Which? warns of hidden banking charges
A new report from Which? has highlighted hidden banking charges which are resulting in unnecessary costs for consumers.
Which? has pointed to Halifax's £1.50 charge to use a debit card abroad, for example, as well as the 2.7 per cent Halifax already adds to foreign transactions.
Halifax also came under fire for its £84 identity theft insurance, which was described as another "needless" service.
Payment protection was another hidden charge to feature in the Which? survey, and the magazine described it as a "prime example of an unnecessary product".
However, the report wasn't all doom and gloom and Which? praised Lloyds TSB for its unique incentive of returning the money it makes on slow transfers.
In addition, the report calculated that people could save up to £400 by switching to an account that is best suited to their specific needs, suggesting this could amount to over £12,000 during working life.
Over a third of people are dissatisfied with their banks, Which? suggested, yet only one in 20 people actually changes to another one.
Which? editor, Malcolm Coles, advised: "We think more people should switch banks. It isn't difficult - 90 per cent of people who have switched say that they found the process straightforward." | 
