Flagbearer
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sadly yes, free banking will soon be gone. |
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CazW
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my fella got a letter yesterday saying that if he didn't have a monthly income going into his account of at LEAST £1500 every month they were going to charge him £10 a month! now unless your earning quite a bit that is scandalous, luckily thats only his savings account so it doesn't matter but i didn't realise that there's others doing it. Surely they make enough money from us from all the b******y other charges they scandalously charge people. CHEEKY G***. god it makes me mad. I can't see how they can get away with it. |
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DogmaDeleted
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we have never had Free banking...
the banks always find a way to make us pay and pay again.
billions of ££ profit is not enough for them... |
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Mi Mi
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Nothing will be free soon!!!! |
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Alex
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Historically, banks did not give you interest. Their idea was that because they offered a diversified portfolio, your money was safer.
However, banking is a rigged game. Any fool who can't make money out of it without resorting to such obviouse charges shouldn't be in banking in the first place. Put you money elswhere. |
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teddykinetic
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I've discussed this on a few threads today and have come to the conclusions that this could backfire in spectacular fashion.
I'm hoping that a few banks follow and announce charges - then one of the smaller places like Halifax or Allience Leicester declare that they won't charge - thus causing thousands of people to swap over.
It seems that since having to stop charging for ATM use the banks have been searching for an excuse to make more money. They face problems with illegal/immoral bank charges and stand to lose profits if they don't create another way to rip off the customer.
And lets all remember - this is all about profit - charge or no charge they still make a very healthy profit - this is just profit increase - we're not looking at any of them going bust if they don't charge! |
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bootycreord
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Stuff the major banks. Let the little banks have our money. The day they begin to charge me is the day i,ll quit! |
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thatmadlass
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It isn't exaclty totally free the now - even those who use the accounts properly still find themselves with charges.
Who knows.? |
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shirley m
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Yes I think it is and I think the others will follow
We live near Sleaford thats in Lincolnshire,there
isnt a Yorkshire bank here the nearest one is at Newark thats 17 miles from here so that mean's weve to collect our money every friday in Sleaford at another bank,we are both OAP'S so thats some more money to dish out.
I know what your talking about,bye. |
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helloooo
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Already pay charges to NATWEST for their advantage gold account
Have done so for a number of years |
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Stephen L
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No. I think it safe to say that there will be at least one bank with enough commercial sense to see us disgruntled soon-to-be-ex-First Direct customers as a business opportunity for the time being.
I do understand a bank's dilemma though - it does cost money to run an account - but the customer perception (and with us customers, perception is everything) is that we are paying them for the priviledge of looking after our money.
My real beef with FD is that I need to pay in £1500 per month to retain free banking - I don't earn anywhere near that much - what they seem to be saying to me is that I am not a good enough person to remain a customer of theirs! |
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Nickname
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Services, such as banking, in general are becoming "classed". All banks that offer these 'premium' offerings also have regular bank accounts with no charges. Their marketing is designed to make middle class or aspirational people feel they "need" a premium (fee paying) bank account. The alternative accounts are either hidden or presented as being less prestigious or targeted at poor people. While people blindly follow what the banks say and migrate to "premium" bank accounts, they will be ripped off. Often the extra benefits could be purchased elsewhere at less cost. The banks rely on consumers being lazy. |
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wave
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Its all quite pathetic really trying to charge us for our own money, atm charges and now account charges. I WILL be changin banks if mine starts to charge, mark my words. Some people and institutions need to be told it seems. |
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Citizen DeCat
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I vote with my feet if I don't like something, but I don't have much faith in my fellow consumers.
A few months ago, my bank (Co-op) kept pestering me to "upgrade" my account to one with "benefits" such as travel insurance, overdraft facility etc., but for a "small fee". I don't think so, but I couldn't help noticing that nobody complained about this in the press.
Hopefully, with the internet becoming more widely used, it will be easier to raise awareness about such issues.
Nothing makes me more angry than being treated like dirt by big businesses. Hit them where it hurts - in the pocket. |
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the dictionary
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there is only a few people (15%) that would be effected by first direct, so I think this is a way of getting rid of those people that have a few pounds in the account.
There are many savings banks that would never dream about it such as ICICI's HiSAVE account, which pays a huge 5.45%, always staying at least 0.25% higher than the Bank Base. I think that brits do sit down, but I think there would be an unroar by people and and the government would get involved, such as FAREPAK problem (i know it isnt the same though but on the same lines)
Trust me if I was charged for having an account I will not stay-be under me bed!Most banks look at savings accounts as loss leaders, i.e. they are prepared to lose money as you will use other products, such as insurance and mortgages, loans etc.
