Shock poll shows Brits prepared to pay for banking

04 April 2007
A surprising poll has showed that one in three British banking customers would be willing to pay their bank a moderate sum in exchange for fairer treatment.

As many as 13.8 million people would pay a fee of around £7.29 per month, the survey from MoneyExpert.com showed.

Startlingly, the poll also suggested that 75 per cent of people now deem free banking 'unfair' – on the grounds that free banking services for some customers are funded on the back of penalty fees imposed on others.

"Opposition to paid-for banking may not be so severe if banks can prove it'll result in a fairer system," commented MoneyExpert chief executive Sean Gardner.

But when pitching a fee-based service, banks will have to prove they can offer more than their competitors and work harder to retain custom, he added.

Several banks have recently hinted that if the Office of Fair Trading imposes a cap on penalty fees, they will be forced to extract revenue from alternative streams, triggering concerns that the end of free banking may soon be at hand.

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