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MSE News: OFT to investigate current accounts
Former_MSE_Helen
Posts: 2,382 Forumite
"The OFT today launched a review of the market, aimed at improving competition and ensuring banks are customer-focused..."
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The only outcome a major investigation would bring is charges for all. Penalise the majority for the mismanagement of the minority.0
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Long overdueBlessed are the cracked for they are the ones that let in the light
C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
Not Buying it 2015!0 -
The banks have been conniving at this and now they're licking their lips. They've already persuaded Bailey that free banking has to end.
The banks won't fight over current accounts unless there are fat profits to be made. Those profits will be at my expense. If only one bank will give me free banking and carry me at a loss, that will do nicely."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 -
I can just see it now, forcing charges on all so they can reduce charges for people who are constantly in overdrafts and have bounced payments, etc. It will be described as more 'fair', when the people who don't incur charges shouldn't be supporting those who do.0
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Yep, "fairer" charges all round
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It seems to me absurd that those who occasionally drop into the red are hammered by the banks in order to make life easier for those with consistently large overdrafts.
My great worry about all this is that the OFT will make its usual complete dog's breakfast of this "probe" so that we finish up with an end to the "free banking" lie (arguably, a good thing) and still be lumbered with the obscene additional charges we face at the moment for minor transgressions of banks' Ts & Cs.
Warning: In the kingdom of the blind, the one-eyed man is king.
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Why would they want to carry you at a loss?If only one bank will give me free banking and carry me at a loss, that will do nicely.
If the people who are constantly in overdrafts really aren't going to be paying their share then I agree that wouldn't be fair.I can just see it now, forcing charges on all so they can reduce charges for people who are constantly in overdrafts and have bounced payments, etc. It will be described as more 'fair', when the people who don't incur charges shouldn't be supporting those who do.
But I think at the moment these people are paying more than their fair share.
I don't think that someone with an arranged overdraft facility who is £1 overdrawn costs Halifax £1 a day more than if they were £1 in credit instead.
There's plenty of scope to reduce these fees without ending up with the people who pay them under-paying.0 -
I can just see it now, forcing charges on all so they can reduce charges for people who are constantly in overdrafts and have bounced payments, etc. It will be described as more 'fair', when the people who don't incur charges shouldn't be supporting those who do.
This is so niave.
There is nothing fairer than everybody being charged for their own banking services.
If you want bank account services, pay for them yourself !!!!!!!!!!.0 -
I can just see it now, forcing charges on all so they can reduce charges for people who are constantly in overdrafts and have bounced payments, etc. It will be described as more 'fair', when the people who don't incur charges shouldn't be supporting those who do.
Not being funny, but there is always going to be a cost to running a bank account. Currently, that cost is effectively passed to those who are unable, for whatever reason, to balance their finances.
Whilst I don't exactly like the idea of having to pay to bank, I certainly consider paying your own banking fees a much fairer system than what we have now, where we burden those least able to manage it with the cost of everyone's banking.0 -
Same reason people send me junk mail. The price of acquiring a customer base to sell mortgages, credit cards and insurance at is that you get some people on the list who won't be buying.JimmyTheWig wrote: »Why would they want to carry you at a loss?
Being advertised at is the price we pay for free services. We know that. But I object to being advertised at on a service I'm paying for. (Anybody listening at BT email?)
What do people want next, charges for Google?"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
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