Last October, the British competition regulator sharply criticised banks in Northern Ireland - all of which are either owned by Irish banks or by parent companies that also operate banks in the Republic. Northern Irish customers were paying more for banking services then they would in a more competitive market, due to lack of clarity over charges, the Commission said.

Last the Competition Commission proposed changes to bank charges and have given until Tuesday of this week for the banks to have their say before a final report in May.

The Northern Irish banking market is dominated by four main players, Northern Bank, First Trust, Ulster Bank and Bank of Ireland NI with very few building societies having made the move to the personal current account market.

These have all indicated to the Sunday Tribune that they are willing to engage positively with the commission on this issue but still insist that competition in the personal accounting sector is intense.

'We still believe that competition in the market for personal current accounts in Northern Ireland is intense' said a First Trust spokesperson, while Ulster Banks said it welcomes the commissions focus on transparency. Northern Bank says its supportive of appropriate remedies to help consumers choose the best personal current account for them and Bank of Ireland also welcomed the proposals.

Among the proposals being floated by the commission is providing more easily understandable information on charges as well an annual reminder about their right to close their account or switch it to another bank.