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End Of Free Banking

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I have heard rumours that despite the ruling of the House of Lords on Tuesday/Wednesday. Free banking will end for a lot of people. I have heard the following charges to be applied :

If you pay in less than £1000 a month by BACS from your employer, you will get the following charges :

£1.50 for every cheque issued (honoured or not)

£8.00 for an unpaid cheque

£8.00 for a represented cheque

£8.00 for an unpaid direct debit or standing order.

£4.00 a month for a paper statement

2% of the transaction value for withdrawing cash from the branch

£10.00 per lost/stolen card

Theres meant to be a lot more charges but I dont have that info yet. I will leak it here when I get them.

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I have heard rumours that despite the ruling of the House of Lords on Tuesday/Wednesday. Free banking will end for a lot of people. I have heard the following charges to be applied :

If you pay in less than £1000 a month by BACS from your employer, you will get the following charges :

£1.50 for every cheque issued (honoured or not)

£8.00 for an unpaid cheque

£8.00 for a represented cheque

£8.00 for an unpaid direct debit or standing order.

£4.00 a month for a paper statement

2% of the transaction value for withdrawing cash from the branch

£10.00 per lost/stolen card

Theres meant to be a lot more charges but I dont have that info yet. I will leak it here when I get them.

:lol::lol::lol:

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The banks need to make up there losses so they are making up loads of charges.

I think what you may have missed is obviously the poor are going to pay for it. Many on low incomes cannot afford these sort of banking charges.

This clearly is Robin Hood in reverse.

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That will be interesting for those that get their benefits/pension paid into the bank. Once again the very poor subsidise the system.

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That will be interesting for those that get their benefits/pension paid into the bank. Once again the very poor subsidise the system.

Which never makes sense. There was a reason Robin Hood stole from the rich, you know...

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That will be interesting for those that get their benefits/pension paid into the bank. Once again the very poor subsidise the system.

You mean like Pre-paid meters for gas/electricity. The tarrifs are around 5% more expensive than direct debit/online tariffs.

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Which never makes sense. There was a reason Robin Hood stole from the rich, you know...

That's because he wasn't a bank. The only way you can rob from the poor and give it to the rich is to be either a bank or a govt.

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The END of free banking, when was it ever free? What they mean is that additional charges on top of exisitng charges will apply. Solution, take all money out of bank, pay cash, bring the feckers to their knees............simples.

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That's because he wasn't a bank. The only way you can rob from the poor and give it to the rich is to be either a bank or a govt.

Also, wasn't he fictional? The sort of idealistic character that was created to make us believe that someone is on our side whereas in reality the rich just steal the poor's money when they are feeling a bit low on coins?

Just had an email from a friend of mine who works for RBS in the City: they are all in the pub and have been all afternoon which he says is an indication of things being 'back to normal' (they had a few months of keeping their head's down on a Friday afternoon but 'normaility' has resumed). Oh, and they are putting it on expenses. This is not a joke by the way.

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I have heard rumours that despite the ruling of the House of Lords on Tuesday/Wednesday. Free banking will end for a lot of people. I have heard the following charges to be applied :

If you pay in less than £1000 a month by BACS from your employer, you will get the following charges :

£1.50 for every cheque issued (honoured or not)

£8.00 for an unpaid cheque

£8.00 for a represented cheque

£8.00 for an unpaid direct debit or standing order.

£4.00 a month for a paper statement

2% of the transaction value for withdrawing cash from the branch

£10.00 per lost/stolen card

Theres meant to be a lot more charges but I dont have that info yet. I will leak it here when I get them.

Essentially negative interest rates on bank deposits

It will make the black, cash-based economy more attractive but for most people its not an option.

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Essentially negative interest rates on bank deposits

It will make the black, cash-based economy more attractive but for most people its not an option.

If it's more attractive, it will become so.

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If they try and pull that one, I'm going to switch to paypal + credit card.

My bank is already of incredibly marginal utility.

Disgusting that these proposed changes are only targeted at the poorest 10-20% of the population, everyone richer gets it free.

Edited by DementedTuna

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The banks need to make up there losses so they are making up loads of charges.

I think what you may have missed is obviously the poor are going to pay for it. Many on low incomes cannot afford these sort of banking charges.

This clearly is Robin Hood in reverse.

I am making a reasonably large cash puchase in the next few weeks. I have the money in a bond that releases in the middle of next month. For a few different reasons I wanted the transaction to go through prior to the bond maturing. I phoned my bank, which said they would set up a temporary large overdraft facility for me (bearing in mind they have the security on the o/d via the bond which is with the same back). They want £1500 arrangement fee to set up the facility.

So I can see that these sorts of charges across their customer portfolio are going to hurt. I can afford the charge (even though on my purchase I will wait for the bond to mature in this instance), however I feel for the many millions that are going to get kicked in the proverbials by the sort of charges that the OP is indicating.....

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2% of the transaction value for withdrawing cash from the branch

:blink:

You gotta be joking. I'll be demanding cash from my employer if this is true.

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Which never makes sense. There was a reason Robin Hood stole from the rich, you know...

Economy of scale my dear tomandlu, economy of scale.....

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I am forced to have a business account so I get charged for everything from switch payments .. etc etc I just pay them because I can't be Arsed ..

A friend of ours has some "scam" where she has a building society account from which she can electronically transfer funds for free ..

So she pays in ten Cheques to the Building society .. then transfers the money to the business account .. the cheques in the bank £5 in charges .. One electronic transfer received = free.

The thing about banks charging people is that there will always be one bank that does not need to and wants the customers .. even if only fleetingly ..

Remember they also have a revenue stream from the use of debit cards .. so there is a revenue model there for the right customers ..

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:blink:

You gotta be joking. I'll be demanding cash from my employer if this is true.

Loads of people will now pull a month's worth of cash from the bank at once.

Watch burglaries soar.

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This is why I have argued against all the idiots who have spent more money than they earn on satellite telly and takeouts (sorry, 'poor' people) being able to claim back bank charges.

Coming from someone who's family haven't got extra money to spend, still have a CRT telly that takes ten minutes to turn on sometimes (I know it's the 'painter' chip but cost more than telly worth lol!) and doesn't go on extravagant holidays (if at all) we have so far managed to keep our heads above the water, just.

Now looking above, most of those charges don't concern me too much. The last two, and the thought of further charges however do! It might be just enough to push us over our limit, and maybe we will be part of a very small number of people who really are pushed further into poverty as a result. Kind of feels ironic really!

I am sorry folks but the majority of people who have had to claim money back from the banks are not the poor ones they are people whom generally did not understand the value of money and spent recklessly as a result! Not forgetting of course greed.

I would love to see evidence to convince me otherwise! (and a decent amount, not the odd case!).

Edited by ollk

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Someone will offer free banking, my guess is that Tesco will at least. No need for a high street shop front.

I only have 2 DDs, Orange (internet) and EDF. All else is cash. I'm prepared to change banks at the drop of a hat.

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Someone will offer free banking, my guess is that Tesco will at least. No need for a high street shop front.

I only have 2 DDs, Orange (internet) and EDF. All else is cash. I'm prepared to change banks at the drop of a hat.

You will create a fractured society of the "HAVES" and the "HAVE NOTS" cash that is. Undeclared, untraceable, brown paper envelope time again. Cant wait ! :rolleyes:

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