The Guardian - 'One in three' would pay for banking

Almost one in three consumers would be prepared to pay for their normal banking services, research suggested today.

In a survey of more than 2,400 people, the comparison site MoneyExpert.com found that almost a third of bank customers would pay an average £7.29 a month if it meant their bank would operate more fairly.

The Office of Fair Trading has already imposed a £12 cap on penalty charges levied by credit card providers, and the watchdog is turning its sights to fees raised on current accounts. As a result, there has been widespread speculation that banks will bite back, and recoup potential losses by charging a fee for standard current accounts.

First Direct made the headlines when it announced charges of £10 a month for customers who only held current accounts or paid less than £1,500 a month into their account, fuelling the debate over whether or not the end of free banking was in sight.

According to today's survey, many British consumers believe that fee-based banking may be fairer on consumers. As many as three-quarters of respondents said that paying a fee would be fairer than allowing services to be subsidised by people who regularly have to pay penalty fees.

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