Martin Makes the Belfast Telegraph

mackers8923

http://www.belfasttelegraph.co.uk/news/local-national/article2287347.ece

Makes for interesting reading, I can't help but think though the more people look to reclaim the quicker the banks will find a way of closing the loop holes that allows everyone to reclaim the charges.

talksalot81

mackers8923 wrote:

http://www.belfasttelegraph.co.uk/news/local-national/article2287347.ece

Makes for interesting reading, I can't help but think though the more people look to reclaim the quicker the banks will find a way of closing the loop holes that allows everyone to reclaim the charges.

The difficulty I see with the situation is that some of those reclaiming charges are either recklessly using their accounts or are simply incapable of the task. There are a lot of individuals who now believe it is their right to piddle around causing hassle for their bank and not having to pay a penny piece.

I would be confident that the banks will get their own back and in the shortish term, the good savers/bankers amongst us will probably end up losing out.

ballyblack

You made a very good point

I think the era of free banking is coming to an end?




Current account charges favoured
Press Association
Tuesday February 20, 2007 4:48 AM


The incoming head of Britain's biggest building society favours the introduction of monthly charges for current account customers.

Graham Beale said that current account charges are "fairer" than the existing system where people who exceed their overdraft or credit card limits bear the brunt of penalty charges.

He said: "In a way, I do believe fee-based banking is a fairer proposition.

"It's not free to run an ATM or a branch, so what it means is that when you apply charges to delinquent accounts they bear the large proportion of that cost.

"In an ideal world, the costs would be shared."

Mr Beale, who takes over as chief executive of Nationwide Building Society on April 1, added: "If the industry changes its approach, we will follow."

On February 1, First Direct became the first leading bank to charge its customers a monthly fee for a standard current account.

The fee, of £10, applies to customers who have a current account only and pay less than £1,500 per month into it.

UK banks and building societies have traditionally offered customers free current accounts.

In many other parts of Europe customers have to pay for current account services.

mackers8923

talksalot81 wrote:

The difficulty I see with the situation is that some of those reclaiming charges are either recklessly using their accounts or are simply incapable of the task. There are a lot of individuals who now believe it is their right to piddle around causing hassle for their bank and not having to pay a penny piece.

I would be confident that the banks will get their own back and in the shortish term, the good savers/bankers amongst us will probably end up losing out.

You are quite correct and had I not suffered a brain hemmorrage and end up not being able to go back to work, slaughtered by a bank then I would probably agree with you....

Each case is different and not everyone is reckless!

harvey1964

Martin was on LK today ( this morning ) and he recommended the Halifax current account - it gives you £100 for switching to it and they swop all your direct debits for you.they pay you a some interest on the account. which is nmore than i get with my northern bank current account. has anyone checked it out ? you do have to put in At least £1000 a month ( pay cheque - i suppose ) anyone out there that is a bit more informed than me ...?

OinksAce

Hi All,

I am from Northern Ireland and although i did check in the normal foram for this i didnt see any.

Which Northern banks close your account after making a claim?

Thanks

OinksAce

raymond

talksalot81 wrote:

The difficulty I see with the situation is that some of those reclaiming charges are either recklessly using their accounts or are simply incapable of the task. There are a lot of individuals who now believe it is their right to piddle around causing hassle for their bank and not having to pay a penny piece.

I would be confident that the banks will get their own back and in the shortish term, the good savers/bankers amongst us will probably end up losing out.

I totally agree, the irresponsible minority that go overdrawn and think its their right to have a free loan from the bank cost those who budget and bank responsibly.

There will be the few that will argue they dont earn enough and cannot live without an overdraft, well my advice is simple ... stop spending or get another job and dont expect the rest of us to pay for your night on the booze or 20 fags.

I fully expect free banking to be a thing of the past due to the spongers claiming back fees probably accrued on an account set up to receive benefits.

Apologies to the one or two genuine people who missed their payment by a day or who had a cheque presented before thier wages went into the bank, but the number of people claiming back dozens of charges going back years just makes me sick.

RTNI

harvey1964 wrote:

Martin was on LK today ( this morning ) and he recommended the Halifax current account - it gives you £100 for switching to it and they swop all your direct debits for you.they pay you a some interest on the account. which is nmore than i get with my northern bank current account. has anyone checked it out ? you do have to put in At least £1000 a month ( pay cheque - i suppose ) anyone out there that is a bit more informed than me ...?

The new Ultimate reward current account does not require a minimum amount of funding per month, but the high interest account (5% int one) does need £1000 per month going in.

Remember that the URCA as a fee of £10 a month, but you do get a load of extras eg, mobile phone insurance and extra int on certain savings accounts.

RT