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Bank fees: Should banks charge monthly fee for accounts?

Most banks offer fee-free current accounts - but consumers often pay in other ways, through low interest rates, overdraft charges or penalty fees.

Some argue that a clear, transparent monthly fee would encourage competition and innovation amongst the big banks and could help prevent mis-selling scandals.

Kevin Burrowes, head of financial services at PWC, said that the UK free banking model was quite unusual, and that it was inevitable that banks would start charging.

  • 02 Feb 2015
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