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End Of Free Cashpoints

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It might even end up with them having to load most tax on to land and property - because it's the only thing not virtual or mobile that can't escape the collectors.

...interest rates as we are seeing do not run in correlation with BofE base rate .... land and property debt is an easier way to collect fees when there is equity, pay up because they know the temptation to default is less...who would want to cut off their nose to spite their face? ;)

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Profits down because liar loans aren't freely available banking sector looks leech of it's customers even more.

I mean how can we expect the banking sector to survive on a profit of a mere £19.4bn, we need continual bigger and bigger profits year on year.

Although this threat keeps getting trotted out every few years.

{Not aimed at OP directly}

I've said it before and I'll say it again.

Everyone said the banks had to earn there way back to viability, building up capital and eventually hopefully paying the government back.

How EXACTLY did people think they would earn this money? Mining pixie dust? Leprechaun farming? They will make the money back by charging their customers more. Wasn't it obvious? Were you just assuming they would charge EVERYONE ELSE more and not you?

Every billion the banks lose in bad investments and scum-bags defaulting on debts has to be reclaimed by charging ordinary people higher fees, higher interest, and by paying out zilch in interest on savings accounts.

The game is coming to an end - someone has to lose. It's probably you this time. Next time's not looking too good either.

Edited by RufflesTheGuineaPig

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Oh I can't imagine how I'll get round this "no free ATMs" lark... oh wait. :rolleyes:

It will really only affect the poor who don't have a pile o' [theoretical] cash in the bank.

To be honest, I can't see it happening.

Edited by Chuffy Chuffnell

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They can't "do away with the internet" of course, but imo they'll just cut off the access instead.

Terrorism, Piracy, Fraud, Child Pornography, Hate/thought crime etc etc the list of excuses is growing for an Internet switch off and/or limitation.

I've noticed that all of a sudden there is a big hoo-hah in the media about internet 'trolls'. Apparently 'calls are growing' from the public for the authorities to do something about it... :huh:

Strange - idiots have been trolling on the internet since day one and people seem to have been able to live their lives despite that ... and if there's one thing about the internet that actually vexes people it's almost certainly spam email over which there is very little regulation and legal protection.

Anyone want to bet that there's a nice little bunch of civil-rights-destroying legislation on the way to further cut down on free speech and anonymity and that this is the strawman justification for it which the media is obligingly pushing to us in advance?

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I've noticed that all of a sudden there is a big hoo-hah in the media about internet 'trolls'. Apparently 'calls are growing' from the public for the authorities to do something about it... :huh:

Strange - idiots have been trolling on the internet since day one and people seem to have been able to live their lives despite that ... and if there's one thing about the internet that actually vexes people it's almost certainly spam email over which there is very little regulation and legal protection.

Anyone want to bet that there's a nice little bunch of civil-rights-destroying legislation on the way to further cut down on free speech and anonymity and that this is the strawman justification for it which the media is obligingly pushing to us in advance?

I've noticed this too.

Also a massive rise of Facebook 'friends' and Twitter Follower bots.

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Just more reason to keep cash at home. I use cash wherever and when ever I can.. Keep 1.5K at home in a safe..Use, & abuse the banks if possible. It`s people who live from wage packet to wage packet who would suffer. It would be better to take out big sums less often but not everyone can do that.

I`ve never really got mote than 7K to my name apart from the house but I`m damned sure the banks are not going to part me from a penny if I can stop them...

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{Not aimed at OP directly}

I've said it before and I'll say it again.

Everyone said the banks had to earn there way back to viability, building up capital and eventually hopefully paying the government back.

How EXACTLY did people think they would earn this money? Mining pixie dust? Leprechaun farming? They will make the money back by charging their customers more. Wasn't it obvious? Were you just assuming they would charge EVERYONE ELSE more and not you?

Every billion the banks lose in bad investments and scum-bags defaulting on debts has to be reclaimed by charging ordinary people higher fees, higher interest, and by paying out zilch in interest on savings accounts.

The game is coming to an end - someone has to lose. It's probably you this time. Next time's not looking too good either.

