DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - The end of cheques and the end of free banking!

**Inonanialry** · 11-23-2009, 06:07 PM

Well, cheques have been dead for years. Only thing I use them for is to pay my rent and I'm the only one of my friends to do it this way, everyone else pays by bank transfer/direct debit.

I'd rather banks gave the option to keep the account and services open for "free" but still have the same charges if you go overdrawn (I.e keep the system exactly as it is now) if you KNOW that you'll get charged £35 every time you go overdrawn how can you complain when you go overdrawn and get charged?

If you have a crap sequence of events and can't help running out of money (Wage gets paid late or something) just give the bank a call once you know it'll happen and arrange a short term overdraft, usually they have no problem with that.

I understand that if they are loosing a revenue stream then they need to make it up elsewhere but to be honest, with the way the system works currently... those of us that do "keep our nose clean" and not incur any charges are probably the type of customers they least want. We use their services and put nothing back in return as we don't amass any charges.

Will be strange to see what happens though, the only way it could possibly work would be is if all the banks start charging for all accounts at the same time.... as otherwise everyone will just switch if one bank keeps a "free" account.

11-23-2009, 06:07 PM	#25
Inonanialry Join Date Oct 2005 Posts 458 Senior Member	Well, cheques have been dead for years. Only thing I use them for is to pay my rent and I'm the only one of my friends to do it this way, everyone else pays by bank transfer/direct debit. I'd rather banks gave the option to keep the account and services open for "free" but still have the same charges if you go overdrawn (I.e keep the system exactly as it is now) if you KNOW that you'll get charged £35 every time you go overdrawn how can you complain when you go overdrawn and get charged? If you have a crap sequence of events and can't help running out of money (Wage gets paid late or something) just give the bank a call once you know it'll happen and arrange a short term overdraft, usually they have no problem with that. I understand that if they are loosing a revenue stream then they need to make it up elsewhere but to be honest, with the way the system works currently... those of us that do "keep our nose clean" and not incur any charges are probably the type of customers they least want. We use their services and put nothing back in return as we don't amass any charges. Will be strange to see what happens though, the only way it could possibly work would be is if all the banks start charging for all accounts at the same time.... as otherwise everyone will just switch if one bank keeps a "free" account.
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