Why Are Customers Charged A Monthly Fee To Have A Bank Account??????

Inactive

Paul_Herring wrote: »

No we all won't.

At the first sign of compulsory charges on any of my current accounts, I shall be closing them and explaining why.

Which will leave me with at least one bank who has current accounts that don't charge compulsory fees.

So exactly what will you do if they all collude and all introduce charges?

It couldn't happen, I hear you say, oh yes it could, you cannot bank for free anywhere in Spain, the banks all charge account fee's.

I think the time is fast approaching when that will happen here as well, in light of those that cannot manage their own affairs properly, claiming charges back from the UK Banks.:rolleyes:

roddydogs

No one rising to the Bait?

Inactive

roddydogs wrote: »

No one rising to the Bait?

It seems not...

Scousebird_2

realaledrinker wrote: »

Once the banks lose their court case & have to refund billions of fees, we'll all be paying a fee to operate a bank account!

Sadly, I agree-but can i just add that besides from an account fee, I just wish that good old customer service would come back rarther then sales on the phone when you ring for a balance. I will hold my hands up, I have just left a job with a major UK bank who expected me to sell to people on every call when all they were doing, was calling telephone banking. I have now accepted a position in customer services with another bank that is not expecting me to do that.

Customer service is what keeps customers happy, understanding of financial situations and solutions to problems without hbeen hounded to but home insurance or upgrading your current account when you are struggling to live in your overdraft.

Packaged accounts are really good, providing you are using all the benefits. But if you wish to cancel, that is simple as you wont be tied into a contract to keep the account and they can penalise you on things like how much overdraft you are allowed or taking your cheque books ot downgrading your debit card because they are assessed differently. You will lose benefits like cheaper overdraft/loan rates, interest free o/d etc if that is what the account offers (i never worked for lloyds so I wouldn't know) but you are still entitled to the basics so downgrade dear and you'll be back to 'free' banking

roddydogs

Why dont u use online banking-you balance at the touch of a button-no phoning or queing at a branch. Never had any problem with IF or AL

sg04smg

I currently pay separate providers for travel insurance, vehicle breakdown cover, domestic emergency cover, mobile phone insurance, and credit card protection. Total cost is £364 a year. I see that Barclays have a package account which provides all this for £174, so I save £190 a year. Is it that simple, or have I missed something?

PROLIANT

Alliance and Leicester don’t charge a fee, I have not had any problems with there service and the interest rate on their current account is hard to beat, I have an account with Lloyds also and they don’t charge me for banking with them, however there "mile high club" type accounts along with other banks do charge a fee for banking but you usually get things like insurance etc

Thomas_Crown

sg04smg wrote: »

I currently pay separate providers for travel insurance, vehicle breakdown cover, domestic emergency cover, mobile phone insurance, and credit card protection. Total cost is £364 a year. I see that Barclays have a package account which provides all this for £174, so I save £190 a year. Is it that simple, or have I missed something?

The travel insurance included in the Barclays package will be very basic. I certainly wouldn't rely on that level of cover when travelling abroad on holiday.

Scousebird_2

realaledrinker wrote: »

Once the banks lose their court case & have to refund billions of fees, we'll all be paying a fee to operate a bank account!

I see it coming in my crystal ball!! Lol! I think that's the way it's going to work unless we all want basic account facilities.

I may rock the boat here but i'm gonna say it...

For what we get from banks eg-use of debit cards (but excluding hole in the wall cards here as it's a basic service) and the stationary we get-eg Cheque Books, replacement cards free of charge etc-I really do feel that banking, if they do start levying SMALL charges for the service (eg First Direct)-then I would not be angry, I would accept this.

As long as customer service is to my satisfaction and I get the services I require within reason then I will pay.

We are one of the few countries that offer free banking-for example in Spain you pay for practically everything with your banking.

First Direct do charge for the account-and yes there was public outcry, but bottom line is, they are predominantly one of the best banks for customer services and I am wondering whether the account fee is in someway a contibuting factor? Who knoes...but all i'm saying is I don't disagree with a charge for banking-but it is not to be excessive and should not be equivalent, or more than their packaged accounts that are in place now-for example, having a £1 a month for a customer having a debit card-which is a feature they actively use-isn't unreasonable in my view!
But that's my opinion and I respect everyone elses equally.

CannyJock

Lloyds TSB have a range of "Added Value Accounts" - one of them will be the one the OP was talking about.

Table of benefits and monthly costs are:
http://www.lloydstsb.com/current_accounts/added_value_accounts.asp

Travel insurance is for you and your partner

Mobile phone insurance you need to register your phone with

Sentinel card protection again you need to register all your cards with them.

Airport Lounge access is only if you book your trip with Lloyds TSB Travel Service. They offer to price match any other ABTA bonded travel agent - if they can match it they will, if they can't you still get the lounge access.