A
financing website has commented on news that Citibank is
automatically upgrading its
banking account customers to a fee-charging service.
Under the scheme, standard
current account customers with the banking corporation will be
automatically transferred into a Citibank Plus premium account
costing £120 per year to use.
Commenting on the news, Nick White, director of
financial services at financing website uSwitch, said that it
was inevitable some people would end up paying the fee
despite not wishing to use any of the premium account's
additional services.
And he also cited recent research from the company, which indicated
16 per cent of people believe they have been automatically upgraded
from a standard to a fee-paying current account in the past.
It reiterates our message that people need to remain one step
ahead of this
banks
, he concluded.
People looking to switch current account providers might wish to
consider a range of factors before transferring their money to
another banking institution.
For instance, they may need to check the monthly fees,
savings rate,
lending rate or
credit card offers available before deciding if the account is
right for them.
