Champions of consumer rights Which? have recently launched a campaign to highlight unfair fees and hidden costs which have blighted the financial world for many years.
In their Stop Sneaky Fees and Charges campaign, they’ve called out the following practices for scrutiny;
- Insurance Administration Fees
- Bank Overdraft Charges
- Credit Card Balance Transfer Deals
- Default Fees
- Mortgage Set-up Fees
Not content with simply highlighting the issues, Which.co.uk have also called for the following actions;
1. We want companies to take action:
- Don’t hide the full cost from customers: fees that are part of the total cost of a product should be prominently and clearly displayed.
- Stop making it hard to compare prices: it should be easy to work out the best deal, taking all fees and charges into account.
- Stop stinging customers with rip off additional charges: extra compulsory fees after you’ve purchased a product should be cost-reflective.
2. We want the Government and regulator to stop sneaky fees and charges by conducting a thorough review
As of September 10th, they have reached 33,000 of their target 40,000 signatures, so if you’re annoyed by banks and financial institutions charging too much (as you should be!), join their campaign and help to eradicate, or at least improve, the situation.
We’ve highlighted similar issues with companies claiming “commission free”, when hidden charges apply, and sometimes even blatant commission. Have they no shame?
We admire anybody who stands up to “the man” and doesn’t accept the status quo, and Which’s campaign reminds us of our own battle against hidden fees and exchange rate margins in the world of currency exchange. So, after you’ve added your name to the Which campaign, be sure to join CurrencyFair too. Together, we can rid the world of unfair fees and charges!