"Ending free bank accounts 'fair'"

Kilty_2

ManAtHome wrote:

Yes, but would the free ones want to take on customers they couldn't make much money out of?

They'd do exactly what they do now, push loans, etc at you left, right and centre.

Though I see what you mean if you mean those with adverse credit or serious financial problems.

Kilty_2

CopperPlate wrote:

supermarkets...........forced us all to use that one provider

Sir Leahy is trying his best

CopperPlate_2

Yes, the march of Tescoisation is inexorable... :rotfl:

ManAtHome

Kilty wrote:

Though I see what you mean if you mean those with adverse credit or serious financial problems.

That's exactly it - if you have no spare money, they'll be well-aware it's a waste of time trying to flog you stuff (or they will after the first few months).

Kilty_2

I think transaction based charging would be fairer, like business accounts.

MiserlyMartin

allan2006 wrote:

"Mr Beale said only if the industry changes its approach to fees would the Nationwide follow."
Well that says alot for mr beale, and nationwide`s slogan of "proud to be different........."

Well next time i get a voting form from nationwide i definately wont be re-electing him!

Yes, quite. What he is saying goes against the whole Nationwide Building Society ethos of free banking, low fair charges and free ATM's. Consumer champions they have been, now it seems it is time to show them what we think as voting members and vote the idiot out after this claptrap.

I don't know whats going on with nationwide, something is up. They spend lots on advertising how they give existing customers the same deals as new ones and then they do a u turn. They are acting like a big bank. Even BBC Watchdog called them a bank yesterday.

computerwoman

not wanting to shout to loud about citibank but they are giving there customers a choice of switching to they basic current account which is fee free.
are these other banks not doing this or is it just that you've had your accounts for such along time and don't want them to charge you for something that you've had free for such along time.
I dont really understand banks.
cw

CopperPlate_2

You can bet that Citi will erode the benefits it's offering the basic account holders over the medium term. It has introduced two separate offerings - like most of the other banks have introduced premium accounts and have 'standard' accounts. Why would it want to continue to provide the same level of product for the 'basic' account when it's actively trying to get holders to upgrade and pay the enhanced fee for the 'premium' account? You can also bet that, medium to long term we will all have to pay for banking in some shape or form, be it a monthly charge or pay per payment.

This thread is predominantly talking about 'standard' accounts which have fees attached to them. Nationwide, a supposed champion of the consumer, etc, has made reference to the fact that charges might be appropriate. It only offers one type of current account, per se, and no 'premium account'. It's the thin end of the wedge.

Justamum

I can't afford a "rainy day fund" Queenie and I manage our finances extremely tightly. It takes me all my efforts to just afford the very high rent, ever increasing bills and food. It costs a huge amount just to exist these days, and it's really getting me down.

Can anybody answer my earlier question - what exactly is a "delinquent account"?

tom188

An account where the holder consistently goes over their overdraft limit, has dds and cheques bounced and generally manages their account poorly.