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Banking no longer "free"?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
http://news.bbc.co.uk/1/hi/business/6148776.stm
First Direct have announced plans to start charging £10 a month for current accounts that have a monthly income of less than £1,500.
Will other banks quickly follow suit? Or will this be a down fall for First Direct?
As a student this worries me, I don't want to be losing £120 a year because I already have a low income. Is this not just going to isolate the poorer percentage of the country even more?
First Direct have announced plans to start charging £10 a month for current accounts that have a monthly income of less than £1,500.
Will other banks quickly follow suit? Or will this be a down fall for First Direct?
As a student this worries me, I don't want to be losing £120 a year because I already have a low income. Is this not just going to isolate the poorer percentage of the country even more?
0
Comments
It's our money we should be able to do what we like with it... I'm quite happy to disappear to an island somewhere and live away from all these regulations.
Not having a bank account might be a bit stupid but it's definitely not illegal.
Free bank accounts as has been said are rare elsewhere but I would be surprised if they disappear here. I'll believe it when it happens I guess.
Banks make MORE than enough money anyway as it is, and they make it from our cash, as such, they have no fucking right to charge for thier accounts.
Cunts.
if you have no use for one, why have one?
You can always let First Direct know how you feel. For some reason, they're getting a large volume of calls at the moment... :chin:
she gets £72 a week widows pension, that all goes on the house/food, so there`s nothing left to put in the bank
so why would she need a bank account?
:thumb:
Bollocks. Do you know how banks actually make the majority of their money?
Where did you hear that? it may be inconvinient (especially given that most employers will pay direct into your account nowdays), but its not illegal.
Can't have it both ways though.
isn't that why you post date cheques?
Is it foolish to value your privacy ?
All the banks that I am aware of are, in effect, spies.
I suspect that a current account incurs the biggest expense in terms of administration.
When buying food at the supermarket?
Yeah you're right I think I just made it up to be honest. I don't think a lot of places would employ you cash in hand though (obviously some would), so you might struggle to get work without an account.
No shit thats how they make alot of their money. They also earn quite a bit from charging the 1 in 5 people that regularly go overdrawn.
Anyway, i didnt read the article, they are using another reason. When the above way of making money doesn't become common practice UK will have similar bank costs to Europe as they try to maintain current rates of profit.
Poor suffering banks. The government goes and has the temerity to tell them to stop ripping customers off with breathtakingly high charges and fees. What are they to do? Imagine if they havd to tell their long-suffering shareholders projected profits for next year will go down from 9.5bn to 8.8bn. They are entirely justified in starting to charge some customers £10 a month for the pleasure of making profits from their money in the first place.
:rolleyes:
Come the revolution there won't be enough walls to put all the bastards that deserve it up against it. :mad:
Are there enough universes to contain all your L
That part really stadns out for me, the low income earners will pay whereas people like me won't. Yeah, that's fair :rolleyes:
The folly of trying to alter prices. Alter them in one place and they change in another.