Rare it is that the humble customer wins an argument with a bank. All the more remarkable then that the giants of British retail banking have been forced to beat a hasty and none too dignified retreat over the issue of charges for customers using ATM machines.

The banks decided earlier this year to effectively permit the double charging of their customers if they used ATMs other than those owned by their own bank. The customer would face a disloyalty charge from their own bank for using a rival's operation and a visitor charge from the bank whose machine they used.

Attempts by the banks to defend the plan on the grounds of protecting their customers' interests rang hollow at a time when they are all looking to trim their branch network. Now the last of them have relented and announced that no penalties will be levied for ATM use.