Banks Threaten ATM Charges

nomoneytoday

All these bank charge refunds will come back to haunt the normal user...

I have never paid a bank charge, whether in credit or authorised overdraft, and have no intention of starting now...!

dzug1

apt wrote: »

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.

It's strange how all the banks offer fairly consistent T&C despite not acting in concert - driven there by semi-market forces perhaps?

I suspect it will take just one to step out of line, find that most of their customers are inertia driven and a fair % of the rest customers that they'd happily do without anyway - then bingo, the others realise they've not a lot to lose and follow suit.

Not making money on personal banking is an unsustainable option. If the government want a low cost/free bank available to all then they should set one up.

Oh wait - yes they did. It was called National Girobank. Look what happened to that. Now part of Santander and one of the higher chargers, at least for certain things.

dzug1

never-in-doubt wrote: »

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

I thought you'd just made a typo - anyway we agree. I think. At any rate on that.

never-in-doubt

nomoneytoday wrote: »

All these bank charge refunds will come back to haunt the normal user...

I have never paid a bank charge, whether in credit or authorised overdraft, and have no intention of starting now...!

Not at all - the charges come off the banks profit to the top brass - it will not affect the normal user! Why do people post this junk with no idea of how a bank actually works?

What, so you think when the case result is announced tomorrow and the banks lose (hopefully) they will all shove up rates? I doubt it very much, all you'd see is more and more people refusing to pay their debts and walking away.

We don't need Barclays, HBOS, LBG etc etc - give me a Tesco Bank or Virgin Money Bank anyday of the week - at the end of the day banks are no different (i.e. they are a business) but the main difference is that Tesco & Virgin are not there to screw the consumer daily (like banks)....

never-in-doubt

dzug1 wrote: »

I thought you'd just made a typo - anyway we agree. I think. At any rate on that.

Sure, I know it is the machine owner that charges and not the banks, what I tried to say was that to me it worth spending £1.99 at moneybox as opposed to spending a more on fuel to drive to the banks. So, in my case if the bank charged say 50p or whatever then i'd still be cheaper - only when fuel prices drop (a lot) will it be cheaper for me to drive to the actual bank lol

maginot

It's unlikely this would happen, as it would take all the banks to introduce this at once, otherwise consumers would move their accounts to the one offering free access. This would suggest that there would be colusion amongst the banks and they could face fines for being anti competitive. Therefore the extra revenue would not be generated and would be pointless. The banks do need to raise extra revenue, but this is more likely to come from increased APRs etc rather than charging for cash withdrawals or use of current account.

brightonman123

its OUR money, and WE own the banks (most of them..),, perhaps we should charge THEM to pay our money in, as they are using it to make a nice profit right now..

first bank to start charging for atm withddrawls will surely fail within a week. i will make it my sole mission!

MoneySavingNovice

never-in-doubt wrote: »

........ give me a Tesco Bank or Virgin Money Bank anyday of the week - at the end of the day banks are no different (i.e. they are a business) but the main difference is that Tesco & Virgin are not there to screw the consumer daily (like banks)....

I don't believe that once the likes of Tesco and Virgin have established themselves they will in the end behave any differentially to any of the other banks.

If you take ING as an example - when they came into the UK market they gave a market leading rate on both savings and later mortgage - are they now any different to any of the other banks?

Also if you look at Tesco and Virgin in there other markets they currently operate, I do believe that they are out to screw the consumer daily, especially Tesco over charging in their so called supermarkets!

dzug1

never-in-doubt wrote: »

Not at all - the charges come off the banks profit to the top brass - it will not affect the normal user! Why do people post this junk with no idea of how a bank actually works?

But where else do bank profits come from but the user? Said top brass will just dream up new ways of replacing that profit or as much of it as they can. If they can't they may decide it's a market they don't want to be in.

Noble_Savage

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!

So you'd get one bank or building society with thousands of new customers using its services. For which it's not charging a fee.

How, exactly, would that company make a killing?