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MSE News: Financial inclusion fears as Barclays ups basic bank account fees
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"Banks are making changes to basic accounts that could push more consumers out of the banking system, a lobby group says ..."
"Banks are making changes to basic accounts that could push more consumers out of the banking system, a lobby group says ..."
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Comments
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Well people could always make sure they budget and have enough money to pay these signed agreements, and therefore not get any charges....0
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Hmmm. Is the reason this article has been written because it is one of the better basic bank accounts that is seeing potentially increased fees?
Even under the new fees Barclays' basic bank account looks better than most with the buffer and relatively low fee for bouncing a single payment. I'd be surprised if even with the new fees their basic bank accounts aren't run at a loss.
Those that sail close to the wind through choice or more likely necessity could be impacted, but that group would find many other basic bank accounts out there that would punish them much more significantly than Barclays do/will - which means that rather than singling out one of the better, pressure should be put on some of the worst offenders.0 -
One of the features is:
"No overdraft – ideal if you want to avoid overdraft fees and debt"
Yet they still charge £8 per item for 'declining' your request. How can you request something you don't have on the account?0 -
The government should stop !!!!!footing about and set a maximum amount that any financial organisation can charge for those going over or attempting to go over their account limit.
If they can pay a DD for nothing it's very hard to see how they can justify charging more that a couple of pounds for not paying it.There are two types of people in the world: Those that can extrapolate information.0 -
One of the features is:
"No overdraft – ideal if you want to avoid overdraft fees and debt"
Yet they still charge £8 per item for 'declining' your request. How can you request something you don't have on the account?
You'd be surprised how many people try to spend money they don't have ! For instance, card payment £25, you have £20 in your account, hey presto, you have made a request for an overdraft ! Keep tabs on your balances, don't spend more than you have, no charges.0 -
The government should stop !!!!!footing about and set a maximum amount that any financial organisation can charge for those going over or attempting to go over their account limit.
If they can pay a DD for nothing it's very hard to see how they can justify charging more that a couple of pounds for not paying it.
Actually, why don't we do it like in France.......
There if you go over into an un-authorised overdraft it's is regarded as simple theft
It is a criminal offense and it gets taken seriously.
I'm told you get added to some centralised banking "do not deal with list" - a bit like having a fraud marker on your credit record in the UK.
Strange to report those UK nationals who go over there and treat their bank account with the same cavalier regard that they do in the UK get a rather unpleasant surprise.0 -
The government should stop !!!!!footing about and set a maximum amount that any financial organisation can charge for those going over or attempting to go over their account limit.
If they can pay a DD for nothing it's very hard to see how they can justify charging more that a couple of pounds for not paying it.
Returning dd's involves more than paying them. The banking system makes the decision to pay, based on available funds. The decision to return involves a manual assessment of the customers accounts and their banking relationship, in a lot of cases the assessment can take up a lot of time. I don't feel Barclays £8 fee is unreasonable.0 -
This is a direct by product of the bank charges refunds. yet again the members of society sticking to the rules are being hit and those who breach the contracts are causing this0
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The decision to return involves a manual assessment of the customers accounts and their banking relationship, in a lot of cases the assessment can take up a lot of time. I don't feel Barclays £8 fee is unreasonable.
Yeah, right .... it takes the computer all of 1 nano second ....
What you're saying used to be done decades ago, not now ....0 -
Returning dd's involves more than paying them. The banking system makes the decision to pay, based on available funds. The decision to return involves a manual assessment of the customers accounts and their banking relationship, in a lot of cases the assessment can take up a lot of time. I don't feel Barclays £8 fee is unreasonable.
Can you prove that Barclays actually makes a conscious decision to decline such transactions? In my experierence they are more interested in opening accounts against the customer's wishes than anything else. I suspect such declined transactions are purely automated.0
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