High bank charges for millions

October 2002
Management Services;Oct2002, Vol. 46 Issue 10, p7
Academic Journal
According to a survey conducted among the largest banks of Great Britain for 2002, millions of people gathering details for their self-assessment forms face unnecessarily high bank charges and long waits for copies of lost account statements. Researchers, posing as potential customers, found that while six of the top 20 banks and building societies offer duplicate statements free of charge, the rest were found to charge between two pounds per statement and five pounds per sheet of paper. The survey also found that duplicate statements take an average of more than six working days to arrive, with some customers facing a wait of up to two weeks. Waiting for duplicate statements could result in many customers missing the Inland Revenue's September 30, 2002 deadline for submitting tax returns.


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