People power sends UK banks running for cover

It's nice to know the power of the consumer is not dying in this increasingly impersonal age.

It's nice to know the power of the consumer is not dying in this increasingly impersonal age.

Plans by some of Britain's banks to double-charge customers withdrawing money from cash machines other than their own look set to be withdrawn following a furore from customers and lobby groups. The banks were looking to charge customers of other banks for using their machines on top of existing disloyalty charges on their own customers for using the machines of rival financial institutions.

The consumer campaign was backed by regulators and, following a meeting with the British Trade and Industry Secretary, Stephen Byers, the banks admitted defeat.

  • Join The Irish Times on WhatsApp and stay up to date

  • Sign up to the Business Today newsletter for the latest new and commentary in your inbox

  • Listen to Inside Business podcast for a look at business and economics from an Irish perspective