Time to end free banking? Poll help needed

dalesrider

Linton wrote: »

So there is little market pressure on banks to become more efficient.

Tell that to all the bank staff who have lost their jobs in the last 3 years. Due to cost saving by ALL the major banks. What causes this... Market pressure to stay at the head of the market.

Banks do not want to introduce charging. Its the muppet at the FSA (who happens to be losing his job) that wants it.
Do people actually think that having to pay for banking will stop selling of related products?

I guess you cannot imagine just how much having to introduce any charging model will cost the banks in reworking all the computer systems, retraining of staff and literature.

Funny how people moan about banks making a profit, yet don't say a word about supermarkets/petrol co's who rake in just as much.

The_Pixi

I don't like the idea that I should pay! I have no idea what the charges could be but a cursory look at my latest statement and judging by what people have speculated below is what id get charged

3p per cash withdrawal 20 x 3p = 60p x 12 £7.20p
5p per Direct Debit 10 x 5p = 50p x £6.00
2p per card transaction 25 x 2p = 50p x £6.00

= £19.20 / 12 = £1.60

Now that doesn't include any other stuff like internet banking charges or telephone banking charges (of which I doubt I could have removed)

£1.60 a month or more. I seriously doubt that the interest paid by the account would be high enough and the available balance over the month high enough to generate £1.60 so I am happy missing out on the small interest gain the bank is clawing away currently - at least this way when my employer gives me my wages I get the full amount, not less £1.60.

what I can, could, would get in interest is all subjective, at the moment I get no interest but I pay no fees... I have free banking. The £1.60 is mine and is still mine unless I become bad at managing money and wake up as a banker tomorrow.

pollypenny

I'd add small fee for credit, larger fee for overdraft.

Vejovis

Why are people saying there's no such thing as free banking?

My money gets paid in, I pay bills or withdraw cash as and when I choose and for that I get changed a big fat nothing. How is that not free banking?

opinions4u

Vejovis wrote: »

Why are people saying there's no such thing as free banking?

My money gets paid in, I pay bills or withdraw cash as and when I choose and for that I get changed a big fat nothing. How is that not free banking?

The argument is that you don't receive interest on this.

Oddly, I get a fiver a month as a "reward". Lloyds Vantage customers get interest at up to 3%. Santander pay interest on many current accounts.

Poor argument really.

Lokolo

Marisco wrote: »

Why should I pay charges, when I don't now?

Why shouldn't you pay charges now?

The bank are providing a service to you, why shouldn't they charge for use of that service?

BT provide a telephone service, well if banks don't charge for their service, BT shouldn't charge me for their telephone service.

Oh public transport provide a service to me, WELL I reckon this should be free as well!

Just because something is free now doesn't mean it's fair and shouldn't change.

Vejovis

opinions4u wrote: »

The argument is that you don't receive interest on this.

Oddly, I get a fiver a month as a "reward". Lloyds Vantage customers get interest at up to 3%. Santander pay interest on many current accounts.

Poor argument really.

I'm not sure why people should expect to be paid (given interest) for using a service they get for free.

Lokolo

Vejovis wrote: »

I'm not sure why people should expect to be paid (given interest) for using a service they get for free.

It's the banking industry.... Bribery is rife.

RobStaffs

I never use an overdraft,I dont take loans,I pay my Credit Card bill in full every month, I dont have a mortgage.I get pitiful charges on my savings.Why should I pay for current account services? Keep things as they are and target fees to those who borrow short and long term,

RobStaffs

Also it will be those with large balances in their current accounts who will get the service free.This is nothing but a tax through the back door on the less well off.