Consumers ''confused'' over current accounts
24 September 2009
British consumers face a tough time when trying to compare bank accounts, it has been suggested.
According to a European Commission (EC) report, the information is often difficult to understand and in some cases "insufficient" to allow people to make accurate comparisons.
It revealed around two-thirds (66 per cent) of current account data supplied by banks was unclear to experts due to the absence of vital figures.
Lovemoney.com head of personal finance Ed Bowsher explained that it is easy for people to sign up to something they do not understand.
"How do you make sure? Well I think one thing is to use the resources that are out there on the web to help you do your research," he suggested.
The expert added that consumers should not give in to the "fear factor" in regards to switching providers.
Mr Bowsher explained that investing some time into making the right financial choices can pay dividends.
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