What rules should banks introduce

Al_Mac

Now that things are going to change, after the bank charges revue has been completed. What rules do you think should be introduced by banks, voluntarily or compulsory.

I think

Un-authorised overdrafts should be banned. As in you can't go past your overdrat limit, if you have one, or overdrawn at all.

If you do try to, there should be a nominal charge.

Instant bank transfers, coming this year anyway.

Cheques should be done away with (not sure really).

The banks must ask everyone about direct marketing, offering the opportunity to opt out.

What are your views?

masonic

Al_Mac wrote:

Cheques should be done away with (not sure really).

But then how are we going to set up linked accounts with the likes of ING and ICICI?

Kilty_2

Cheques should not be done away with but processing times should be accelerated.

Contactless payment systems need introduced, like Visa Contactless or Mastercard PayPass so that using cards for low value transactions is a fast and easy option. ( I believe this is something being heavily developed in the USA and other countries and should be piloted here in the near future..... )

Mark7799

New basic accounts ( as people will still need them for benefits/salary if they can't get any other type of account)

No direct debit facility
No debit card (cash card only that can also be accessed at the Post Office)

Kilty_2

Why would you suggest that for a basic account?

ManAtHome

Think that was a question for Mark - presumably no DDs so they couldn't be bounced..?

Kilty_2

Al_Mac wrote:

Come again

Sorry, I should've quoted Mark.

YorkshireBoy

Al_Mac wrote:

Un-authorised overdrafts should be banned. As in you can't go past your overdrat limit, if you have one, or overdrawn at all.

That would mean that the 'cheque guarantee' function of the debit card would have to be withdrawn as well, meaning additional costs for the banks in issuing new cards.

Technically, because I have 3 unused cheque books for my main account at the moment, I have a £14K overdraft (£5K official plus a further £9K in cheques). :eek:

Mark7799

ManAtHome wrote:

Think that was a question for Mark - presumably no DDs so they couldn't be bounced..?

Yes - that was my thinking. An account where you can draw cash out, Write cheques (without cheque cards) and very little else.

impy78

If you are going to take up half an hour at the front desk asking why you can't take out a bank account with a letter from your mum and a picture of yourself, then you should have to make all the other customers a cup of tea first.

ManAtHome

Excellent point about the cheques YB - absolutely nothing to stop you writing up to 40 at £250 a time "guaranteed" (they normally send you a new book when you're down to your last 9 or 10) as long as you do it within 2 or 3 days.