Time to end free banking? Poll help needed

MSE_Martin

Hi folks,

We're planning to run a poll on the site later. I want to see if you've any more ideas for options for the poll.

My current VERY ROUGH draft is...


Is it time to end ‘free’ banking?

We’velong said ‘free’ banking doesn’t exist. Its ‘fees-free’ for those in credit, yet they usually pay no interest and charge the overdrawn vast amounts.

Many policy wonks are calling for the end of 'free' banking? Arguing it means banks miss-sell more as they need cross sell to subsidise it.

If you could change things which of the following choices would you prefer?


OPTIONS

- Monthly fee:You pay a fee each month then no other charges (inc overdraft)

- Transparent fees: ie you pay small amount for everything you do eg cashwithdrawal

- No change: Keepthings as they are

NOTE THIS ISNT ABOUT DISCUSSING THIS, THAT'LL COME LATER - MORE TO SEE IF THERES ANYTHING PEOPLE THINK SHOULD BE IN THE POLL BEFORE WE LAUNCH IT?

ALL (POLITE) SUGGESTIONS WELCOME

Thanks in advance

Martin

torbrex

Looks OK.
I am an advocate of 'no change' so the alternate choices don't really interest me anyway

dzug1

Possibly a further option - transparent fees offset by interest - not necessarily at a high rate

And I suspect 'small fee' is open to wide debate.....

tgroom57

monthly fee for each service - like bolt-ons for phones.
So if you want to use, standing orders, thats £2 extra a month, overdraft up to £x thats another £5 a month, and so on.

tanith

I'd prefer no change too as I don't incur any fees . Those choices look ok to me.

peter_the_piper

The poll looks ok to me. Now my Mortgage is paid I would have no hesitation in transferring my account to nationwide if any charges are levied. I have seen the way ""small "" charges have infiltrated my business account.

beetwaste

Maybe a monthly fee with cross selling, monthly fee with no cross selling option? Ie you pay monthly, but pay less if you are happy to be approached as now.

Can't seeit being a popular option, but thats pretty much what Skyy TV do. Monthly fee, tv adverts.

Gromitt

Maybe an option for charges which are above 'basic' banking functionality. For example, no charges for cash withdrawals at your own bank, but charge for using a different banks ATM, writing cheques, standing orders, overdrafts, etc.

jjlandlord

No change, of course!

Any other option would make us end pay more for the exact same service.
This is all lobbying by the banking industry, and unfortunately it seems to work when I read people already assuming fees and just discussing what sorts of fees would be better.

(Basically why a poll at all?)

rmg1

Don't bank make anough money at the minute?
Why should I pay for something that has been free for years?

And the current charges are ridiculous anyway (huge amounts of interest for the overdrawn and God help you if you pass the agreed limit!).

I currently get a minimal amount oif interest (around 0.1%) on my current account and not much more on my savings (I know, I should shift everything).

I don't go overdrawn, never had a bounced direct debit/standing order and the banks are using my money to make their profits from.
Why should I pay them for the privilege?

As for mis-selling, that's a completely different entity and was based on greed by the banks and their "consultants".

Lokolo

rmg1 wrote: »

Don't bank make anough money at the minute?
Why should I pay for something that has been free for years?

Retail banking and investment banking are different things. I lot of the retail banking profits come from selling retail products. The big bonuses and the part that everyone hates about bankers is the investment side.

And the current charges are ridiculous anyway (huge amounts of interest for the overdrawn and God help you if you pass the agreed limit!).

And this is how they offset free accounts. If people were charged a monthly fee, you would (hope to) see a reduction in these costs.

I currently get a minimal amount oif interest (around 0.1%) on my current account and not much more on my savings (I know, I should shift everything).

Who cares? It's a current account, not a savings account.

I don't go overdrawn, never had a bounced direct debit/standing order and the banks are using my money to make their profits from.
Why should I pay them for the privilege?

Because they provide you with numerous services which, surprisngly, cost money. Cash machines, internet banking, POS, cheques (who still uses them!?), telephone banking, branch facilities. You really think this is offset by you having £200 in your current account?