With the prospect of banks charging £10 p.m.?

Question

With the prospect of banks charging £10 p.m. for current account customers. Why don't people get together and boycot any organisation that uses its power to profit from the poor in our society. We should create an organisation on the net where people have the power, Not big business. or governments.

Answer 1

An alternative is to keep all your money in jars under your floorboards, which would be destroyed in the event of fire. £10 a month is not much to safeguard your cashola. That said, banks make horrendous profits already for the investment of your hard earned money, give you less interest for credits than they take for debits, and charge extortionate rates for late payments and the like, so I don't see how they can justify the charge for everyone.

I already pay £15 a month for mine, but thats a platinum account with its own benefits, which added up are worth more like £100 a month, so I can't complain. In proportion, to pay £10 just for the pleasure of a basic account is quite disgusting. Only way to avoid it (like £1.50 charges to take out your money) is just not to use a bank.

Answer 2

The people who will be hit hardest are the poorest and those who would have had their money from the Post Office. Everyone who gets any kind of benefit will be taxed by the bank on that benefit if it is paid into a bank as they did not want these accounts in the first place. Banks are no longer have a social place in this country as they are only there for the money - ours!

If any bank charges then everyone should move to another bank and that includes overpaid people who have more money than they need to live on. If we all did that then the banks would have to think up another way of making up the lost revenue from the extortionate overdraft charges.

Answer 3

It's a good idea, but people tend not to be so community minded these days, they just do what's good for themselves personally, and don't care about others.

However, I think you'll find that the banks which make charges are going to have to justify them. In the old days, customers stayed with a bank for life, but now we're much more sanguine about switching accounts. I do bank with First Direct, and they are so much better than my previous bank (Lloyds - cretins) so I was fed up to hear about the £10 charge, because I had no intention of paying it, and would have left. However, I have a Savings account with them as well, so I'm not eligible for the charge.

Answer 4

I think it is an absolute disgrace that these"money grabbing" conglomerates can even consider charging people for having an a/c.

£8 billion profit, and they want even more.

Pensioners, and those on benefit, have no alternative but to have a bank a/c.

What people should do is take out a credit card, then the £10 charge is waived. Cut it up with scissors so as not to use it.

The bank will incur the cost issuing the card. but won"t reap any benefit.

Anyway, they are all greedy b"stards.

Answer 5

I saw this on the news last night..anyone having less than£1500 in the bank a month will be charged.It is worse than a tax because no one can function without a bank account (benefits, bills ,council tax ,child allowance, employment /wages rent ,mortgages etc.)in our society and it affects the very people who can afford it least.
It is a disgrace and lets just hope that there are a few banks out there with the decency not to do this so we can all bank with them and not the penny pinching huge profit making ones.

Answer 6

There will always be a least one bank which won't take the piss out of their customers, who won't charge people. This bank would become very popular, get lots of customers etc, and make massive profits from all the other bank charges they like to dish out if you go 5p overdrawn by accident etc..
Then all the other banks would start to scrap the new charge, and we'd be back to where we are today

Answer 7

What worries me is the effect it would have on people on benefits as Benefits are payed straight into bank accounts nowadays the unemployed long term sick and Pensioners will be charged £2.50 a week to claim what they are entitled to, the government must do something to stop this!

Answer 8

i think the idea that they are gonna start charging is abit silly. Capatilism dicatates that they will not charge, as one bank can just suddenly make their account free, than everyone will have to follow. Also they make plenty of money already, so they wont have to do this.

Answer 9

If they all start doing that, most of us will have to start keeping our money under our mattresses. But I doubt it will come to that, as companies who do it will see their accounts massively decrease, and I'm sure there will be opportunist companies who will always offer non-fee accounts to lure disgruntled customers away.