Britain's newest online bank Atom has joined the chorus of firms attacking free bank accounts, claiming the system means ‘poorer customers pay for richer customers’. Atom Bank, which aims to offer a web-only current account from next year, is writing to the Competition and Markets Authority to criticise the free banking model for being anti-competitive. Chief executive Mark Mullen said: ‘It’s misleading and it lacks transparency to say that the provision of current accounts is free. ‘Banks are using current accounts to attract customers by not charging. Customers are either paying for them in some other way or – worse – somebody else is. ‘For new banks trying to build new business it makes it extraordinarily difficult to compete on current accounts.’Challenger banks Virgin and Tesco Bank have also spoken out against the free banking model. The fact that so many new entrants to the market agree will be seen as a powerful argument in favour of action....Read more here