• Study highlights public unhappiness as transaction fees

    Researchers who polled 2,000 UK adults found they spend around £35 a month on added charges when purchasing gig tickets, making travel bookings as well as transactions made abroad and other expenses – adding up to an average of average £416 each a year.

    Insurance companies appear to be the biggest culprits – on average those polled fork out £37.81 a year on unexpected charges.

    And it also emerged we pay out around £12 a year in transaction fees alone – just for making online purchases.

    Hotel bookings are also liable to cost more than £30 more than first advertised, once all extra charges are added on.

    It also emerged one in three have made a complaint over a hidden charge or additional fee – and four in 10 have even cancelled a payment or booking because of them.

    A further 37 per cent have considered complaining to their vendor, but haven’t gone through it – with 23 per cent simply too busy to express their frustration.

    A huge eight in 10 of those polled admit to being frustrated by hidden charges and 67 per cent believing they shouldn’t be added late on in a payment process.

    The study was conducted by BOXT (www.boxt.co.uk), an online boiler company, whose Sales & Marketing Director, Alan Dickinson said: “We all pay out plenty of money each month to keep our lives rolling on.

    “So it’s frustrating to think you’ve got all your money sorted out, only to find that there’s a hidden charge or a fee you hadn’t realised was incoming.

    “From mortgage payments or rent through to buying groceries and clothing, our bank balances are always in a battle to stay above the red line.

    ”Consumers increasingly want more convenience and clarity for what they are buying.

    ”Our research shows that simple and honest pricing is the only way businesses can get ahead in a world where your brand can be hurt on social media in an instant.”

    The research also found Brits spend more than £22 a year on top of the basic price for gig or event tickets – on ‘mysterious’ extra fees.

    Just under one in ten have complained through social media about hidden fees.

    And one in 20 respondents have been hit with extra charges between £81-£100 – on a single transaction.

    Unsurprisingly, the vast majority of Brits would prefer a service or product where all costs were announced up front – even if this put the price up.

    And three quarters said they are less likely to buy a product or service again if they incur hidden costs or additional charges.

    A YEAR OF EXTRA PAYMENTS – BREAKDOWN

    Late fees – £9.96
    Transaction fees online – £11.23
    Transaction fees abroad – £10.42
    Booking a suitcase on a flight – £12.64
    Paying for extra weight on a suitcase – £7.91
    Paying for a seat on a flight – £14.97
    Paying to change names on a flight – £7.75
    Paying to change flight dates/destination – £8.64
    TV subscriptions – £27.42
    Broadband – £35.81
    Event/gig tickets – £22.32
    Hotel bookings – £30.23
    Hotels on arrival such as minibar – £10.43
    Car hire – £13.48
    Insurance – £37.81
    Credit or Debit card fees – £15.49
    Overnight/fast delivery fees – £10.74
    General delivery fees – £17.54
    Booking fees – £14.51
    Overdraft fees – £14.18
    Running over data fees – £10.63
    Customer service call charges – £11.67
    Fee to ensure your hand luggage doesn’t go in the hold on a flight – £8.25
    Compulsory tipping/service charge – £16.17
    Call out fees for contractors like plumbers, electricians etc – £13.92
    Emergency fee for contractors – £11.13
    Fees for additional work not quoted for when using contractors – £11.37

    TOTAL: £416.62

    AUTHOR

    Stuart O'Brien

    All stories by: Stuart O'Brien

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