Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/money/article/a635817
1hr 37mins to read bank account small print
No wonder we don't both to read our bank's terms and conditions when it takes this long.
by Michelle McGagh on Nov 21, 2012 at 00:01
Ever read all of that bumpf the bank sends you when you open up a savings account of ISA? No, me neither but if you did it could take you over an hour to read it all.
I’m sure most of us could think of better ways to spend our time than reading banks’ terms and conditions which is why most of us never bother and don’t know about those sneaky charges and falling interest rates that are hidden in the small print.
The length of banks’ T&Cs (source: Which?):
|Bank||Number of words||Time to read|
|HSBC||29,006||1hr 37 mins|
|First Direct||25,904||1hr 26 mins|
|Halifax||20,082||1hr 07 mins|
|Lloyds TSB||16,293||54 mins|
|Cooperative Bank||12,593||42 mins|
Time to read is the time it would take an average person to read them from start to finish based on a typical reading speed of 300 WPM
New research by consumer group Which? shows just how baffled we are by banks’ conditions. It asked consumers to read the T&Cs of eight major banks’ standard current accounts and then asked questions about them.
Although the testers were given unlimited time to answer they could not answer all the questions correctly for any of the banks. The testers answered 53% of questions correctly for questions on Lloyds’ terms and 67% for Natwest. And it took a staggering 17 minutes for one person to find the answer for a question on First Direct’s savings account.
Only one in 10 Which? members surveyed said they had read their bank’s T&Cs thoroughly when they opened their current account and it’s no surprise people can’t be bothered to read them when it takes up to an hour and 37 minutes to do so.
Banks’ terms and conditions test (source: Which?):
|Bank||Questions answered correctly|
More about this:
More from us
- Ending free banking won't stop the mis-selling
- FSA cracks down on packaged current account sales
- The Friday Five: how to switch your bank account
- Current account market scrutinised amid competition concerns
- Savings rates: where to put your cash
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.
Latest from The Lolly
by Michelle McGagh on Oct 02, 2014 at 05:01