Banks Threaten ATM Charges

Lokolo

The thing is theres going to be no fair solution!

I hardly ever need a branch, only time I've needed one is to deposit coins, and thats once every 6 months. I have had a cheque book for 3 years, and have written 2 cheques. I hardly ever use an ATM, apart from drunken nights out. I don't want interest on my current account, thats what savings accounts are for. But banks are not going to charge for each individual thing if they do, they will charge a one off fee for X account, Y account or Z account.

With this money I am paying, am I going to get a better rate on savings? Unlikely.

I've gone from paying nothing, to paying for stuff I don't need. Thats what will p*ss me off if they start charging!

dzug1

never-in-doubt wrote: »

LOL, yea most banks already charge so not much will change really....

Not for use of an ATM they don't

book12

If this happens, customers who really need cash, will do the following to withdraw cash:

• cashback facility in stores/shops
• withdraw from the counter

Most people use debit/credit cards to pay for things anyway.

If they do charge for ATM usage in the future, at least it's better than paying an annual amount of running a bank account. Customers over 60's shouldn't have to pay for the ATM usage, as they are in retirement and don't have enough money. I prefer pay an ATM charge instead of an annual account fee. As said before, most people don't use cash that much now to buy things, as they use cards.

If this comes to effect (which I hope it doesn't), I hope the ATM usage fee, would not be above £1. Something between 10p-90p.

never-in-doubt

dzug1 wrote: »

Not for use of an ATM they don't

No, true but the ones in my village do (all we have is a money box or a 12 mile each way trip to a bank)! Therefore the £1.99 moneybox fee is cheaper than driving to the bank!

dzug1

Lokolo wrote: »

The thing is theres going to be no fair solution!

. But banks are not going to charge for each individual thing

Why not - it's easily automated? A fair rate of interest, offset by charges of say £1 per cheque (paid in or out), 50p for an automated transaction, a pound or two per ATM withdrawal, 50p to chack your balance, £5 per counter transaction....

That's arguably the fairest solution. Not sure I'd like to see it

dzug1

never-in-doubt wrote: »

No, true but the ones in my village do (all we have is a money box or a 12 mile each way trip to a bank)! Therefore the £1.99 moneybox fee is cheaper than driving to the bank!

Still true - it's not the bank charging you for the use of that ATM, it's the machine owner.

apt

'The only reasons banks can afford to pay interest or offer free banking is if they cut services, outsource to cheaper countries, give you the hard sell on other products or 'upgrade' you to premium accounts.'

The Co-op bank has operated 'free' banking for decades without doing any of these things. I very much doubt if any bank would dare step out line and introduce ATM charges which would be hugely unpopular. And if the big banks moved together all that would do is invite the likes of Tesco on to their territory faster and on a bigger scale. The charging banks would end up losing customers and income.

never-in-doubt

dzug1 wrote: »

Still true - it's not the bank charging you for the use of that ATM, it's the machine owner.

I put a comma..... I didn't say it wasn't true! I said No (comma) true!

Absinthe_Fairy

If most of the banks started to charge for ordinary transactions, I'd move to the one bank/building society remaining that didn't (assuming there was one), and I reckon a lot of people would too - that bank would make a killing!

never-in-doubt

Absinthe_Fairy wrote: »

If most of the banks started to charge for ordinary transactions, I'd move to the one bank/building society remaining that didn't (assuming there was one), and I reckon a lot of people would too - that bank would make a killing!

I think you'll see the likes of Tesco & Virgin flourish when the banks do this - it wouldn't be a bad thing if the banks just went away to be honest, i'd prefer to see Tesco/Virgin banks as opposed to the usual brands that have proven for years, they cannot run a business properly