Why do people in the UK expect to pay nothing for the services provided by Banks? They expect to write cheques for free, use cash machines in locations convenient for them for free, have direct debits and standing orders for free, have a statement printed and posted to them every month for free, have a branch that they can pop into whenever they want for free, have a debit card for free?
Most of them think the Bank makes money out of there few hundred pound they pay in and take out each week . Are they retards or what?
2006-08-01 19:32:35 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Well, they can't lend out money that is on a current account, there are strict rules regarding this imposed by the government to stop Banks going bankrupt, you see current account money can't be relied upon to be lent out because people tend to spend that money! Savings money is a different matter, and Banks mostly borrow the money they lend out from moneymarket.
2006-08-01 19:45:03 · update #1
Banks make more money per customer than any other business sector in the UK - they should be paying us more for the privilege of using our money. There was a piece on Ananova news today (see below)
2006-08-01 19:43:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Finding it hard to believe banks are running at a loss all the time. What about the people and businesses who do put more than a few hundred pounds in. What about the high bank charges for going slightly overdrawn, having a mortgage or loan.
Also people expect these things for free as if a bank started charging for them there would be another bank who wouldn't so people would talk with their feet and and change accounts, and the banks will do what ever they can to grab hold of every last penny possible
2006-08-01 19:45:49 · answer #2 · answered by chunkyn13 2 · 0⤊ 0⤋
The banks make millions in interest on money in the accounts, so why if they are lending out our money should we have to pay. Now if the account was not used to enable the bank to lend money that would be a different matter.
2006-08-01 19:38:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
My bank pays me 0.1% on the money in my current account.
I accept this in lieu of the 'free' banking service they provide me with.
If the UK banking sector is such a bad deal for banks, why are foreign banks trying to buy into this market?
2006-08-01 21:34:45 · answer #4 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
The banks in the UK make obcene profits from the average consumer through charges, interest rates and fees.
As a consumer I make a point of making my banks life a misery out of sheer principle, and I expect nothing but the highest of respect in return.
2006-08-01 19:44:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
People think that Banks are purely service organisation and they have huge profit to sustain and provide all services free.If you go to Government or Post Office even for forms people have to pay.
But there is no grievence!
2006-08-01 19:59:22 · answer #6 · answered by leowin1948 7 · 0⤊ 0⤋
they like to transact at the banks' cost...lol that mean, they like cheap banks, show them the cheap banks...
2006-08-01 19:46:06 · answer #7 · answered by aRnObIe 4 · 0⤊ 0⤋
Because they use that dumb argument, 'It's my money'. It may be, but it still costs money to look after it.
2006-08-02 08:08:08 · answer #8 · answered by Veritas 7 · 0⤊ 0⤋
Why should i pay to use MY money?
2006-08-01 19:50:05 · answer #9 · answered by happyflamepepper 4 · 0⤊ 0⤋
Because they're cheap!
2006-08-01 19:37:28 · answer #10 · answered by Anonymous · 0⤊ 0⤋