Northern Ireland's big banks 'insultingly bad'

[ajapale]

http://www.guardian.co.uk/business/story/0,3604,1493021,00.html

Northern Ireland's big banks 'insultingly bad'
The OFT upheld their complaint that the banks treated their customers unfairly with banking charges which were 21 times higher than their counterparts - and, in some cases, sister banks - charged customers in the rest of the UK.

The referral involves Ulster Bank, Northern Bank, First Trust and Bank of Ireland, which together account for 77% of Northern Ireland's personal current account market. An OFT investigation found that they did not actively compete for customers and that there was evidence of parallel pricing.

"A referral to the Competition Commission is the most serious action that the OFT can take against the banks. Clearly unwilling to change voluntarily, the big four will now be forced to change."

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[daltonr]

Comparing First Trust with AIB (GB) I can't see the enormous differences mentioned in the article, although I think it refers to charges that don't exist at all in GB as opposed to charges that were simply higher in NI. I suppose a closer look might uncover them.

Comparing First Trust against AIB in the Republic First Trust Appears to be more expensive. In some areas the difference is quite big. Buying a Sterling Draft in the North costs £10 buying a Euro Draft in the republic costs €1.90.

-Rd