Banks’ January sales scam
January 5, 2007 by admin
Filed under News, News-Banking
Consumers are being warned that banks are trying to fool them with so-called new year sales, says an industry expert.
A number of high street banks have launched special deals this week, claiming to offer consumers attractive rates on a number of products.
However, consumer campaigner and founder of moneysavingexpert.com Martin Lewis says the sales are nothing more than a “great scam”.
“I have not seen anything I would describe as a sale,” said Mr Lewis. “A sale is a period when you get better deals. This is a bank promotion to look like a shop sale.
“What you are actually seeing is the big four high street banks, who are hideously overpriced normally, doing some price reduction so that they are now only over priced.”
Mr Lewis went on to say that consumers should give most of the banks’ sale items a miss and aired his anger at the behaviour of some of the leading banks.
“It is a great scam. You are more expensive than the market place, so you reduce prices and call it a sale,” he added.
