NI banks criticised for overcharging customers

An investigation by the Competition Commission has found that bank customers in the North are generally paying more than they should for a range of services.

The investigation was launched following complaints to the Office of Fair Trading about the level of charges being imposed by the four main banks - Bank of Ireland, Ulster Bank, First Trust and Northern.

In an interim report published today, the Commission said customers appear to be paying higher charges and getting lower rates of interest than they should.

It also noted a low level of switching accounts and a pattern whereby, if one bank raised its charges, the others tended to follow.