The End Of Free Banking?

[youngmafbog]

"City watchdog clears way for end of ‘free banking"

No surprise to me, I recall saying this on thes pages in the past.  Time for people to start paying their way, too much 'free' stuff these days that is not free but paid for by others.

https://www.express.co.uk/finance/personalfinance/1877541/FCA-ends-free-banking

[barry1010]

Do banks make money from direct debits?  They are all very keen for us to transfer direct debits when we open a new current account - there must be a reason for it.  Or is just because we are less likely to keep the old current account if all our regular debits and credits are easily transferred?

[davebro3]

Barry - I think when you do a bank switch under the "switching" process the old account is closed automatically.

[ToraToraTora]

barry: "They are all very keen for us to transfer direct debits when we open a new current account - there must be a reason for it." - they are not keen as such but they major on that because one of the things that stops people moving banks is all the DDs so in order to get new customers they are keen to show that they can transfer all your DDs etc hassle free. (they can't of course and always make a mess of it because it's not an easy thing to do)

[davebro3]

//they are keen to show that they can transfer all your DDs etc hassle free. (they can't of course and always make a mess of it because it's not an easy thing to do)//

I've switched accounts half a dozen times and never had a single problem with direct debits or regular payments coming in.

[youngmafbog]

Well if you have done it easily then not a problem for all then Davebro.

Sadly not the case.

[Untitled]

i am not a communist. i do not believe in the revolutionary overthrow of the state, nor in the liquidation of class enemies... i do not support monopolistic rule either by a vanguard party like the bolsheviks or by a menshevik-style coalition... i do not believe that the state will or even should disappear with the end of class conflict... i do not believe fundamentally in waging class war. i am a social democrat, a group of people who were treated as enemies by the comintern and plenty of whom were killed for their brave opposition to both the bolsheviks and the nazis.
 

the fact that you believe i am a communist is evidence of your ignorance and nothing else. you do not know what a communist is and i do. your knowledge is inferior. 

[davebro3]

TTT says they "always" make a mess of it. He's demonstrably wrong.

[ToraToraTora]

well I should have said in my experience they make a mess of it. I did it once, never again! I had snotty letters threatening gawd knows what, ended up paying some twice and some not at all. A right mess. I've known many others with the same issues.

[youngmafbog]

Picking hairs there Dave.

And you have no idea what goes on behind the scenes, the automation is not quite as good as you seem to think.

Have you worked in Banking?

[barry1010]

I change banks everytime I see a good offer, never a problem.  I wouldn't do it so often if I had to consider future mortgage or big loans.  If banks want to give me £200 to bank with them it would be churlish to refuse.  My wife does the same.

[davebro3]

//Picking hairs there Dave.//

It's not picking hairs to call out a definite & misleading statement that may affect folks decisions on what to do with their banking. I've no doubt some mistakes occur and are worrisome for those affected but I believe the vast majority of bank switches go throught without a hitch (and there are safeguards in place if they don't). As Barry says - it would be churlish to refuse.

No I've never worked in banking.

[youngmafbog]

So you dont actually know then.

[davebro3]

Dont know what? - I know that banks make money, I know their only stock in trade is money, I know they get the money from their depositors. QED.

[Old_Geezer]

Speaking of how banks make money, one way is to legally counterfeit money. They are allowed to accept a deposit from one customer then lend the same money out to multiple customers at the same time, "earning" interest on each loan. Would that we could all do that.

[youngmafbog]

//I know they get the money from their depositors. //

Not a clue, and I even told you above how they gt it.

[barry1010]

You can, OG.  Peer to peer lending is a thing.

[davebro3]

//the money mostly comes from cash bought on the market//

What do they buy money with - turnips?