BANKS PUT HOUSE IN ORDER WITH NEW CODE

Britain's banks have launched a new code of practice designed to counter accusations of profiteering and overcharging customers by #5 billion a year.

The fourth new Banking Code, which comes into force in January 2001, aims to provide a fairer deal for customers.

Critics have warned that if self-regulation is not forthcoming, the Government will come down hard. Andrew Stuart, editor-in-chief of Your Money Direct, said: "Bankers are drinking in the last chance saloon.

"The spate of bad headlines about the retail banks over the last few months has forced the banks to act. They know that if they do not put their own house in order then the Government will impose regulation."

The code promises:

Eight weeks' notice of any branch closure Cash machines will warn of charges - and who is charging  before a transaction is made No customer will be double-charged at the cash machine There will be new protection from fraud for credit card users Banks and building societies will not obstruct customers if they switch allegiance. Customers in financial difficulty must be told where they can get free advice The code will apply to all forms of banking - branch, phone and Internet.

http://www.sky.com/news/finance/story4.htm

I don't understand the part about no more double charging on the atm's. Does anyone know...is this a common practice or common error? Thanks

-- Doris (reaper@pacifier.com), September 19, 2000