banks charging for pleasure of having an account

oldwiring

thesaint wrote: »

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

Too simplisitic a view, if the banks become fussier about whom to accept and the norm becomes charge unless certain criteria are met

trets77

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

i have struggled to better the £180 lloyds tsb charges me for the Platnuim account that includes

A good travel insurance policy for me and the wife ( winter sports included) average price on price search for reasonable policy -£60-65

Mobile phone insurance which i remember Carphone warehouse trying to flog me at £5 a month - so say £50 if i hunted around

AA cover which costs About £45 but lets say i went cheapest possible -£35 ish

Sentinal card protection for all my cards- usually £5 per card per year on any new CC application . i have had upto 14 on it but have currently 7. £35

a few other things like holiday discounts that i don,t use

so the stuff i make full use of 60+50+35+35 = £190

lloyds figures are very top end but here they are anyway
http://www.lloydstsb.com/current_accounts/compare_accounts.asp

or am i over quoting my seperates??:eek: :eek:

thesaint

oldwiring wrote: »

Too simplisitic a view, if the banks become fussier about whom to accept and the norm becomes charge unless certain criteria are met

Nationwide are amongst (1 of 2?) lenders whom don't charge for foreign transactions on their credit cards, they could easily charge, but it makes sense for them to be free because as soon as anyone mentions the cheapest card for overseas' spending the immediate answer is Nationwide, free advertising, loads of extra business.

It will be the same with fees for current accounts, ask me in 5 years, and I guarantee I will be getting fee free banking.

oldwiring

thesaint wrote: »

Nationwide are amongst (1 of 2?) lenders whom don't charge for foreign transactions on their credit cards, they could easily charge, but it makes sense for them to be free because as soon as anyone mentions the cheapest card for overseas' spending the immediate answer is Nationwide, free advertising, loads of extra business.

It will be the same with fees for current accounts, ask me in 5 years, and I guarantee I will be getting fee free banking.

At my age I don't have a diary so far in advance:eek: We can only guess the future, but remember as the As says, "change happens". :beer:

tom188

Balance transfers fees are now the norm on credit cards, 3 years ago there were none. Did anyone predict the backlash against unlawful charges 5 years ago, no.

Why would fees for bank accounts be any different.

tellyerworraldowivyer

Personally, I had an idea that the banks would charge eventually for balance transfers as people just saw a way to legally make free money (or stooze)
Current accounts are different, it is getting more difficult by the month to live without one, credit cards are still disliked by some people as an debt encourager. Most wages, salaries, benefits, pensions etc... now must be paid into a current account, I hope people just don't stick around in fee bearing accounts with no benefits as this is what the banking industry still relies on, INERTIA....

moonrakerz

morlandbanks wrote: »

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.

They are having to comply with the Law of the Land - which says that they are not allowed to "punish" us !!

tom188

people just saw a way to legally make free money (or stooze)

Stoozing isnt really a big fish beyond the realms of this site - it was the tarts that the fees were really aimed at who are a much bigger sector. But thats for another discussion.

If no monthly fees I expect to see the return of cash withdrawal fees and bank transfer fees (to pay for the faster payment system) over the next couple of years.

James

Hope the link works:

View some of last nights programme:

Click here.

quickshot

After watching the 'Whistleblower' programme and checking my Barclays account, I've discovered that it's been switched to an Additions account without my consent. Can anyone advise if it is possible to reclaim the charges for the account since it was changed?