Eu Rules

[Georgiesmum]

I see in the Daily Express today, the EU want to scrap our free banking and make us pay for using our credit and debit cards and for using an ATM machine..
I will be interested to hear your comments!

[Georgiesmum]

Derr, Yes of course i know that but if you bring house prices into the debate its going to widen the discussion quite a bit!

[Old_Geezer]

It was a different matter when a bank account was more an optional luxury for an private individual, dzug2. Then it was something you decided would be useful to you, not something you were basically forced to have.

[Georgiesmum]

If people decide not to use their debit and credit cards, then surely that would mean more people walking round carrying cash and that cant be a good thing can it.

[Old_Geezer]

Not necessarily. One can keep one's money where one wishes, doesn't have to be on one's person.

[sandyRoe]

But too much under the matress makes for an uncomfortable nights sleep

[Buenchico]

For those who actually want to read the Daily Express article:
http://www.express.co.uk/news/uk/411832/Meddling-EU-strikes-again-Free-banking-to-be-scrapped-under-new-plan

A couple of observations of my own:
1. The end of free banking in the UK has been forecast repeatedly for over a decade but it hasn't happened yet. (This is just another story in a long line of them).
2. The reports states: "Consumers could pay at least £25 a year to use a credit card and £11 a year for their debit card, says a report from Europe Economics with Mastercard". Given that nearly all bank customers throughout Europe have to pay between £20 and £30 per month simply for having a bank account, £11 per year seems like a bargain to me!

[tonyav]

. Given that nearly all bank customers throughout Europe have to pay between £20 and £30 per month simply for having a bank account, £11 per year seems like a bargain to me!


Mmmmm, wonder if the European bankers get bigger bonus's than ours?.

[New Judge]

The pros and cons of this particular argument are irrelevant.

What is relevant is that how UK banks choose to conduct their affairs with their UK customers should be of no concern to the EU. Their remit (as far as I know) does not extend to seeing that all commercial organisation across the Union operate in exactly the same way. The fact that banks on the continent charge their customers £200-£300 a year to look after their money is their affair and there is no reason to extend that model to the UK. £11 per year is indeed a good deal compared to £300, but it is not such a good deal compared to £Nil.

The EU has taken it upon itself to be the guardian of consumer affairs across Europe. This is not what the UK was told would happen when we joined, was not what we were told would happen when we confirmed our membership in the 1975 referendum and is precisely why anti-EU sentiment is gathering pace. The UK has perfectly good consumer protection under its own domestic laws and its market in (say) banking operates in a free and fair way. Nobody in the UK needs to pay for a personal current bank account. Many people like it thus; many others are willing to pay for a “bundled” account providing them with such things as travel insurance and other “perks”. There is no need for any government or EU interference in that market.

[Old_Geezer]

Aye, I had to remove the pea too, Sandy.

[FredPuli43]

A person here who writes an unusual number, dozens, of cheques is treated as a business and the banks certainly charge businesses now for that. They even try to do it for frequent payments in. Everyone who has a bank account pays for it, business or not, but they might not appreciate that or how much.

My French bank charges me a subscription but doesn't have the secret or near secret charges that British banks have.

[New Judge]

I pay nothing for my current account, Fred, and my bank (Lloyds if you're interested) pays me 4% on my balance up to £6k. Of course they have charges for such things as going overdrawn without consent or bouncing cheques, but I don't do that so I pay nothing.

[Hopkirk]

Don't worry, when Dave gives us our in/out referundum, he's in for a bit of a shock.

[New Judge]

Yes. That will be when all pigs are prepared for flight and about to take off.

[emmie]

provided we can afford the fuel costs...

[FredPuli43]

Right, NJ, I'm moving to Llyolds! Barclays staff at manager level have no more brains than they were born with, and have not the faintest idea about business.I have Lloyds for one business and they have been both realistic and understanding.

But all banks have to make money somewhere and if your account is absolutely free that would be a surprise, however it appears

[FredPuli43]

Or Lloyds .

[brandyrose]

em10 - thats funny

[New Judge]

Go for a Classic Vantage Account, Fred. The 4% deal was short term and is coming to an end shortly, but you still get 3% up to £5k.