Don't let the Banks rip you off

margaretclare · 22 November 2004 at 9:15PM

It would be interesting to see how bank customers would feel about this.

On pay day, draw out all your money.
Go to the post office and pay your utility bills with cash.
Leave your cash/debit cards at home when you go shopping and take just cash.
Keep all your savings under your mattress.
Pay your mortgage by walking to your lenders address and paying cash.
Do the same with council tax.
Forget buying on-line, you don't have a card.
The list is endless.

Can I just throw another thought into this interesting debate.

The above is just what many older people expect to do with their weekly pension money. A lot - not all, but a lot - don't like being forced to open an account. Some that have an account, empty it weekly and do exactly as proposed above! So the banks have a lot of new, unwilling customers who aren't using all the available services.

It's been interesting reading this thread, ok so interest rates aren't great for savings and charges are high but if you use your account like most people ie: have your salary paid in, write cheques, use plastic cards and have DDs and Standing orders then you're having a pretty good, convenient service.

I agree with the above. I had my salary paid in for very many years of my working life - it's been several decades since we were all paid cash in hand. I now get pension and annuity payments paid in and I bank online.

A bank isn't a public service, it's not a charity, it's there to make money. You can use the facilities for free if you stay within the terms of the account and that's quite handy really unless you liked the idea of drawing out all your money and doing everything the hard way.

There are people who DO like doing it all the hard way - mystifying to me, but they do exist!!

Margaret

pin · 22 November 2004 at 10:54PM

Got to agree with a lot of what Shylock is saying.

Banks are businesses, they are in it for the money, not some charity.

Also it is not as though we are forced to be with a certain bank (well most of are not, some may be forced because they may not be able to open an account). If you don't like a bank and their charges there is nothing to stop you moving to another and there are loads of banks / building socieities to choose from.

Also most banking services are free if you follow the bank's terms and conditions. Sure they have charges, which sometimes are very high and while legal probably unfair. However as I've stated above, nothing stopping you from moving.

To a certain extent I think we are lucky in the UK for bank accounts. In other countries banks charge for pretty much everything. We get free current accounts, free debit and credit cards, free cash machine withdrawls, free savings accounts, free branch networks, free internet banking, etc.

However I'm willing to accept that sometimes banks are pants and charge way too high fees, have poor customer services, etc.

Don't let the Banks rip you off

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free