Are We All Going to Have to Start Paying For Our Bank Accounts?

By Gary Cutlack on at

The EU has tabled a few draft proposals designed to force banks to be clearer on their charges and make comparing fees easier, which could bring about the long-heralded end of mostly "free" banking in the UK.

The EU's changes would see all banks required to provide current account holders with a "fee information document" that's standardised in content, to allow customers to see how all current accounts compare. The worry is that in the march to standardisation, every bank would start charging for account features equally, otherwise it'd be extremely tough to meaningfully compare prices when different banks across Europe have so many different ways of charging for things.

There's some good stuff within the proposals, though. The EU has put forward a plan that would demand all banks are able to perform current account switches within 15 days of being asked, with all your debit and credit information ported across for you -- and protection in place to shield account holders from losing money should any bills not get paid due to switching errors. [Which]