The real end of free banking - legislation introduced into Parliament

callum9999

davidgmmafan wrote: »

Personally I think the banks would be opening a massive can of worms if they all begn charging for an account. The moment the majority of people see themselves as paying for banking they will complain a lot more and do so loudly. This is just a hunch on my part, but a good one as I reckon most people see themselves (wrongly) as not paying for banking.

I don't think I pay for my banking, and unless they are taking money without my consent, then I haven't given them anything. They've been paying me.

young_money_saver

I do not EVER want to pay for banking unless I choose to have an added value account. like vaporate said people will start stashing all there cash at home under the floorboards or under the stairs. some people on this forum have 13 current accounts. lets say £5 a month per account thats £65 per month, thats £780 a YEAR.

davidgmmafan

How viable is that though? For a months wages sure you may be ok keeping that to one side. What if you savings total £10,000? £50,000 £100,000 plus? Surely keeping that much under the floorboards is a huge risk???

Yes a savy few can beat the banks with things like the Halifax reward account or switching incentives but most people say my banking is free when in fact is not. Even without the charges you have the margin between savings and what they lend it out at. No interest on a lot of current accounts= you lending them money for free.

You are not paying for it in the same way you do for most products but the overwhelming majority of people ARE paying in some way.

bendix

vaporate wrote: »

What? lol

Charge for what exactly apart from providing a safe place to hold your money?

I would withdraw everything and the bank would lose out. And I would stash the cash under the floor boards.

Banks aleady benefit by providing crap interest rates on savings.

Yeah, you go boy.

You teach those evil banks a lesson. I can imagine them calling an emergency board meeting to deal with the impact of losing your savings.

Olipro

vaporate wrote: »

I would withdraw everything and the bank would lose out. And I would stash the cash under the floor boards

You're always giving a loan to someone. if you hold cash you are effectively lending money to the Bank of England completely interest free. It's called Seigniorage.

apt

I am sure the bill will not get anywhere. If it did it would probably be even more damaging to building societies than banks.

vaporate

bendix wrote: »

Yeah, you go boy.

You teach those evil banks a lesson. I can imagine them calling an emergency board meeting to deal with the impact of losing your savings.

lol i bet. Don't worry though, Uk gov will cover it.