While the authorities have for some time been looking to make the financial industry a lot more transparent, do you really know the full extent of the charges which you incur when you take out a loan, open a bank account or even take out a mortgage?

Even though advisors have been forced to breakdown the charges which you will incur, many seem to do it such a way that it is almost impossible to understand what the final figure is. Do you pay a termination charge if you repay your loan early? What are the penalties for late payment?

Very often it is only when you actually get into the situation that you will realise that not only will you be penalised for missing a loan repayment, but you will also pay further interest on the payment until you actually catch up.  The mortgage market has been the subject of much controversy over the years with many providers using early repayment charges to bump up there profit on your loan.  While this practice is supposed to have been outlawed some time ago, there are still a small number who will penalise you in some shape or form for early repayment.

It is vital that whenever you take out  a loan, mortgage or even a bank account that you know exactly what you are being charged and will be charged in the event of missing payments, etc.  While the banks are making charges available to their customers it is often up to you to find them in the small print, otherwise you may be in for some shocks in the future.