HSBC says it could charge for current accounts

Old_Lifer

Talk of charging for current accounts isn't new.  It's been around for decades and surfaces from time to time.

jonesMUFCforever

Old_Lifer said:

Talk of charging for current accounts isn't new.  It's been around for decades and surfaces from time to time.

Indeed it has - IMO they may decide to bring back a minimum balance of say £100 to qualify for free banking.
I also suggest that if it does come in then the basic account will only be available if benefits are paid into it.

Thrugelmir

Highly possible it's linked to the closure of other UK bank accounts held by European residents. HSBC must be attracting considerable new business as a consequence. 

Thrugelmir

Malkytheheed said:

Thrugelmir said:

Why should current account banking be free?  Services have to be paid for by someone. 

Emm Because I am giving my money to the bank so they can loan it out to someone else and profit from it. yes? I don't have to give my money to a bank, without it they can't function. They way I see it banks should be fighting for my money.

Is your employer prepared to pay you in cash. If not you have little choice but to use the services of a bank.  Doubt that you leave much in your current account at anyone time either. 
 

London7766551

If you are paying for banking services the expectation of service will increase.

xylophone

expectation of service will increase.

What you might expect and what you might get are two different things.....

colsten

garmeg said:

Will be the end of people having multiple current accounts if they all go down this route.

We already had chargeable accounts for some time, and they have not hailed the end of multiple accounts.

I have Club Lloyds, Santander 123 Lite (and full fat before then), Halifax Reward, Natwest, RBS, Barclays Blue Reward, with multiple instances on some of them. All of them have a monthly charge, but all of them make financial sense for me.

colsten

dr_adidas01 said:

Thrugelmir said:

Why should current account banking be free?  Services have to be paid for by someone. 

True UK consumers have been used to free banking hence why they expect it to be free,  where as other countries charge a fee for banking services.

Some banks in some other countries do charge. Some do not charge, certainly not for holding the account and for basic services such as electronic payments or ATM withdrawals. I have two full-function non-UK Euro accounts which are free of such charges.

London7766551

xylophone said:

expectation of service will increase.

What you might expect and what you might get are two different things.....

In my opinion people are much more likely to switch if they are paying for something and it is rubbish. Like utilities the hassle of switching is enough to keep people however so banks will get away with a lot. I don't mind paying £5/10 a month as long as it is good service and everything works.


My local credit union charges for services, that is designed more for those on low incomes. With that however they are a "small" local network with branches here and there so you can see your money so to speak and the service is more personal. Barclays is the only major player I have experienced that had a good customer service. All of the others failed. All this becomes more important to people if they pay, at least for me. Saying that HSBC was not too bad at least in branch. 

born_again

dr_adidas01 said:

Thrugelmir said:

Why should current account banking be free?  Services have to be paid for by someone. 

True UK consumers have been used to free banking hence why they expect it to be free,  where as other countries charge a fee for banking services.

Plenty here will be able to remember that paying for some services is not new. I can certainly remember when I started work having a bank account that was not free, in the sense that they are now.