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Free banking 'will be axed'

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  • babe_ruth_3
    babe_ruth_3 Posts: 279 Forumite
    does anyone know if they will charge us to have an internet bank account?
    I thought the idea of these was that you did all the work so it doesn't cost them to run it.
    It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)
  • CopperPlate_2
    CopperPlate_2 Posts: 1,508 Forumite
    What and lose out on the opportunity to charge a, of course slightly, reduced fee for the privilege? I think it's an odds-on bet.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    I don't understand why people expect to get things for free all the time. Now pensioners and people on benefits are asking not to pay bank charges.

    Whatever the banks charge for normal accounts that stay in credit (i.e., you bank with them not them with you) it will be less than the Post Office charged for simple transactions.

    If you want to move abroad, go. You may find that the grass is not greener.

    :)

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • Aark
    Aark Posts: 247 Forumite
    This country is a bloody joke.

    Shell announce record profits of x billion, yet keep upping the prices.

    British gaz announce record profits of x billion, yet keep upping the prices

    now the banks after announcing record x billion proffits are deciding to add charges.

    Its a bloody joke, and i for one cant wait untill i get a chance to leave this god dammn country.
    Shell and HSBC are global companies.

    British Gas announced that they made record losses, not profits.

    I'm not convinced that all banks will be charging for personal current accounts. Even if Barclays, HSBC, Lloyds TSB etc. do, they are running the risk of losing huge numbers of customers to Halifax, Alliance & Leicester or Nationwide (for example) if they commit to remaining free. Obviously that would require some significant advertising and media attention to shift the inertia factor, but surely there would be a major campaign against such a move if it happened.
  • kenshaz
    kenshaz Posts: 3,155 Forumite
    Part of the Furniture Combo Breaker
    Competition will solve this,watch the banks who charge lose customers,and the non chargers gain,easy ultimately we determine the out-come. But of course you will always get the loyal customers who never move their current accounts,but we on MSE are not in that category
    [FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
  • kenshaz
    kenshaz Posts: 3,155 Forumite
    Part of the Furniture Combo Breaker
    I don't understand why people expect to get things for free all the time. Now pensioners and people on benefits are asking not to pay bank charges.

    Whatever the banks charge for normal accounts that stay in credit (i.e., you bank with them not them with you) it will be less than the Post Office charged for simple transactions.

    If you want to move abroad, go. You may find that the grass is not greener.

    :)

    GG
    If you are happy to pay that is fine with me
    [FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
  • grex9101
    grex9101 Posts: 1,534 Forumite
    babe_ruth wrote:
    does anyone know if they will charge us to have an internet bank account?
    I thought the idea of these was that you did all the work so it doesn't cost them to run it.

    It still costs the bank to develop the software, maintain the servers, employ helpdesk/anti fraud staff. The only real saving would be premises, or lack thereof. And there aren't many (any?) internet only banks that aren't linked to one of the big four....
    The word is BOUGHT, not BROUGHT.
    It's LOSE, NOT LOOSE.
    You ask for ADVICE not ADVISE.
  • student100
    student100 Posts: 1,059 Forumite
    1,000 Posts Combo Breaker
    I recall a few years ago we were all on the brink of being charged a couple of quid every time we used a different bank's LINK cash machine. The banks couldn't afford all these fees so they were passing them onto customers, or something.

    Then Nationwide made a big fuss and said they would never charge the fees. Sooner or later all the banks stood down and said "ok, well, maybe not, then".
    It doesn't seem to have done them any harm...

    Lets hope, if there is any truth to these recent statements, that good old Nationwide will come to the rescue again. (Speaking of which, they seem to be able to survive just fine without any obscene charges, so I don't see why the other banks can't).
    student100 hasn't been a student since 2007...
  • dchurch24
    dchurch24 Posts: 1,219 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    British Gas announced that they made record losses, not profits.

    They have lost more in the past - it was not a record loss for BG - although at the same time, their parent company announced record profit.
    they seem to be able to survive just fine without any obscene charges

    They still make obscene 'default' charges for bouncing DD's etc... same as all the rest.
  • richardmk
    richardmk Posts: 137 Forumite
    If one or two banks introduce charges, some of the others will use it as an opportunity to attract their customers by not making an annual charge and improving their own economies of scale.
    You can almost see the advertising in the newspapers from Nationwide Building Society..
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