Mike O'Connor, of watchdog Consumer Focus, said that the current perception of free banking was not good for competition, or for customers.

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"Individuals buy holiday money infrequently and so may not shop around much or may just stick with the same supplier, " said Mike O'Connor, chief executive of Consumer Focus.

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"There would be real value in establishing a more open and honest relationship between banks and their customers on what they get, how much it costs and whether others are offering better value for money, " said Mike O'Connor, chief executive of watchdog Consumer Focus.

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Now the group has settled for the most part, with Connor, David Wetzel on keyboards, Mike Nolte on bass, drummer Josh Adams and the newest member, Kansas City guitarist Jake Blanton.

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