As banks are forced to reduce credit card penalty charges, they may in turn start charging customers for current accounts to make up for lost revenue, according to a consumer site.

HSBC is one high street bank that has already warned customers that free banking is coming to an end and other banks could follow suit.

"They [banks] obviously have to look at ways of paying for providing the service that they do," said Andrew Hagger, a spokesperson for Moneyfacts.

"Like every banking system beforehand these banks have been able to charge penalty costs and if that avenue is taken away then they will have to take a look at the way in which they operate."

However, if charges are introduced then customers will start expecting a much higher level of customer service.

"You would hope that if you were paying for something you would receive a certain level of service. It's all very well that we are not paying at the moment if we don't receive decent service, but in anything in life if you pay for something you expect certain standards," Mr Hagger added.

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