banks charging for pleasure of having an account

kate_payne

I heard a very alarming rumour that banks are planning on charging £10 a month for having an account. Is this true and if so isn't there something we can do to stop it.

i can't believe that this is the case. Do banks not make enough profit!

vwman_3

Rightly or wrongly only time will tell, but I have just moved over from a current account with the Halifax to their 'new' Ultimate Rewards Current Account cost is £10.00p per month.

The benefits seem to suit the bill as far as I am concerned and it looks like it will be money well spent, and a lot saved, the travel insurance alone is saving me £112.00p a year, not to mention 6.19% interest (gross) on credit balances and a free £300.00p O/D, anything over £300.00p is charged at a lower rate than I am currently paying.

thesaint

Free banking will always be available.

All businesses will always want to make more profit than they did in the last quarter.

James

BBC 1 Tonight (21 March) at 9pm - Whistleblower.

Banks: A BBC reporter goes undercover working for one of Britain's largest banks to discover how the public can be ripped off and are often lied to.

The Bank in question is reportedly Barclays, but they are not alone.

oldwiring

thesaint wrote: »

Free banking will always be available.

All businesses will always want to make more profit than they did in the last quarter.

Whether to all, or selectivley is the question that should be asked beyond your very bald statement.

morlandbanks

Banks will always make the biggest profit they possibly can. Now that they're having to reduce the charges for people who go overdrawn/bounce cheques, ect, they'll punish the rest of us instead.

LewisC_2

NatWest already charges £12 a month for some accounts, and it's VERY hard to get it downgraded (letters ignored, blatant delays etc)

thesaint

oldwiring wrote: »

Whether to all, or selectivley is the question that should be asked beyond your very bald statement.

Free to 'all' people who use their accounts correctly because they will simply move their account elsewhere if charged.

James

The vast majority of people receive payments into their current accounts via the BACS system: A nice little earner.

Everytime someone uses their plastic, there's a charge to the merchant - A nice lettle earner.

We all may think it's Free, but it's not really.

Mark7799

It never has been.

I remember a phrase I was taught in my first accounts lesson in school, to help me understand the principle of accounts and double-entry book-keeping

"everything is paid for by someone"

SparciaM

These packaged accounts usually end up costing the customer more, as it's MUCH cheaper to get them all seperately from different companies.

FYI: Whistleblower programme, is SO true. I work for the named bank and oh my the miss-selling, lying and cheating is UNTRUE!!!