How will reclaiming bank charges impact banking discussion

YorkshireBoy

Smasher wrote: »

...it is obligatory to have a bank account if you want to have a job or receive benefits.

I don't agree (and never have done whenever I've seen this statement made).

It's only necessary to have an account that is capable of receiving BACS Direct Credits (and obviously a means of subsequently withdrawing this money). Such an account simply has to have a 6-digit sort code and an 8-digit account number (and possibly an identifiable reference number as well). It does not have to be a "bank account"; it can be a normal building society savings account.

Check out the DWP website to see a list of account types (other than "bank accounts") that are acceptable.

Smasher

YorkshireBoy wrote: »

I don't agree (and never have done whenever I've seen this statement made).

It's only necessary to have an account that is capable of receiving BACS Direct Credits (and obviously a means of subsequently withdrawing this money). Such an account simply has to have a 6-digit sort code and an 8-digit account number (and possibly an identifiable reference number as well). It does not have to be a "bank account"; it can be a normal building society savings account.

Check out the DWP website to see a list of account types (other than "bank accounts") that are acceptable.

That is really not the point I was making."Bank account" was just the term I used.
Regardless of what type of account it is, you are forced to have some kind of bank/building society/savings account (whichever type is besides the point) and lend your entire income to whoever operates it before you are allowed to have it yourself.
I thought that would have been pretty clear in the context of what I was writing..

YorkshireBoy

Smasher wrote: »

(whichever type is besides the point)

For you and I perhaps, but others may have taken you literally. All I was doing was clarifying. Please, therefore, take my post in the context I intended it to be taken. Thanks.

I thought that would have been pretty clear

I've noticed you end quite a few of your posts with sarcasm...either the written word or some childish emoticon. Is that absolutely necessary? After all, we're all adults...aren't we?

Smasher

I use that tongue out icon in a "no offence mate" ending. Like a little tongue in cheek, friendly way, as best you can do with text & a smiley anyway.
I'm really not interested in getting personal. If you got a problem with the icons, perhaps you should have a word with Martin..

MiserlyMartin

For goodness sake! - on this page its all bickering. Chill out and stop being so all pedantic people.

I would suggest that the banks will seek to maintain their level of profits. Which will result in any combination of the following: increased mortgage fees and rates, lower interest rate margins for savers/current account holders, higher credit card interest rates and overdrafts or maybe monthly fees for current accounts. I would hope and expect that they would avoid the monthly fees for current accounts - this would be too unpopular and effect market share.

Surely the fairest way to ensure that the extra charges are not passed onto those who run their accounts responsibly is to find ways of fair charging for those who are always in the red. How they should do this I am not sure about. Perhaps they should just increase the borrowing rates for loans and overdrafts. Seems the simplest. Those who borrow money pay for it. But stupid charges, eg £20 to write a letter has to stop.

deanh22

Increased current account charges, thin end of the wedge?

http://www.express.co.uk/posts/view/43868/Banks-in-current-accounts-rip-off

TighterThanTwoCoatsOfPain

They obviously say its unrelated to the current court cases, but then they are never going to say anything else...

They say its because the rates havnt been increased for 3 years, but in inflationary increase would make it £10 to £10.75 (ish), not a 20% increase.

Maybe the "extra benefits" do add value to those people who pay up, maybe many dont use them so its purely net profit to fill a gap. Obviously only the banks themselves know, but nice timing...

Discuss...

http://money.aol.co.uk/banking/banks-increase-account-charges/article/20080508115809990005

Kavanne

I know natwest added more things when they increased price but not sure about other banks

Charlton_King

Item number one on this week's email from Our Glorious Leader:

Warning! Banks raise charges on current accounts!

Wow, Martin. Quelle surprise! That was really unexpected, wasn't it? A bolt from the blue.

I'll bet you're totally thunderstruck and unable remotely to guess why they might be doing such a terrible thing.

Along with hundreds of thousands of other people who manage their financial affairs competently, I am henceforth going to be subsidising the fortunes of brinkmanship budgeter chancers.

I'm sure the latter will be toasting your magnificent, do-goodery efforts on their behalf... the bill for the bubbly being on me, of course.

Bravo.


Bravo.

Charlton_King

Bumpety-bump.

And lo, a comment (#620) which was consigned to an obscure thread in an attempt to bury it by person or persons unknown rises again, phoenix-like, from the ashes!

Actually, that must be something of an interring-cremating mixed metaphor...