[Riprincattiva]

Are you really that self-absorbed? Because it appears as you've got the feeling of entitlement down.

I think what he is upset about is a recent system that seems to have been put in place where people in the UK who were charged for going overdrawn in the last five years or so have been able to get full retroactive refunds. Which as you can imagine has cost the banks dearly. Now in some cases this seems fair. Myself I was only withdrawn once in that period but unfortunately could find any paper work. In this case a payment came out early and it put me 9 pounds over drawn. I was charged 20 pounds even though the funds were there the next day.

Then there's the other extreme, I had a colleague at work who came in with paperwork to make a claim for about 1600 pounds. That means she'd gone over drawn about 80 times in five years! ****! If you can't keep from going overdrawn more than once a month you deserve to be charged but this was how it was working out. My sister was working in the legal at the Halifax settling these claims. They were routinely receiving claims in the 100s of pounds.

What Bungle's getting at is why should people who can't handle their finances have to face zero consequences while people who are good customers have to pay for the experience. Banking has generally been 'free' in the UK for decades. So understandably those who played by the rules are wondering why they should have to pay for it.

[NutChusty]

free banking? which banks provide services for free.

my annual bank charges arent even close to covered by my savings interest. over here we're charged for every single service bar actually going into the bank for a quick consultation. even the use of ATM's are charged annually, altough its not much for the convenience they provide but we still get charged

edit: just checked my account, ATM services are charged on a 6 month period

[cheaploans]

I am a proud member of the nationwide building society, who know how to look after their customers, and wouldnt load these extra charges on us, because I own a part of the Building Society! If they did, I would vote for them to become a bank, and get a nice dividend, since I have been with them for 16 years! [thumbup]

[Hammaduersnes]

free banking? which banks provide services for free.

my annual bank charges arent even close to covered by my savings interest. over here we're charged for every single service bar actually going into the bank for a quick consultation. even the use of ATM's are charged annually, altough its not much for the convenience they provide but we still get charged

edit: just checked my account, ATM services are charged on a 6 month period

Credit Unions tend to offer "free" services. The local one i am part off, gives pretty much everything for free; no monthly fees, no check fees, no atm fees. They tend to make their money through their loans (from what I understand).

[Inonanialry]

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.

[XzBZB2UV]

I've never written a cheque... I don't see the point in them.

To pay rent you can use Bpay or direct debit.

I also don't understand travelers cheques. ATM cards and credit cards work just fine overseas with minimal conversion cost.

[Dwemadayday]

I also don't understand travelers cheques. ATM cards and credit cards work just fine overseas with minimal conversion cost.

except, there are fees incurred in using the atm itself, so you are screwed twice... once by the fees and once by the conversion (and associated fees there)

A travelers check is free (from your bank), secure and easily replaceable if lost or stolen.

[AnetTeilor]

I don't know if you American guys know this, but in the UK a cheque takes between 2 and 8 (my savings account is the latter) days to clear - that's working days as well. Over here nearly everything is done by bank transfer - either a manual one or BACS/CHAPS automated service.

I will miss cheques as my local Indian takeaway only takes cash or cheque and invariably I don't have enough cash on me when I fancy a curry.

The banks make enough money on investing our money in order to run their banking network. The problem is they are greedy and are used to making billions out of people going slightly over their overdraft limit by charging between £35 and £50 a time. I have a friend who once got £370 bank charges in a single month because someone gave him a cheque that bounced. Surely if the system was fair the person who ripped him off should have paid those charges.

What the bank is actually saying is that they are not prepared to be reduced to a sensible profit level and if the customer is proved to be right they are going to start charging them to use their account out of spite.

I already pay for my bank account as the phone insurance / travel insurance / breakdown cover means it's technically costing me nothing. Will I have to pay yet more for this account?

[mArVHDO6]

Wait a sec, it's not that keeping my moeny is not making enough for them, it's lending people money who can't pay it back, and these costs are to cover THOSE people.

The ATMs in edinburgh are mostly free.

Even the ones near (one next to each entrance) are free, there is a pay one inside but I have never seen someone use it.

We already paid to save the banks, they in return take that money, make money from it, keep the money we stilll have left, make money off of that, but if we want to touch it we have to pay them?

Why should I have to pay to access money in a bank I own?

[Elisabetxxx]

I am a proud member of the nationwide building society, who know how to look after their customers, and wouldnt load these extra charges on us, because I own a part of the Building Society! If they did, I would vote for them to become a bank, and get a nice dividend, since I have been with them for 16 years! [thumbup]

I remember kicking myself when Halifax became a bank...I'd been with them ages, and had closed my account 3 months before they announced.

[Unjucky]

Looks like the banks won.

http://news.bbc.co.uk/1/hi/business/8376906.stm

[Inonanialry]

Well there you go, looks like it isn't the end of free banking.

Wonder if this was a policy decision to avoid upsetting the banks by forcing them having to pay loads of cash back to people and then upsetting the people further by doing away with "free" accounts.

Can't say I'm fussed about the decision, I stand by my opinion, you know the fees happen, yeah they are steep but you agree to it when you take out the account.

Plus it gives people another thing to moan about "Bloody bankers, taking all our money" etc etc

[AnetTeilor]

Looks like the banks won.

http://news.bbc.co.uk/1/hi/business/8376906.stm

Weirdly, this morning I got an email from NatWest saying that all their penalty charges had been lowered to very reasonable levels.

[shodulsilfeli]

Weirdly, this morning I got an email from NatWest saying that all their penalty charges had been lowered to very reasonable levels.

Maybe because they won this rather large case.

Anyway, I don't really believe in getting owt for nowt (anything for nothing) so its all fair enough. Keep your nose clean Bungle, and I don't think you or anyone else is going to get unnecessarily stung.