So to answer your question in a word, NO! |
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diver_matt2
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god thats a bit much £120 a year! i have seen banking cost 1% of that which you withdraw e.g if you withdraw £200 you pay around £2 at most service stations on the motorway
i personally wont let myself into this charging for banking, and i think some banks may follow but some will decide not to |
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punk_fairy
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in all fairness most of the people who come on here dont really have a current account and dont really know how to answer your question, therefore they dont answer you question...
my bank has not started to charge me for anything yet and if the did id with draw all my money immediatly. if others followed suit then the banks would reverse their desions...
plus not many people understand about banks as much as other, most people think "oh look, a safe place to put my money, thats good, i dont have to carry any around with me and less likely to get mugged for having money" and deposit ther cash there. no us brits arent a bunch of wimps, weve just got more things to be concerne with at the moment, like dont you think its bad that the UK had the biggest protest turn out IN RECORED HISTORY for stop the war in iraq...and what did that do?people have lost faith in standing up for anything any more, your a guy standing alone, i dare you to stand up against all the banks... weve just got to silently protest by withdrawing all our deposits as soon as the banks charge...
x |
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gvih2g2
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Bank staff and systems cost money, and that money has to come from somewhere. Until now, "free" banking has been effectively financed by the relatively well-off (who leave large balances in current accounts, and the bank creams off the interest) and the relatively poor (who go overdrawn and incur inflated charges as a result - eg £39 for an unauthorised overdraft).
I don't mind these charges coming in if they start paying a decent interest rate on balances and reduce their excessive charges for minor infringements: neither side can reasonably expect to both have their cake and eat it. |
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old know all
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It depends who blinks first.
Some banks will introduce charges. There will be a migration away from those banks. Initially they won't mind because the customers who move are generally those the bank don't want.
Once they start losing market share, they'll need to come up with a new gimmick - hey how about free accounts. |
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keithrobert_day
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I think the bank in question is trying to keep an elite group of high earners and product buyers on their Books
They are not looking for someone who pays in their salary and spends their salary.
Customers will vote with their feet.
At the end of the day they are running a business not a charity and they are in it for the money so if you do not make them money they will charge you for a service,.
But as long as Major high street banks still offer a free service they will attract more potential customers to sell to , So would you do a job for somebody for free every day prop ably not, so why should they ?
That's private industry for you but the other option is far worse ........................................... |
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taz c
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Nothing is free these days. It's just another way for companies & businesses to make more money. It's when they don't use that extra money to benefit the customer, that it gets a bit unfair. |
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llamedos
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I just hope other banks don't follow. This will affect no end of people across the board, Pensioners in particular will be hit, the Government closing all the Post Offices where they draw their pensions etc, they have had to open bank accounts, and with the little pensions they get, it is absolutely absurd. It makes my blood boil.Yes, us brits do seem to stand for anything and everything, but then the human rights are not their for the likes of the majority of law abiding brits. It is about time that maybe we all stood together and let our voices be heard, the MP's that are supposed to represent us, don't listen, they make all the promises to get your vote and then do u-turns all over the place. |
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mini the prophet of fubar
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banking is never free thats what "interest" is about however it is likely that customers will move away from accounts charging money the same way they stopped using cash machines that charged |
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mjammy1978
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re sex questions;thats the way the world is.
well maybe an option might be to close accounts with that particular account and then see what they do after that.
many people willl be annoyed |
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Miki P
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I bank with FD and after hearing the news this morning my thought was 13 years of relationship has gone out the window. But now I have seen the full breadth of it on the lunchtimes news it will not affect me. They are only getting rid of, as someone else said, the few people that have an account to pay in the odd cheque from Auntie Doris. |
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Pete N
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Banks are in business to make money.. My brother is a bank manager, and he said that once ALL banks charged..it WILL come back, so get use to it..
(This is why the bank top brass all have Villas abroad, retire early, and drive expensive cars etc. stealing hard earned cash the workers).
They say you have to pay ..YOU PAY!
PS you never see a poor eastate agent either, the more they sell a property for, the more the make, hence high house prices.. |
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Rebecca
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I heard banks were going to start charging people for having an account with them, but £120 per year is extortionate.If that's the case i will switch to a building society, but they will probably follow the band wagon.
It's simply another case of rip off britain |
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whoopscareless
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I'm not fussed, because I pay for my bank account anyway. I get free phone and gadget insurance, reduced overdraft fees, that kind of thing.
Actually, I find it quite funny that people are so outraged to be charged. I mean, the banks are looking after your money. Why should they do it for free? They keep your money safe so you don't have to keep it under the bed. They hand it over when you ask for it (ATMs, debit cards). They remember to pay your bills for you (standing orders, direct debits). They give you extra money if you're in a bit of a squeeze (overdrafts). And they give YOU money if you're in credit (interest). Why shouldn't they charge? They're not charities.
Saying that, I do think they've got it the wrong way round in this case. I think that low earners should get a free account. So no overdraft facility, no gadget insurance, no frills. Then once they consistently earn over a certain amount, they should get upgraded to a charged account with a few frills. Easy. |
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Barking mad
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There is no such thing as a FREE lunch, so said Harold Wilson. Now I am going to look for sex questions asked by 12yr olds. |
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Chris M
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In Germany many banks charge about 100 Euro a year. |
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