Just when you thought that the banks might have learnt their lesson and eaten a bit of humble pie, in comes news that they’ve been accused of playing Dick Turpin again.

This time they stand charged of ripping off their customers by charging interest rates of up to 21% on personal loans.

Some might claim this should be a surprise to no-one, as banks are just reverting to type as they see their customers as fair game when it comes to rebuilding their balance sheets.

The finger is being pointed ay Clydesdale Bank, Lloyds TSB, NatWest and Yorkshire bank. Recent figures show that the Clydesdale and the Yorkshire banks are charging a typical APR of 20.9% for just £2,000, repaid in three years. Lloyds TSB and NatWest banks are charging 21% for the same amount, for the same period. This compares badly with many credit cards.

Raising the alarm is people’s personal finance champion Liberal Democrat spokesman Vince Cable who has cried foul over the levels of interest being levied. He is astounded that when the Government has effectively nationalised many of the U.K.’s banks, they are now treating their customers with such contempt.

And the claim that the Government’s quantitative easing polices – which sees money being pumped into the banks in order to encourage them to loan it back out to their customers – is being ridiculed as a further example of banks wanting it all their own way.

Many of the financial pundits have joined Mr Cable in continuing to highlight the irony of the banks who hope to profit from a situation that they helped to create. The U.K. banks, like many across the globe, are seen as causing the crisis with not only over lenient lending policies when it came to lending people money, but also by re-packaging toxic assets that are still hanging around the system like a financial time bomb.

NatWest and Lloyds have come under particular scrutiny, as they are charging twice as much interest on their personal unsecured loans as many other lenders. And this at a time, many argue, of zero inflation.

But when questioned about their high rates, a NatWest spokesman hit back with the excuse that all their loan applications are judged on their customer’s ability to pay, not a standardised rate. Thus, personal circumstances, credit history and the ability to repay are all considered. And some customers, judged a higher risk than others, are asked to pay a higher rate. But, says the spokesman with undoubtedly a straight face, at least the lender has the confidence of using a high-street bank.

The reasoning from Lloyds appears to be the same, as their spokesman claimed that most of their personal loans, at least two thirds, are agreed at 9% interest. The remaining third of their loans do attract higher interest rates, but this is because of their customer’s personal circumstances. And, claim the bank, they do try to keep their rates in-line with the rest of the high-street.

Whether Mr Cable is right, or whether the banks are just trying to be prudent at long last, remains to be seen.

Guest Article by Neil Camp