Is this the end of free banking?

[chemical-licker]

http://www.dailymail.co.uk/news/article-10...es-cheques.html

Is this the end of free banking? Britons face charges to use cash machines and write cheques

Britons face the introduction of charges to use cash machines and write cheques, it is claimed today.

Analysts Datamonitor claim it is only a matter of time before free banking, as British consumers know it, is abandoned.

The introduction of up-front charges for the right to have a current account is being speeded by a court case investigating the legality of punishing overdraft charges, it is claimed.

Hidden costs: Datamonitor claim it is only a matter of time before free banking is abandoned in Britain

The Office of Fair Trading is locked in a battle with the big banks to try to get rid of penalty charges for breaching an overdraft limit or a bounced cheque.

If successful, the OFT case could see millions of bank customers given the right to reclaim billions of pounds in refunds from the banks for charges dating back six years.

Such a move would severely dent the finances of the high street banks at a time when they are trying to cope with huge losses from bad foreign investments.

Brown yesterday called on credit card firms to help customers

Datamonitor believes the banks would try to shore up their finances by moving to a system of monthly charges - perhaps £5 to £20 a month - on current accounts.

As in the United States, the fee would guarantee a minimum level of service, such as a fixed number of cash machine withdrawals, cheques or direct debits per month.

The customer would then be faced with paying additional charges, taken from their account each month, for any additional cash withdrawals or debits.

Datamonitor analyst Rod Logan said: 'A charge per transaction for standard banking services could be one of the answers, as the banks will need to find other ways to reclaim the estimated £2.6billion they receive from overdraft fees and charges.

'In the current difficult market this is revenue that the banks can ill-afford to lose.'

The OFT however believes there is no financial justification for the blanket introduction of charges by the banks.

It says customers are already paying an average of £150 a year for their bank account through the fact they get little or no interest on money held in current accounts, plus other stealth charges.

Yesterday, credit card companies were ordered by Gordon Brown to stop fleecing customers.

He said they should behave 'responsibly' to help households through the difficult times.

The Prime Minister had been 'appalled' by complaints that interest rates remain sky-high despite the falling cost of borrowing.

Mr Brown said that with Britain diving into recession, it was unfair to make life more difficult for consumers.

He said the Government would act to establish 'clear principles' to make sure companies treated people fairly.

His spokesman said Mr Brown had been appalled by evidence that some credit rates had gone up by 10 per cent overnight, and that one store card was at 200 per cent.

Energy firms 'keep prices artificially high'

Energy firms were accused yesterday of operating a cartel that keeps prices artificially high and threatens huge bills for millions this winter.

Industry analysts say there is room to cut prices by at least 10per cent.

MPs on the Business and Enterprise Select Committee blasted the industry for failing to pass on falls in wholesale prices and the new watchdog Consumer Focus announced a campaign to demand lower prices.

Its chief executive, Ed Mayo, said the energy market was 'broken' and accused the firms of acting like a herd.

WHAT DO THEY WANT BLOOD? ITS PATHETIC! we had all this years ago and now its back

Edited November 12, 2008 by chemical-licker

[itsnotoutthere]

There never has been anything free about my banking.

[stevewinn]

Why put your money in the bank so others can get rich of it, !!??? we are mugs, are we not. a community based credit union is a good idea. it puts you the investors in the driving seat you and the other depositors become the bank managers. just to give you a taste

http://www.thccu.co.uk/site/index.php

failing that. withdraw all your money. get it all in pound coins and stick it in a old plastic container and put it at the back of your freezer if your house is robbed they're not going to take the fridge or bother looking through your frozen food.

Edited November 12, 2008 by stevewinn

[chemical-licker]

failing that. withdraw all your money. get it all in pound coins and stick it in a old plastic container and put it at the back of your freezer if your house is robbed they're not going to take the fridge or bother looking through your frozen food.

they will now

[Still Waters]

"Britons face the introduction of charges to use cash machines and write cheques, it is claimed today" Quote

There already is a charge in Britain to use cash machines, it depends which ones you use, some do charge and some don't.

[Relle]

Welcome to my world! I pay $12.95CDN a month for unlimited chequing and ATM use. If I go into my overdraft on that account I pay an extra $5.00CDN. If I withdraw money from a bank machine that is not affiliated with my bank I'm charged $1.50 from that bank as well as my own bank. It's insane!

[The Silver Thong]

Welcome to my world! I pay $12.95CDN a month for unlimited chequing and ATM use. If I go into my overdraft on that account I pay an extra $5.00CDN. If I withdraw money from a bank machine that is not affiliated with my bank I'm charged $1.50 from that bank as well as my own bank. It's insane!