Err call me stupid but perhaps they could cut the pay and bonus levels of their senior staff?

you know like the 230 barcap staff that got £550 million in one year?

because isn't that what is supposed to happen to loss making businesses, they cut remuneration levels?

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I think that likely consumer resistance will make this very difficult to stick. There are a number of ways banks' customers could minimise their exposure to these fees, any one of which would incur major additional expenditure for the banks:

1. Take cash out from branches rather than ATMs, which will increase staff costs.

2. Withdraw much larger amounts per transaction (if the idea is to charge a fixed fee per withdrawal, this will almost certainly happen), which will increase banks' cash handling costs.

3. Use credit and debit cards for much smaller transactions, which are currently done with cash, thereby overloading the computer networks.

4. Moving current accounts to mutuals and other institutions that don't charge, if any remain.

The bottom line is that the banking industry has already invested heavily in the ATM network as a means of cost-cutting elsewhere (principally in staff). If people then stop using it, they've got a white elephant on their hands.

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Slighty off topic, however i have to pay a few bills to European countries and have in the past had to use my bank for this, £25 for the pleasure, I have recently discovered a company online called Global Web Pay, on average it has cost me £3 to £4 to make these transactions, although obviously overjoyed at finding a nice cheap way to transfer money abroad, i get 1000x's more pleasure knowing the ****ing bank isn't getting it :D

*I have no connection with the above site apart from the transactions i have made with them*

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Err call me stupid but perhaps they could cut the pay and bonus levels of their senior staff?

you know like the 230 barcap staff that got £550 million in one year?

because isn't that what is supposed to happen to loss making businesses, they cut remuneration levels?

Why would someone cut their own wages when they can simply increase prices instead?

So yes... you're stupid. :P

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1. Take cash out from branches rather than ATMs, which will increase staff costs.

Or they just wont increase the number of staff and no-one will be able to withdraw any money.

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Banks are in the hole for hundreds of Trillions.

As with every other slimy opportunist at the moment they are using the crisis they created as an excuse to rape ordinary people.

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3. Use credit and debit cards for much smaller transactions, which are currently done with cash, thereby overloading the computer networks.

Hardware is cheap, and moving bits of data around even cheaper and seemingly only every gets cheaper. Armoured cars and tons of coins and notes moved around the country, isn't quite as cheap.

You also get a percentage of every electronic transaction and it can be traced - consumer trend data is worth a fortune.

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Slighty off topic, however i have to pay a few bills to European countries and have in the past had to use my bank for this, £25 for the pleasure, I have recently discovered a company online called Global Web Pay, on average it has cost me £3 to £4 to make these transactions, although obviously overjoyed at finding a nice cheap way to transfer money abroad, i get 1000x's more pleasure knowing the ****ing bank isn't getting it :D

*I have no connection with the above site apart from the transactions i have made with them*

http://www.currencyfair.com/

this is another good cheap way of exchanging money . it cost 3 euro or 3 pounds for a transfer , i use it often for under 2000 lumps ,i,m not aware of any size limits for the 3 euro/pound charge.

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http://www.currencyfair.com/

this is another good cheap way of exchanging money . it cost 3 euro or 3 pounds for a transfer , i use it often for under 2000 lumps ,i,m not aware of any size limits for the 3 euro/pound charge.

Oh, this looks very interesting. Any drawbacks or danges I should be aware of before just piling in to using this?

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It would be interesting if something comes along to displace the traditional credit card merchants whose fees deter the small shop from offering credit.

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Oh, this looks very interesting. Any drawbacks or danges I should be aware of before just piling in to using this?

i,ve had no problems for the last year since joining up.

if changing sterling you,ll need a euro or dollar bank account ect to transfer into .

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It might even end up with them having to load most tax on to land and property - because it's the only thing not virtual or mobile that can't escape the collectors.

Perhaps - it would certainly be easier than taxing income, if the black economy grows along with digital currencies. However, I would imagine there would be a black market for housing too, to save on legal fees, stamp duty and so forth.

It is an interesting glimpse into how much control the state fiat money system has. Without it, levying taxes and monitoring money transfers becomes near impossible. This would lead to the policing of prohibited items becoming far more difficult too.

It could change the face of politics and economics, if these currencies start to establish themselves. I will observe with interest (excuse the pun!).

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