Happy about the bank charges !

dzug1

kevin52 wrote: »

I give my money to the bank and they then use this to provide loans to customers or finance their business in other ways. Not only should it be free they should be paying me.

Some of them do

But you are assuming that they make enough from lending out your money to cover the costs of running your account. Tain't necessarily so. Retail banking in itself is not a highly profitable business. It's the extras (being regulated out of existence) that they make their money on

CAN1976

Lith wrote: »

I think paying for a bank account is absurd.... really think about it.

whats the difference in a 'classic account' and a 'premier account' ? just a few fancy benefits insurance and a special number to phone so you dont have to wait... (please.. thats just insulting) they all do the same thing the account and all come with a debit card why bother?

whats the world coming to? oh wait...

Anyway thats why when people open accounts some do request an overdraft so the account won't be closed. people who have accounts and never intend to use them and no overdraft can be closed easily with out question.

and i like ya 'post' :P

I just upgraded to a paid account at a £15 a month cost. This gets me full breakdown cover, gadget insurance, family travel insurance, and a will writing service. I decided it was worth it to me.

ChiefGrasscutter

kevin52 wrote: »

I give my money to the bank and they then use this to provide loans to customers or finance their business in other ways. Not only should it be free they should be paying me.

If you indeed did this - and do nothing else then I'd agree with you.
If fact people do - it's called a savings account and you get paid interest on it.
In general the longer you lend (give) the money to your bank to provide these loans to others the higher the interest you get paid (ie 2 year bond type accounts).

We/I'm talking about current acounts here where you do all manner of financial transactions (DD, FP, cheques, S.O's etc on a daily basis) as well as receive statements and/or have realtime online access. Quite why this this should all be free escapes me.
You should try acting as a Treasurer for some local group for a few years - You do that for free (you be able to claim expenses only) and then you can see excactly how much of your time/energy it takes up....(a lot - particularly dealing with the non payers!) and then you'll decide that you really should be paid for your time providing your treasurer's service - but because you can't be, you'll quit.

ERICS_MUM

simax wrote: »

Actually I have a silver account... and I'd defy you to find somewhere that will insure my iPhone (properly), provide AA cover, card protection and Europe-wide travel insurance for £7.95 a month? Vodafone want £12.99 a month for iPhone insurance alone.

So please tell me, why this is "absurd". No, please do....

Ditto. My Advantage Gold account is worth the fee for the travel insurance alone - annual world-wide cover and 5* Defacto industry award winners several years running.

benjus

ChiefGrasscutter wrote: »

Today's announcement that retail and investment banking are to be ringfenced is, in my opinion, likely to result in charges being levied on all bank accounts in the UK - just as a previous poster has stated they have been in Europe for some time.

It will become much more transparent....you want a bank account, you want the bank to provide you with a service of managing/logging your receipts and debits: you pay an annual charge for this service- simple.

Why would Building Societies and banks with no investment banking operations need to change what they do now?

And if they don't change, the big banks will be reluctant to introduce charges because their products will look less competitive.

I'm sure they'll find some way to cover their costs, but I'm not convinced they are going to start charging for basic account services.

Bloomberg

Mishomeister wrote: »

The reason of the banks accounts being free in the UK is that the banks charge a high charges for unauthorised overdraft.

I had a customer, complaining about an overdraft charge of £25.
WHEN i've looked in to his account, I've found out that he has drawn the money from his already overdrawn acccount, which has therefore generated the charge. I have pointed it out to him and asked him, why didn't he check his balance before making a withdrawal as it would only take him an extra ninute to do so.
He has replied, that he didn't have that minute and being late to work by a minute would mean he has lost his half an hour wages, when i have queried if he earns £25 in a half an hour, he didn't have what to response on that.

I am really happy I can have a free account, even if it causing an idiots like that to pay hundreds.

What are you opinion on thi, guys?


PS
If you like my post, please thank me.

What a great post, you talk a lot of sense. Bank charges are fair because people know what they are beforehand. Going overdrawn without permission is borrowing money without asking. If once in a blue moon you go overdrawn the bank will normally waive the charge as a good will gesture.


The person you talk about in your post is clearly not playing with the full 52. These days it is so easy to keep tabs on your money. His excuse was pathetic - silly man. Thank you again for your post, all the best.