because of the problems it causes.
Read full article ...
