Recent research has found 83 per cent of Britons would change their bank if new monthly or annual account fees were introduced on current accounts.

Research conducted by uSwitch.com found that 19 million people in the UK have been hit with 159 million chargeable events – events that have generated £4 billion for the banks. These charges are difficult to take in your stride no matter what your financial situation – but for people in debt already trying to pay off loans, credit cards and mortgages, it makes debt management even harder.

The price comparison website revealed the results to the poll following the Office of Fair Tradings (OFT) announcement that they have started an investigation into account charges. The investigation will be looking at the legality of various account fees charged to consumers.

Mike Naylor, personal finance expert at uSwitch.com encourages consumers to claim back their charges and pay close attention to their fees and charges, “More now than ever before, consumers should also be keeping a very close eye on the small print and the correspondence they receive from their bank.

“With this latest announcement from the OFT, banks will continue to claw back any lost revenue streams in anticipation of the outcome of this investigation. By voting with their feet, customers can make sure they are not being ripped off by underhanded revenue generating tactics which simply add to banks profits.

“We are in little doubt that the introduction of banking fees will be one of the biggest triggers of current account switching that we’ve ever seen.”