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Banks are adding fees, particularly on accounts with small balances, said Greg McBride, an analyst at Bankrate.com, which provides consumer information on financial services.
The smallest awards – of about £200 – tend to go to people who had PPI on a credit card, but only for a short time and on small balances.
However, Mr Mandell remarks, by increasing the charges for bank accounts with only small balances they have in effect deprived children of what was traditionally the best practical educational tool, an account of their own.Indeed, one of the biggest problems may be the illiteracy of financial-service firms, which often fail to provide the products that poor consumers most want.
For accounts with small balances, it can take a few years to recoup the set-up and administrative fees.
GE's triple 'A' ratings are prominently featured on the GE Interest Plus Web site; the current interest rate for small balances is 3.05%.
Now, while a couple of bucks per month might not seem like much, the fees can have a material impact on accounts with small balances.
Similar(50)
After six months, heavy payday borrowers will accumulate a small balance.
A simple, small balance sheet meant Jefferies could sell itself for a premium price.
What determines whether unemployment is going up or down is the small balance between these much larger inflows and outflows.
So far, the number of companies investing in divorce is small — Balance Point is one of the few that do it exclusively.
■ Person 3: someone with a small balance regularly dipping into the red Brian has a £750 average balance and pays all his bills from the account but also goes overdrawn five times a month by an average of £200.
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