BBC NEWS | Talking Point | Are you bewildered by your bank?

Leading high street banks make charges so complex that it took a Cambridge mathematics professor most of an afternoon to calculate the interest rate on a credit card.

Credit cards advertising the same annual interest rate actually incur charges that vary by up to 40% with different banks, says a House of Commons committee report.

The "big four" banks - Lloyds TSB, Barclays, Royal Bank of Scotland and HSBC - are also criticised by MPs for disguising hefty interest rates in small print.

Committee chairman John McFall urged all banks to review their promotional material to create clear and simple understanding of the accounts on offer.

How well do you understand the interest rates on your cards? Are you sure you're getting the most competitive offer? Would you prefer to bank with another company? What puts you off switching?

My credit card company helpfully provides me with an estimate of my next month's interest (assuming I make the minimum payment and don't buy anything new). Since I pay in full each month I know that my interest payment will be exactly £0.00 every month. Perhaps, as others have said, the government should focus on the fact I need an accountant to work out the myriad different taxes I can pay and reclaim, with legislation that changes far more frequently than the interest on my credit card.
Dave Tankard, UK

I thought the APR was supposed to be calculated according to some standard formula! If that is not the case then it jolly well should be. What is the point of APR if it varies in meaning from one financial institution to another!
Philip S Hall, UK

I do not find the big 4 banks a problem because I do not trust anything they say and I do my home work. I have banked with Midland (now HSBC)for over 10 years and they are excellent, however I still do not trust them. I have 4 bank accounts and 6 credit cards and I make them work for me. If you do your homework and are prepared to move if the service is bad you should have no problems. Unfortunately the British tend to accept poor service rather than do anything about it. That is why firms continue to get away with it
Chris P, UK

Anyone who leaves an outstanding balance on their credit card is an idiot. You are victims of the "Got to have it now" culture. 20%APR is a borrowing rate that only fools accept. I pay my balance at the end of every month, get one month's free credit and collect free air miles. Finally I would like to thank all those idiots who maintain a balance on their credit cards and pay the 20% APR, because you guys pay for my air miles. Wonderful.
Julian, England

We're just a country of Arthur Daleys

Steve, UK

It isn't just the banks; all organisations are trying to make a fast buck through misleading information. Of course, it's possible to keep track of all these endless varying charges, but the idea of having to move your bank account every six months, or visit three or four different food shops every week or take your car to three different garages for a service is the problem. And they know it. We're just a country of Arthur Daleys.
Steve, UK

I changed my mortgage from Barclays to the Woolwich. As both are owned by the same company I did not think there would be a lot of problems. It took around three months and could have taken longer if I hadn't kept calling to sort out the mistakes they made. I've saved money by swapping accounts but the banks make it difficult to move by slowing down the process etc.
Carol, England

The biggest con in the banking world is the time delay between a cheque clearing your account and the funds becoming available in the account it is paid into. Free money to play with for the banks.
Gerry, Scotland

What had the Cambridge professor drunk at lunchtime?
John, UK

I am not bewildered by my bank at all. I know full well that they are a money grabbing, profiteering bunch of crooks.
Colin, UK

Banks are some kind of peculiarly British public service

Graham, UK

Too many people have a kind of Chumley-Warner view of banks, whereby they are some kind of peculiarly British public service. They are just like any other business and are there to make as much money as they can get away with. It's up to each consumer to avoid being personally ripped off.
Graham, UK

I wasn't particularly unhappy after 12+ years with Lloyds TSB, but decided to switch to HBOS Intelligent Finance for the balance netting option. I filled in a form on their website and within a few weeks they'd transferred everything for me. I now pay virtually no interest on my car loan, as my savings and current account are offset against it. Superb!
Steve, England

The deals are out there if people can be bothered to look

Andrew Deveney, UK

The deals are out there if people can be bothered to look - the problem is the British public doesn't question or complain enough. The government just deflects people from the real issues.
Andrew Deveney, UK

