HSBC says it could charge for current accounts

Dr_Crypto

It’d be arguably fairer if everyone paid a small amount than those with the least money and who use unplanned ODs are subsidising £100k a year plus customers. 

Thrugelmir

stclair said:

The FCA might step in to stop it should it happen. The banks may shoot them selves in the foot as someone’s not going going to want to pay for multiple accounts. 

The FCA isn't going to object if it results in fairer charges for other services. Banks will want to eradicate multiple accounts. 

gt94sss2

stclair said:

The FCA might step in to stop it should it happen. The banks may shoot them selves in the foot as someone’s not going going to want to pay for multiple accounts. 

The FCA is keen for banks to introduce charges. In their view, this does stops the crosssubsiding between products which they consider unfair competition.

whitesmith

Nationwide have said they are ruling out charging for current accounts so everyone can switch to them.

Over62

My OH and I already pay fees to Barclays, Cooperative Bank, Santander and RBS, and have the fee waived by Lloyd's Bank.  OK, all the fees are covered by the rewards from each bank but it does show that charging fees is not new.

EarthBoy

keiran said:

Interesting that it was Midland Bank ( a predecessor of HSBC) which introduced free banking to the UK in the 80s

I wish people would stop saying this because it's not true. Free banking was already available before Midland Bank introduced it. TSB, Williams & Glyn's and Yorkshire Bank were offering it long before then. 

bundoran

EarthBoy said:

keiran said:

Interesting that it was Midland Bank ( a predecessor of HSBC) which introduced free banking to the UK in the 80s

I wish people would stop saying this because it's not true. Free banking was already available before Midland Bank introduced it. TSB, Williams & Glyn's and Yorkshire Bank were offering it long before then. 

People think that Midland introduced free current accounts because it is a "fact" repeatedly peddled by the Thisismoney (Daily Mail) website in their endlessly repetitious "Is this the end of free banking?" articles.  🙄

JezR

It was the first of the "big 4" as they used to be referred to. Nothing more. Another that beat the Midland to it was Girobank.