It is insane and should be illegal. The banks make billions off these petty charges and they somehow justifie it. Man it's sickning what big money gets away with.

[The Silver Thong]

they will now

Oh Steve, could I have your address please LOL

[stevewinn]

they will now

Oh Steve, could I have your address please LOL

[GreyWeather]

Do they charge you if you take out the money from the bank? As in, you withdraw it from the counter?

[Relle]

It is insane and should be illegal. The banks make billions off these petty charges and they somehow justifie it. Man it's sickning what big money gets away with.

It should be illegal! Wasn't that one of Layton's campaign promises a few years ago? Just like the $6.95/month service fee I pay for my cell phone. What the hell is that all about?

Do they charge you if you take out the money from the bank? As in, you withdraw it from the counter?

Nope, but seeing I work a 9-5 job and most banks are also 9-5 it just isn't convenient for me to do that.

[The Silver Thong]

I bank with TD and if I go to another bank no matter what time there is $ 1.50 charge, I have seen the private machines charge even more. I sighned up to pay a flat rate of 12 bucks a month or something but that only covers withdraws from my Bank. It's a scam and a pain.

[War Eagle]

http://www.dailymail.co.uk/news/article-10...es-cheques.html

Is this the end of free banking? Britons face charges to use cash machines and write cheques

Britons face the introduction of charges to use cash machines and write cheques, it is claimed today.

Analysts Datamonitor claim it is only a matter of time before free banking, as British consumers know it, is abandoned.

The introduction of up-front charges for the right to have a current account is being speeded by a court case investigating the legality of punishing overdraft charges, it is claimed.

Hidden costs: Datamonitor claim it is only a matter of time before free banking is abandoned in Britain

The Office of Fair Trading is locked in a battle with the big banks to try to get rid of penalty charges for breaching an overdraft limit or a bounced cheque.

If successful, the OFT case could see millions of bank customers given the right to reclaim billions of pounds in refunds from the banks for charges dating back six years.

Such a move would severely dent the finances of the high street banks at a time when they are trying to cope with huge losses from bad foreign investments.

Brown yesterday called on credit card firms to help customers

Datamonitor believes the banks would try to shore up their finances by moving to a system of monthly charges - perhaps £5 to £20 a month - on current accounts.

As in the United States, the fee would guarantee a minimum level of service, such as a fixed number of cash machine withdrawals, cheques or direct debits per month.

The customer would then be faced with paying additional charges, taken from their account each month, for any additional cash withdrawals or debits.

Datamonitor analyst Rod Logan said: 'A charge per transaction for standard banking services could be one of the answers, as the banks will need to find other ways to reclaim the estimated £2.6billion they receive from overdraft fees and charges.

'In the current difficult market this is revenue that the banks can ill-afford to lose.'

The OFT however believes there is no financial justification for the blanket introduction of charges by the banks.

It says customers are already paying an average of £150 a year for their bank account through the fact they get little or no interest on money held in current accounts, plus other stealth charges.

Yesterday, credit card companies were ordered by Gordon Brown to stop fleecing customers.

He said they should behave 'responsibly' to help households through the difficult times.

The Prime Minister had been 'appalled' by complaints that interest rates remain sky-high despite the falling cost of borrowing.

Mr Brown said that with Britain diving into recession, it was unfair to make life more difficult for consumers.

He said the Government would act to establish 'clear principles' to make sure companies treated people fairly.

His spokesman said Mr Brown had been appalled by evidence that some credit rates had gone up by 10 per cent overnight, and that one store card was at 200 per cent.

Energy firms 'keep prices artificially high'

Energy firms were accused yesterday of operating a cartel that keeps prices artificially high and threatens huge bills for millions this winter.

Industry analysts say there is room to cut prices by at least 10per cent.

MPs on the Business and Enterprise Select Committee blasted the industry for failing to pass on falls in wholesale prices and the new watchdog Consumer Focus announced a campaign to demand lower prices.

Its chief executive, Ed Mayo, said the energy market was 'broken' and accused the firms of acting like a herd.

Banks have been charging customers up the a$$ for the convenience of electronic banking for years, on all services with no signs of letting up.

The interest/profits they make ''overnight'' on those fees & charges alone (some hidden) are phenomenal.

WHAT DO THEY WANT BLOOD? ITS PATHETIC! we had all this years ago and now its back

They should double up as a blood bank, saves on time.

There never has been anything free about my banking.

amen to that brother.

Why put your money in the bank so others can get rich of it, !!???

It's easier to rob by setting up a bank than it is by holding one up.

Edited November 12, 2008 by REBEL