End of free banking??

[Bonzo77]

http://www.which.co.uk/news/2013/05/is-this-the-end-of-free-banking-in-the-uk-319021/?cmp=RSS-GNS_319021

 

Do the banks really need an excuse to start charging us all for having an account? They are all that deep in the proverbial, that I bet they are loving these new EU rules.

 

I know a lot of people probably already pay a monthly fee for their accounts, but I bet the majority of people still use free bank accounts.

 

I think the governments need to step in and prevent the banks making us pay a monthly fee, especially the part state owned banks.

 

Banking is a necessity, modern society wouldn't function without them. They need to be heavily regulated to stop them ripping us off and gambling with our money!

[taxman]

No banking is free, in fact they make money off depositors all the time by offering minute interest rates (if at all) whilst using OUR money to speculate via their investment arms.

 

The banks need people to deposit money with them, they need our custom yet they pretend they're doing us some massive favour.

[Bonzo77]

The banks need people to deposit money with them, they need our custom yet they pretend they're doing us some massive favour.

 

That's the main issue I have. They need our custom and unfortunately, we can't avoid giving it to them!

 

Maybe we should all withdraw our funds?

[LeMaquis]

Do the banks really need an excuse to start charging us all for having an account? They are all that deep in the proverbial, that I bet they are loving these new EU rules.

 

These new EU rules are at the moment no more than a proposal by the Commission. There will be votes in the Parliament. Member states will have a say. And even if passed Which's concern is that;

 

"Some analysts have raised concerns that doing this on a Europe-wide basis could lead to UK banks charging for services like cash machine withdrawals in order to avoid being undercut on others."

 

So the crux of the story is that some proposals that haven't been voted into effect yet could be used by some other people to do something. If it does happen it'll be the fault of UK banks but at the moment it's just a very obscure possibility.

[I1L2T3]

I would rather pay a fee for the service and have more transparency about the way the banks operate.

 

It was never free anyway. Banks cream money off every activity they do. And at the end of the day they ended up costing us hundreds of billions of quid.

[andyofborg]

you will always get free banking if you bank at the borgbank

 

let me look after your money

[Bypassblade]

you will always get free banking if you bank at the borgbank

 

let me look after your money

 

I will consider it, as long as you promise seven of nine as my personal banker :hihi:

[Vague_Boy]

No banking is free

 

When interest rates were at least above the rate of inflation (yes, this did use to happen) there was at least some benefit to having a bank account.

 

 

you will always get free banking if you bank at the borgbank

 

Interest rates are irrelevant. We will add your fiscal and biological distinctiveness to our own. Resistance is futile.

[ECCOnoob]

I would rather pay a fee for the service and have more transparency about the way the banks operate.

 

It was never free anyway. Banks cream money off every activity they do. And at the end of the day they ended up costing us hundreds of billions of quid.

 

There are lots of private banks that people could use. However, most of us just took the free option.

 

How did we think that banks were making money when not charging for services. It was never rocket science.

[Electerrific]

Shoebox under the bed?