Better protection for bank users

Cash machine screens must warn of any charges

Consumers will be better protected after a revised version of the Banking Code of Practice in the UK came into force on Monday.

Customers in difficulty must receive help...

Bank customers will receive better information about what charges financial institutions impose on them, about interest rates, and about terms and conditions.

It will also become easier for them to change bank accounts, and they will receive greater protection against credit card fraud.

The Code requires that cash point screens warn of any charges, and of who is making the charges, before a transaction takes place.

And it dictates that no customers will be charged twice for a cash machine withdrawal.

Bank users in difficulty

Providers of basic bank accounts, designed for the financially-excluded, will have to tell customers about these accounts.

...while those with credit card will be better protected against fraudsters.

And all financial groups will be obliged to tell customers in financial difficulty where they can get free advice.

In addition, the banks must give eight weeks notice of any branch closures.

The Code will apply to all forms of banking, whether by branch, phone, internet or any other channel.