Free banking 'will be axed'

Tim_L

Eagerlearner - very few people gambled before visiting the gambling board, but we've managed to turn most of them over to the dark side without trouble. Get into matched betting, and you'll be amazed how quickly the idea of a tenner a month for current account banking stops being an issue.

EagerLearner

ihatepasswords wrote:

Yes, but they then expect you to stay when they change their charges to make the accounts profitable or take other products with them which make a profit.

I understand but on this issue my little violin does not play for the 'poor' big banks and their end of year champagne parties... I'm all for the consumer and sticking with a bank that offers good value across the board in their range of products (note - not necessarily the lowest rate all of the time, but a decent rate most of the time).

To date it has been the banks that have had most of the control, but now the consumer seems to be having a much more powerful say-so. :T

even_steven

Britain's five major banks have made a combined £19bn of profits in the first six months of the year, a record high, with NatWest owner Royal Bank of Scotland rounding off the list this morning with a 23pc jump in pre-tax profits to £4.5bn.

Taken from the Telegraph.co.uk website.

:mad:

EagerLearner

Britain's five major banks have made a combined £19bn of profits in the first six months of the year, a record high, with NatWest owner Royal Bank of Scotland rounding off the list this morning with a 23pc jump in pre-tax profits to £4.5bn.

Taken from the Telegraph.co.uk website

Exactly my point even-steven :beer:

EagerLearner wrote:

I understand but on this issue my little violin does not play for the 'poor' big banks and their end of year champagne parties...

oldwiring

Because we are angry with the banks, we overlook that they are actually multi-national organisations and therefore the profits do not arise solely from UK operations. One has to also be aware that there may be exceptionals and that currency fluctuations may also affect what is reported from foreign operations.

Tootsie_Roll

oldwiring wrote:

Because we are angry with the banks, we overlook that they are actually multi-national organisations and therefore the profits do not arise solely from UK operations. One has to also be aware that there may be exceptionals and that currency fluctuations may also affect what is reported from foreign operations.

Please don't let the facts get in the way of a bit of spin for the caggers.

even_steven

I was assuming this was positive spin for the banks? I'm sure their shareholders are loving the figures. I'll bet some of them overlook the exceptionals, too. :rolleyes:

dchurch24

Please don't let the facts get in the way of a bit of spin for the caggers.

I love that you have a name for people visiting the CAG site.

Lovely ;-)

I hope it catches on.

dchurch24

According to HSBC they make £1.10 per week from current account holders (UK).

Apparently (unconfirmed) they have 10 million bank account customers.

That's £11000000 per week. £527000000 per annum.

Not a bad little earner.

I certainly won't be feeling sorry for them because a small proportion of those 10 million are claiming back their unlawfully taken charges anytime soon.

To say that they now need to start charging a monthly fee because of these, literally still few, people claiming charges back is an insult to most people's intelligence.

Paul_Herring

http://www.fool.co.uk/news/comment/2006/c060803b.htm?ref=foolwatch

What the banks are concerned about is the growing resentment towards unlawful[sic] charges, and the knock on effects of the Office of Fair Trading's decision on late payment charges for credit cards. (See Banks Back Down On Rip-Off Fines! for more.) This may be just one charge, but there are hundreds more hidden in the small print of various financial products. If banks are forced to reduce or end any more of their charges, it will probably have a domino effect on the other ones.