UK-based Co-operative Bank has reportedly hiked the monthly fees paid by many holders of its packaged current accounts by nearly 20%.
Co-op Bank’s privilege premier account holders currently pay £13 a month, or £156 a year; however, from 1 July 2014 they will be charged £15.50 a month, or £186 annually, according to The Guardian.
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Some customers of the Co-op Bank’s internet arm, Smile, will also have to pay more, as its Smilemore account fees has been increased by £2.50-per-month, taking it from £13 to £15.50.
A bank spokesman was quoted by the publication as saying that the increases, which affect an undisclosed number of people, "reflect the increase in costs of providing the features of the accounts to customers."
He further said that the bank has no plans to change the benefits associated with these accounts.
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