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| NI bank customers 'paying more' | NI bank customers 'paying more' |
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| Customers in Northern Ireland pay more for banking and get lower rates of interest on savings, according to the Competition Commission. | Customers in Northern Ireland pay more for banking and get lower rates of interest on savings, according to the Competition Commission. |
| It has published a report into charges imposed by NI's four main banks. | It has published a report into charges imposed by NI's four main banks. |
| The commission found there was a "lack of clarity on charges and unduly complex charging structures". | The commission found there was a "lack of clarity on charges and unduly complex charging structures". |
| An inquiry was set up in May last year following a so-called "super-complaint" from the Northern Ireland Consumer Council and the consumer group, Which. | An inquiry was set up in May last year following a so-called "super-complaint" from the Northern Ireland Consumer Council and the consumer group, Which. |
| Among the complaints were that there are charges levied which are not imposed elsewhere in the UK. | Among the complaints were that there are charges levied which are not imposed elsewhere in the UK. |
| It also claimed that the charges appear too similar across the four banks. | It also claimed that the charges appear too similar across the four banks. |
| Inquiry Group Chairman Christopher Clarke said: "Despite a number of significant recent changes in this market, competition in the provision of personal current accounts in Northern Ireland is still not working for the benefit of customers. | Inquiry Group Chairman Christopher Clarke said: "Despite a number of significant recent changes in this market, competition in the provision of personal current accounts in Northern Ireland is still not working for the benefit of customers. |
| "It's difficult for customers to make comparisons between competing providers due to the failure of the banks to explain sufficiently or fully their unduly complex charging structures and practices. | "It's difficult for customers to make comparisons between competing providers due to the failure of the banks to explain sufficiently or fully their unduly complex charging structures and practices. |
| "It took us many months to understand what the charges are and how they are applied." | "It took us many months to understand what the charges are and how they are applied." |
| 'Unauthorised overdraft' | |
| He said that during the course of their investigations, three of the four clearing banks in Northern Ireland introduced, or announced that they planned to introduce, "fee-free" banking with no transaction or maintenance charges when the customer is in credit or authorised overdraft. | He said that during the course of their investigations, three of the four clearing banks in Northern Ireland introduced, or announced that they planned to introduce, "fee-free" banking with no transaction or maintenance charges when the customer is in credit or authorised overdraft. |
| "However, in many cases this means charges have been increased on unauthorised overdrafts," said Mr Clarke. | "However, in many cases this means charges have been increased on unauthorised overdrafts," said Mr Clarke. |
| Chief Executive of the Consumer Council Eleanor Gill said the report was a "major step forward for consumers". | Chief Executive of the Consumer Council Eleanor Gill said the report was a "major step forward for consumers". |
| ""The Competition Commission has undertaken a rigorous 16-month investigation into the banking practices of our big four banks," she said. | ""The Competition Commission has undertaken a rigorous 16-month investigation into the banking practices of our big four banks," she said. |
| "What they have decided at the end of that is that there is a lack of competition and it is not working for consumers. | "What they have decided at the end of that is that there is a lack of competition and it is not working for consumers. |
| "But more importantly, in moving the thing forward, they are now going to take steps to sort it all out." | "But more importantly, in moving the thing forward, they are now going to take steps to sort it all out." |
| The four main banks in Northern Ireland are the Bank of Ireland, Ulster Bank, First Trust and Northern Bank. | The four main banks in Northern Ireland are the Bank of Ireland, Ulster Bank, First Trust and Northern Bank. |