Current Account Bank Charges.?

Question

The banks are toying with the idea of charging customers for the use of current accounts.
As a very high percentage of people in the UK need a current account to recieve wages/benefits etc, what is the alternative for people who would not want to pay this new charge..?

Answer 1

The problem is the banks were making a tidy sum on bank charges, which people are now claiming back. So, they have to find another way to make money (they are business after all...) so they will start charging people. I suspect the majority of them won't charge you for a current account if you hold something like a mortgage or loan with the because they are still making money out of you....

Answer 2

I'm sure donkey year's back you use to pay for having an account. I heard that on the news as well, and here it is from a consumer website :-

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NATIONWIDE BOSS ADMITS THAT BANK CHARGES ARE NOT FAIR!!

It seems that the new Nationwide chief has started admitting openly that current account fees would be the fairest way of charging for banking services.

Are we just putting on a twisted spin when we say that this must amount to an admission that the present way of paying for free banking - though the revenue raised from bank penalties - is unfair.

Graham Beale's statement is certainly a very significant breakaway from the usual Bank Mantra that they believe their charges to be fair. We believe that it is the first significant evidence that bank charges will end this year.

Of course, he then goes and spoils it all by saying that he will not be the first to break ranks but when a leader emerges he will certainly follow. We suppose that this comment is unsurprising. Beale doesn't want to fall out with his cronies. Each player in the High St banking industry needs the other as friends. Not because they expect to receive any benefits from their friends but because it is a truism that if you are not my friend then you must be my enemy and they don't want to be slain in some drive-by shooting by the rest of the gang.

So they won't break ranks apparently. So how can it all possibly happen?

Don't worry because CAG the sheepdog is slowly but surely pushing them through the gate all together.
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With Barclays making £7 Billion profit, it's a bit of a laugh. The only thing you can do is keep moving banks until they all charge and then your last option is cash only.

Answer 3

Simply to wait until the basics of competition prevail and one bank sees it's opportunity by introducing a free current account and briefly enjoys all the custom it can handle. After the recent fiasco I don't think any bank would take the risk of charging for a current account unless it could offset the cost with some advantage to the customer

Answer 4

I wish I knew of an alternative. I think what they are proposing is disgusting, its just sticking 2 fingers up to all their customers. Its sour grapes because of the bank charges they have had to return

Answer 5

This became all around the information this morning. They appeared to show that they could be "the 1st of many" to start charging for present day bills, as apparently, the banks do no longer make adequate money from present day bills (oh pleeeease!). obvious advice could be to swap. continually verify the main factors carefully nonetheless. some banks provide you diverse expenses of interest reckoning on how lots you pay in each and each month. own advice could be to swap to "Smile".

Answer 6

I have not heard that? on the news yesterday they said they were thinking of charging if you DONT use your cards more.

Answer 7

there is no alternative...

Answer 8

crikey, more money for old rope. whatever next??!!