I considered moving my HSBC Gold Visa card balance somewhere else but I thought I would give HSBC a chance first. My interest rate was 18.9%, but after I went into my branch and asked for a better deal they changed it to 4.9% for six months. All you have to do is ask! If you can't do that then stick to cash.
Bouncy, England

MPs are blaming banks to distract attention from their own failings

Craig Belfiled, UK

Bank charges can be a little confusing. When I have incurred them I always found the bank; RBS, very reasonable. Basically if you do not spend beyond your means there should not be a problem. I suggest that MPs are blaming banks to distract attention from their own failings. What I find complicated to understand is that I get taxed on my earnings, then taxed when I buy something, then taxed on the interest and gains on any savings I have left, and then taxed when I die. MPs should focus on this.
Craig Belfiled, UK

My old bank, Lloyds whom I was with for 10 years, offered terrible service. So I switched to the Co-operative bank and now I can speak to someone 24/7 and it's ethical banking. Yes it was a hassle but I've never looked back! My only regret is that I didn't write to Lloyds and tell them why I moved and that they've lost a graduate with good potential earnings, forever!
Kate, London, England

I love these arguments about lazy people getting what they deserve! Perhaps if we applied that same attitude to our politicians and political parties we would all have the governments we deserve and the policies we want! It's all the same deal. And it stinks!
Peter J Hunt, England

Do not just blame them blindly. The big four also offer better deals. It is up to us to use it or lose it. Please do not expect the government to simplify everything for you, then what is the point of competition? Are we becoming socialist?
SM, UK

Our problem is that due to moving house frequently over the last few years (five times in four years), we have a poor credit rating. We have checked and this is the only reason. We are repeatedly refused credit - apart from with our own bank (Lloyds TSB), where we have a very good credit rating. This means that the only loans and credit cards we can get have to come at very high rates. Any suggestions as to how we could get round this and obtain competitive rates from other sources?
Mrs S Mayo, UK

The big four offer the worst deals on most products

Alastair Stevens, UK

It's not that hard people! Just look at the figures, and you can see in a flash that the big four offer the worst deals on most products. But there are plenty of good deals around. Buy a weekend paper, look at the money pages and make the switch. It's a minor hassle but you'll be glad you did it. Vote with your feet and let's see how complacent the old banks really are!
Alastair Stevens, UK

I definitely think that interest rates, and the periods involved in calculating them, need to be explained in an easy to understand fashion. People think the rate is 13.9% over a year but how many know that their credit card interest is charged daily but deferred until after the payment date? Someone needs to come up with some simple English that all the credit card companies can use and possibly a rating system so that you know that a card with a rating of nine is more expensive than a card with a rating of six.
Matthew Thompson, UK

My bank doesn't really confuse me, I know that my account is empty and that's that!!
Mark Farnsworth, England

There is now an amazing array of banking and credit services on offer. Just check out any personal finance supplement in the Sunday papers. There is simply no excuse for being ripped off anymore, and those complaining are just too lazy to change their arrangements.
Jack Knight, UK

The banks are not to blame. It is lazy consumers who can't be bothered to shop around a bit to get the best deal. If we all did that we would soon find the big four getting a lot more competitive!
Tom, UK

I pay my credit card bill in full at the end of each month so my interest rate is 0%. It seems to me that most people who get into trouble with credit or loans are those who cannot make the link between buying something on a credit card and paying for it with real money. My only regret is that I don't own a credit card company as it must be such an easy way to make money!!
Andrew Carter, UK

Direct, quick comparison of financial products is what the banks are afraid of

Frazer, England

All banks should have to show (preferably in graph form) what happens to the average customer's finances when utilising their services. Price comparison is easy in supermarkets now they all show the cost per 100g etc. Direct, quick comparison of financial products (especially credit cards) is what the banks are afraid of.
Frazer, England