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MSE News: Call to end free bank accounts
Comments
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So it's fine if Tesco water down the beer if it means you get your bread cheaper.MoneySaverLog wrote: »You're not forced to buy these AVA's choice is what's needed. If I choose to have a free account I should not be forced into paying more for it if I don't want these added value flim-flams."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
If the banks go ahead with this, I see a fair amount of people closing their current accounts, having their salary paid into a savings account, and paying their bills and shopping with cash. Ie, back to the stone ages.
I'd certainly consider it if I was told "Your account will cost you £15/month from now on".0 -
That's fairly mild. If you buy card protection insurance retail, less than 5% pays for the actual cover.opinions4u wrote: »This was always my issue with lump sum PPI. The commission rates of the monthly premium 1990s PPI were around 12% to 25%.
It's never good value. It looks like good value because the retail prices of policies are inflated. And of course customers have no way of quantifying risk.opinions4u wrote: »Bundled insurance is convenient. It may or ay not be good value.
After the PPI scandal it all leaves a very bad taste."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
So it's fine if Tesco water down the beer if it means you get your bread cheaper.
What I think they were saying was they would prefer to buy watered down beer rather than go full strength if that is what they choose."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
There is a myth that an end to free banking would result in interest being paid on current accounts. However, looking at other countries where monthly fees for current accounts are the norm, e.g. Germany or the United States, no interest is paid on basic current accounts. I doubt that British banks, with a monthly current account fee, would pay more than the current peppercorn rates of interest.
Rather than monthly fees, it's high time the banks started charging customers who incur costs, e.g. to those customers who still insist on writing and depositing cheques instead of more efficient forms of payment. I'd like to see £1 charged per cheque written or deposited. One could possibly extend this to telephone banking, i.e. those who require a bank staff member's involvement to make a payment rather than using online banking. As banking becomes more efficient, there is less justification for periodic charges and more justification for incidental charges for manual transactions.0 -
Rather than monthly fees, it's high time the banks started charging customers who incur costs, e.g. to those customers who still insist on writing and depositing cheques instead of more efficient forms of payment. I'd like to see £1 charged per cheque written or deposited. One could possibly extend this to telephone banking, i.e. those who require a bank staff member's involvement to make a payment rather than using online banking. As banking becomes more efficient, there is less justification for periodic charges and more justification for incidental charges for manual transactions.
The problem with this though it seems to make sense it would hit a lot of older people who don't have on-line access and depend on cheques.
My mother for example who is over 90yrs old and does not own a computer let alone have an on-line account and has difficulty gets out to a bank or cash machine and does depend on paying by cheque.
There must be a lot of elderly people in a similar situation who would suffer if they were charged £1 for every cheque they wrote!0 -
Fees for cheques could be waived for those who have held their accounts since before a specific date, e.g. 1970. It would be easier to base it on date of birth, but that would breach Section 13(1) of the Equality Act 2010.The problem with this though it seems to make sense it would hit a lot of older people who don't have on-line access and depend on cheques.0 -
Fees for cheques could be waived for those who have held their accounts since before a specific date, e.g. 1970. It would be easier to base it on date of birth, but that would breach Section 13(1) of the Equality Act 2010.
Why should pensioners, or anybody for that matter, have some sort of right to receive a service that it subsidised by other bank customers?
If its a social justice issue, then why not deal with it by wealth redistribution through the tax and benefit system - put a few pounds onto the old age pension to cover a couple of cheques.
At least this way, the redistribution is transparent.The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.0 -
As well as a goodwill gesture to those who are less mentally able to learn new technologies, it would be a reward for customer loyalty. Such a subsidy would be inherently temporary, hence specified by date of birth rather than by age, and would apply to a constantly decreasing proportion of the customer base.bert&ernie wrote: »Why should pensioners, or anybody for that matter, have some sort of right to receive a service that it subsidised by other bank customers?0 -
As well as a goodwill gesture to those who are less mentally able to learn new technologies, it would be a reward for customer loyalty. Such a subsidy would be inherently temporary, hence specified by date of birth rather than by age, and would apply to a constantly decreasing proportion of the customer base.
We'll its a lovely goodwill gesture at that. I'm more than happy to support it as i'm not one of the mugs paying for it. They can give grannies gold plated chequebook holders and a free packet of Werther's Originals for all I care, but you're living in a strange world if you think all of this is 'fair'.The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.0
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