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Despite the UK taxpayer bailing out the City to the tune of billions of pounds, banks like RBS and Lloyds continue to rip-off UK residents when they access their funds on holiday.
Many people are unaware of the hidden charges that their banks pile onto their holiday spending. Almost all cards from UK banks add an 'exchange charge' when cash is withdrawn abroad - so that £100 in a foreign currency actually costs you £103. In addition to the exchange charge, many customers face a cash withdrawal charge and in some are even charged every time they spend on their card abroad.
Scottish Liberal Democrat MEP George Lyon has slammed this "outrageous practice" from publically owned banks declaring it a "rip-off" of loyal customers. He is leading calls for British banks to be tackled over their excessive foreign holiday charges and has even questioned the European Commission about what they can do to stop the practice.
George Lyon has contacted seven of the UK's biggest banks demanding to know what charges they impose on their customers when they use their debit cards abroad and a justification for the charges. He has also written to Business Secretary Vince Cable calling for a tough line to be taken with our banks - especially those that are publicly owned.
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