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Commercial Credit News
|Banks make billions from reluctance to switch current accounts|
|Wednesday, 05 August 2015|
Following Tesco Bank’s report into the real cost of “free” bank accounts, Rich Wagner, CEO and founder Advanced Payment Solutions (APS) and board advisor to the Emerging Payments Association, argues that banks will struggle to shift business models, should the Competition and Markets Authority (CMA) report demand this. He argues FinTech players will gain a competitive advantage.
Mr Wagner says: “It is no surprise many banking customers have no idea how much their so-called “free” traditional bank account costs. The word “free” is misleading – in reality, banks rely on stealth charges and punitive overdraft fees to make current accounts profitable.
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