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Bank Charges beware of the alternative ?

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tellboy | 17:08 Fri 06th Jun 2008 | Business & Finance
5 Answers
All the people whingeing about UK bank charges should realise that they may switch from free banking.

I lived in Australia where each cheque, direct debit, standing order is charged individually.

Also even if you are in credit and did none of the above you were still charged a fee for maintaining your account

Lets hope the Banks win their Court Action as we dont want that system.

What do others think ?


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if they've been stealing people's money for years, they ought to hand it back. If that changes their business model, we'll see.
Yep -although people under 35 don't realise free banking in the UK is relatively new. Everyone used to have to pay in the same way as you did in Australia - although we only had cheques and standing orders then. We even paid to pay cheques in.

Overdraft was granted by going cap in hand to the bank manager, by prior appointment, which meant time off work as the banks were only open 9.30 am until 4pm Monday to Friday.

Now we get free banking AND interest paid on credit balances.

I really do think we will go back to paying for banking services and the industry will decide as a whole to do it together if the banks lose this case so it will be pointless swapping banks.

Perhaps we ought to follow the lead of some other European countries and America and make it a criminal offence to go overdrawn on bank accounts. After all, an unauthorised overdraft is simply helping yourself to somebody else's money without their permission. In France, a criminal prosecution for going overdrawn without permission will certainly prevent you getting a bank account elsewhere - it is considered fraud.

I was always aware of the terms and conditions of all my bank accounts - I understood the penalties and fees that could be incurred and managed my money properly - it is easier than ever now with online banking and access to my accounts 24/7.
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Elequently put Ethel and covers all my reasons
Totally agree. The way it works at the minute it penalises those who abuse the system, withdraw money they don't have etc.

If they change it we'll all suffer, including people like myself that have never been overdrawn in my life!
I cant beleive anybody is green enough to think that the banks wouldnt bring this in sooner or later. They are making record profits, how else are they going to increase the profits?? By ending free banking. The "court case for charges" is just a smoke screen.

I honestly feel that even if the court cases had never started they would end free banking, anything to make even more profits.

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