cgksheff Posted November 15, 2006 Share Posted November 15, 2006 First Direct have hit the news today with their announcement that current account holders with less than a £1,500 balance or transactions of less than £1,500 per month and without having any other of their financial products, will be charged £10 per month. While this has no immediate effect on me, it made me think that if other banks start to follow suit, how could the government continue to insist that benefits etc. are paid via bank accounts? http://news.bbc.co.uk/1/hi/business/6148776.stm http://money.guardian.co.uk/news_/story/0,,1948105,00.html http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2006/11/15/nbank15.xml Link to comment Share on other sites More sharing options...
never wrong Posted November 15, 2006 Share Posted November 15, 2006 The goverment will pay the banks to adminster the accounts just like they do now with the post office account holders every time a tranaction is made the goverment pay a % to the post office Link to comment Share on other sites More sharing options...
shoeshine Posted November 15, 2006 Share Posted November 15, 2006 The capitalists are moving us all towards slavery at an ever increasing rate. It may worth reading this BBC article Just a "random" thought popped this into my head this morning, when I heard the story re First Direct's new charges. Of course all the banks will follow suit. Link to comment Share on other sites More sharing options...
Blade1983 Posted November 15, 2006 Share Posted November 15, 2006 the poor banks just don't make enough money - whereas the majority of the general public are absolutely rolling in cash.... therefore we should be giving the poor banks more money - it's only fair!!! (Sarcastic Rant over). Link to comment Share on other sites More sharing options...
Cyclone Posted November 15, 2006 Share Posted November 15, 2006 I doubt that all banks will follow suit. If the big 4 implement charges it's a perfect marketting opportunity for the likes of the halifax to mention that they offer 50* the interest rate and don't charge you for the priviledge. Link to comment Share on other sites More sharing options...
Alex C. Posted November 15, 2006 Share Posted November 15, 2006 the poor banks just don't make enough money - whereas the majority of the general public are absolutely rolling in cash.... therefore we should be giving the poor banks more money - it's only fair!!! (Sarcastic Rant over). No, but they have just lost out on a serious money maker via penalty fees. I may not agree with it particularily, but I can understand how there is a need, to keep value within the bank to reinstate this revenue stream in a legal way. Be it interest charges, account fees or more selective account opening, they won't want to lose out. Link to comment Share on other sites More sharing options...
mikeG Posted November 15, 2006 Share Posted November 15, 2006 I have worked for two Banks and I know that they both make quite enough profit as things stand. Any justification for the re-introduction of across the board current account charging would be a concocted lie. Its pure greed. In an ideal world Banks would care more for the customer than for the share holder. Link to comment Share on other sites More sharing options...
Blade1983 Posted November 15, 2006 Share Posted November 15, 2006 No, but they have just lost out on a serious money maker via penalty fees. I may not agree with it particularily, but I can understand how there is a need, to keep value within the bank to reinstate this revenue stream in a legal way. Be it interest charges, account fees or more selective account opening, they won't want to lose out. well from what I'm experiancing, the banks are still slapping on the charges Illegally!!! they know they can get away with it because the majority of people will pay up, so they're still doing it! Link to comment Share on other sites More sharing options...
Alex C. Posted November 15, 2006 Share Posted November 15, 2006 well from what I'm experiancing, the banks are still slapping on the charges Illegally!!! they know they can get away with it because the majority of people will pay up, so they're still doing it! My credit card companies have certainly reduced their charges down to £12 which seems reasonable, and my bank (HSBC) hasn't charged me ever, even though I've gone over my overdraft limit 5 times in the past month Link to comment Share on other sites More sharing options...
Minesadouble Posted November 15, 2006 Share Posted November 15, 2006 Bugger !!!!!!!! I'm with First Direct Link to comment Share on other sites More sharing options...
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