MSE News: Call to end free bank accounts

NFH

bert&ernie wrote: »

you're living in a strange world if you think all of this is 'fair'.

It's fair to reward a tiny proportion of a bank's loyal customers and avoid alienating them.

bert&ernie

NFH wrote: »

It's fair to reward a tiny proportion of a bank's loyal customers and avoid alienating them.

Business tend to 'reward' customers because they are profitable and they want to retain them. What you are proposing is simply giving away freebies that some other mug has to pay for.

Really, I'm sympathetic to the view that disadvantaged groups shouldn't be excluded from utility banking services, but someone has to pay for this. I think it would be 'fairer' if this was achieved transparently by the state through tax and benefits.

The old marxist mantra is "from those according to means, to those according to need". The current "free banking" system has come about through commercial circumstance and it does not deliver against this ideal. Even if you think there should be such socialist imperative, I would argues that there are better ways to active it than by regulating business.

pqrdef

bert&ernie wrote: »

Really, I'm sympathetic to the view that disadvantaged groups shouldn't be excluded from utility banking services, but someone has to pay for this. I think it would be 'fairer' if this was achieved transparently by the state through tax and benefits.

But then people who can't use computers will still complain that they're at a relative disadvantage and are being discriminated against.

Oh, and what about younger people who can't use computers?

Lith

Like i said before the 'end of free banking' will never come into place

because what if someone loses there job? and no INCOME at all? not even jsa etc


there account gonna get closed or get so many charges for not paying the 'account fee'


this !!!!!! will never see the light of the day (and if it ever did) there will be an uprising no doubt and which ever bank takes part in it first will LOSE a lot of profit/customers/shares etc


And what will the word think of the UK then? (that we're the only country to do this?)


Not even USA/CHINA/JAPAN etc do this no county does this... any account even basic ones but you have to pay for them ?


someone isn't in the right mind.

MoneySaverLog

Lith wrote: »

this !!!!!! will never see the light of the day (and if it ever did) there will be an uprising no doubt and which ever bank takes part in it first will LOSE a lot of profit/customers/shares etc

Quite right, if any bank ever attempts to do this I hope all the customers in said bank take out all their money with them and bring the bank down.

The UK banking system will then end up like a house of cards, all ready to fall.

NFH

Lith wrote: »

Like i said before the 'end of free banking' will never come into place

because what if someone loses there job? and no INCOME at all? not even jsa etc

What to you mean by the "end of free banking"? Do you mean monthly fees for current accounts or do you mean the introduction of charges for avoidable services like writing and depositing cheques? If it's the latter, this shouldn't affect those with no income, as they can simply conduct their banking by more efficient means such as via online banking or via branch-based terminals.

bert&ernie

MoneySaverLog wrote: »

Quite right, if any bank ever attempts to do this I hope all the customers in said bank take out all their money with them and bring the bank down.

The UK banking system will then end up like a house of cards, all ready to fall.

So you'd rather the entire banking system collapsed than you find yourself having to pay for the service you receive? How selfish and vindictive, not to mention melodramatic!

The term 'freetard' is starting to sound quite apt for some of the contributors to this thread.

MoneySaverLog

Right or wrong... it will happen though

JuicyJesus

Lith wrote: »

Not even USA/CHINA/JAPAN etc do this no county does this... any account even basic ones but you have to pay for them ?

Yes they do. Most bank accounts in the USA attract service charges, usually monthly maintenance fees and/or charges for checks written. No idea about China or Japan.

The UK is one of very few countries which offer, for most people, banking totally free of maintenance or transactional charges. However, in return for a pittance of a reward (0.5% of the average current account balance is not much) customers are demanding a far larger range of services each day while also insisting on expensive methods of banking such as branches remaining open for them at longer hours and in more convenient places. Something has to give.

jen245

http://m.guardian.co.uk/business/2011/sep/30/bank-of-america-debit-card-fee?cat=business&type=article

We got it good