Q: I have some savings with my local bank and some more in the credit union. A few years ago, I used to get some interest on these savings in the bank and a dividend from the credit union at Christmas.
Now I get nothing and am reading in the media that they may charge me to look after my money. Surely, this can't be true?
A: There has been a move by lenders to extend the categories of business customers who will be charged for saving money, according to the chief executive of the Credit Union Development Association (Cuda) Kevin Johnson. This is to be done by changing account holder's terms and conditions to enable banks to charge what is termed negative interest. It has led to fears that personal banking customers may be next in line to face such charges.