Menu
06/02/2003
NI banks criticised by UK consumer magazine
Northern Ireland consumers have been urged to shop around for banking products after a consumer magazine criticised local banks for overcharging customers.
The call was made by the General Consumers Council after UK consumer magazine, Which? claimed that Northern Ireland's four big banks, Ulster Bank, First Trust, Northern and Bank of Ireland, were "ripping off" its customers.
Comparing the banks to the rest of the UK, Which? said that most banks have now scrapped fees and charges on overdrafts - all customers pay is interest – but in Northern Ireland customers who go into the red once a quarter can expect to pay about £180 annually in charges with the Ulster, Bank of Ireland and First Trust.
A spokesperson for the Council said that while there "is a lot of competition in the market" consumers could do much better.
"The Consumer Council is calling on the local banks to be responsible and work hard to make banking accessible to all of Northern Ireland consumers.
"They could start by scrapping these charges in line with their counterparts in Great Britain and advertising the existence of the new low cost basic bank accounts," the spokesperson added.
However, local banks hit back by claiming that the report cases represented "worst case scenarios".
(MB)
The call was made by the General Consumers Council after UK consumer magazine, Which? claimed that Northern Ireland's four big banks, Ulster Bank, First Trust, Northern and Bank of Ireland, were "ripping off" its customers.
Comparing the banks to the rest of the UK, Which? said that most banks have now scrapped fees and charges on overdrafts - all customers pay is interest – but in Northern Ireland customers who go into the red once a quarter can expect to pay about £180 annually in charges with the Ulster, Bank of Ireland and First Trust.
A spokesperson for the Council said that while there "is a lot of competition in the market" consumers could do much better.
"The Consumer Council is calling on the local banks to be responsible and work hard to make banking accessible to all of Northern Ireland consumers.
"They could start by scrapping these charges in line with their counterparts in Great Britain and advertising the existence of the new low cost basic bank accounts," the spokesperson added.
However, local banks hit back by claiming that the report cases represented "worst case scenarios".
(MB)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 August 2013
NI Retailers 'Satisfied' With Local Banks
The majority of independent traders in Northern Ireland say they are satisfied with the services provided by local banks, according to a new report.
NI Retailers 'Satisfied' With Local Banks
The majority of independent traders in Northern Ireland say they are satisfied with the services provided by local banks, according to a new report.
11 October 2016
Minister Slammed For Failing To Provide Figures On Number Of Foodbanks
The SDLP has hit out at the Minister for Communities after he failed to provide figures on the number of foodbanks in Northern Ireland or the number of people using them. SDLP Foyle MLA Mark H Durkan said Minister Paul Givan "boasted" about everything he is doing to support food banks, however he was unable to confirm how many of them exist in NI.
Minister Slammed For Failing To Provide Figures On Number Of Foodbanks
The SDLP has hit out at the Minister for Communities after he failed to provide figures on the number of foodbanks in Northern Ireland or the number of people using them. SDLP Foyle MLA Mark H Durkan said Minister Paul Givan "boasted" about everything he is doing to support food banks, however he was unable to confirm how many of them exist in NI.
28 April 2006
NI bank customers are paying more
A report by the Competition Commission (CC) has revealed that Northern Ireland bank customers are paying higher charges for current accounts than those in the mainland. The CC report claims that this is due to a lack of competition between the four main banks in the province - Bank of Ireland, Ulster Bank, First Trust and Northern Bank.
NI bank customers are paying more
A report by the Competition Commission (CC) has revealed that Northern Ireland bank customers are paying higher charges for current accounts than those in the mainland. The CC report claims that this is due to a lack of competition between the four main banks in the province - Bank of Ireland, Ulster Bank, First Trust and Northern Bank.
29 July 2009
Banks Defend NI Farm Business
Within hours of a meeting with politicians over the major bank's conduct of business with the NI agricultural industry, senior bank bosses have roundly defended their commitment to the industry.
Banks Defend NI Farm Business
Within hours of a meeting with politicians over the major bank's conduct of business with the NI agricultural industry, senior bank bosses have roundly defended their commitment to the industry.
17 November 2008
NI Business Has Role In Debt Recovery: Foster
There has been a high level call for the business community to play its part in beating the credit crunch. Northern Ireland Enterprise Minister Arlene Foster has said that local banks can do more to help people who are in debt.
NI Business Has Role In Debt Recovery: Foster
There has been a high level call for the business community to play its part in beating the credit crunch. Northern Ireland Enterprise Minister Arlene Foster has said that local banks can do more to help people who are in debt.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
