Banks Finding "Sneaky Ways" to Make Money out of Public - Which? Report

Banks Finding "Sneaky Ways" to Make Money out of Public - Which? Report
UK-based Which? has recently released a report, and according to its banks all over the country are finding "sneaky ways" to make more and more money out of the unsuspecting public, including charging unexplained fees. Which? has been quick to assert that the rate on authorized bank overdrafts is currently at its highest level since the 1990s.

Recent official figures shared by the Bank of England have revealed that the current average rate of overdraft is 18.96%, but many big and renowned banks have been known to charge more. Owing to a major Supreme Court ruling, the number of unauthorized overdrafts has fallen considerably, and Which? has now accused banks of unnecessarily raising rates on authorized overdrafts to make up for the difference which has appeared as a result.

"It is like a balloon", shared Phil Jones of Which? "When you push in one part, it comes out in another. So we see that the banks are consistently taking sneaky ways to make money out of people".

The whole country is now eagerly waiting for a Supreme Court judgment, post which millions of bank customers will be in line for payout worth a whopping 6 Billion Pounds. The ruling is awaited on whether or not the Office for Fair Trading can investigate the legality of unusually high overdrafts charges which have not been authorized.

(Via TopNews United Kingdom)