Egg Money World Mastercard - £1 monthly fee!

never-in-doubt

lisyloo wrote: »

It's bound to creep in because of the reclaiming of unlawful fees.

Whatever you think of the fees, the fact is that the bank need to make a certain profit and hence fees will have to come in across the board.
Banks already try to push their "premium" accounts with monthly fees, so I think it will ultimately all go that way.

Also as already pointed out will save them a fortune in admin on dormant accounts.

The reclaiming process doesn't directly affect the lenders though, it is counteracted against certain business losses and tax returns. It's not really something that plays a part in it - they will bring it out (starting at a measly £1 per month) to get people used to it - notice it's a huge US led bank that has started it (Citi)? but it will be a while in coming as standard.....

Also bear in mind reclaiming is just that, reclaiming against what you already paid to the bank and the bank should, collectively, have made interest on all the charges theyv'e accumulated over the years so it's only right they hit a loss.... I hope all banks get run into the ground and we have one state owned bank called Bank of England. We must be the only country that doesn't have a functional bank named after us - Bank of England is after all, the central bank but really, to you and me that means it is the governments bank (i.e. their little baby!)!

Sounds ominous...... :beer:

mrmajika

never-in-doubt wrote: »

The reclaiming process doesn't directly affect the lenders though, it is counteracted against certain business losses and tax returns.

What!??
If the court case finds in favour of the consumer, the banks will have to one hell of a lot of 'counteracting'.

never-in-doubt wrote: »

I hope all banks get run into the ground and we have one state owned bank called Bank of England.

Oh dear.

M_Thomson

never-in-doubt wrote: »

I hope all banks get run into the ground and we have one state owned bank called Bank of England

Is that you Arthur Scargill? :rolleyes:

never-in-doubt

mrmajika wrote: »

What!??
If the court case finds in favour of the consumer, the banks will have to one hell of a lot of 'counteracting'.

Oh dear.

And so the banks should! We all know it doesn't cost them £35 to send a silly letter, or £28 to remind you that you've exceeded your limit - 4 times a day!

They deserve everything they will get and I hope it becomes 'when the court decides in favour of the consumer' - not 'if'....

Oh dear what? Just cos you don't agree doesn't make it a stupid post does it? The banking industry is what has caused this recession and then you sit there praising them? Maybe it's me who should be sat here giving it 'oh dears'

M_Thomson wrote: »

Is that you Arthur Scargill? :rolleyes:

Words cannot describe my laughter :rotfl::rotfl::rotfl::rotfl::rotfl:

Grade_A_Reject

never-in-doubt wrote: »

I'm EGG...static with laughter at the no yolking matter!

Ok....that's en oeuf.

mrmajika

never-in-doubt wrote: »

Oh dear what? Just cos you don't agree doesn't make it a stupid post does it?

I'd agree that just because I don't agree it doesn't make it a stupid post, however, I'd disagree that it's not a stupid post, but then, we'd just have to agree to disagree.

never-in-doubt wrote: »

The banking industry is what has caused this recession and then you sit there praising them?

I have never praised them once.

I take no moral high ground or sides in this debate. My position is a selfish one; as someone who has never been charged by the banks in the past due to 'bank charges', I don't want to be charged by them in the future by account fees / charges.

On a lighter note, and back on topic, no Egg Money £1 fee for me. Happy days.:T

apt

I would not celebrate too soon mrmajika. If the cashback plus monthly fee is a success there must be a good chance Egg will extend it to existing customers - probably at the time annual cashback payment. Anyway we've been enjoying the 1% cashback for a long time since the cashback guarantee expired and despite falling interest rates.

KonkyWonky

Would be a nice little card without that £1 monthly fee......

I need a new cashback cc to backup my Amex Platinum card, the £1 fee makes it a non starter though.