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UK set for direct debit charges?
- Aug 7 2007, 16:33 PM
The UK could be set to see banks charging consumers to carry out direct debit and other such transactions.
The banking industry in the UK looks set to follow practices already established in other countries of charging consumers to use bank accounts, including for the use of various services that have in the past always been free.
However, it is unlikely that the plans would have a significant impact on the use if direct debits in the UK - which have increased in popularity substantially over the past few years - because they remain a convenient and fast way for consumers to carry out transactions.
It is also likely that banks will charge less for direct debit transactions than for other types of transaction because of the reduced administration costs involved. Banks will still need to ensure, however, that bank account validation systems are kept at a high standard because any move to impose charges will mean many people will expect a higher level of service from their bank.
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