North’s banks criticised for imposing high charges

THE North’s “Big Four” banks were condemned yesterday for imposing higher charges and paying lower levels of interest to personal customers than would be expected if there was greater competition.

The banks were accused by the Competition Commission of stifling competition to the detriment of their personal banking customers.

A report on the four — Northern Bank, Ulster Bank, First Trust Bank (owned by AIB) and Bank of Ireland — stated: “A lack of clarity on charges and unduly complex charging structures and their application, combined with a reluctance among customers to switch providers, are restricting competition in the market for personal current accounts in Northern Ireland. These features make it likely that customers incur higher charges and receive lower levels of credit interest than they might expect.”