Wednesday, Nov 15, 2006

Are the Tra-La days over?

BBC: First Direct to end free banking

First Direct is set to charge customers for running a current account unless they pay in or keep a balance of 1500 a month. It is proposing to charge people who only hold a current account a fee of 10 a month.
With base rates rising, annual charges for using credit cards touted as likely and now First Direct making moves to stop free banking are the days of an economy propped up by the consumer taking advantage of cheap credit coming to an end.

Posted by denzil @ 09:14 AM (420 views)
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1. uncle chris said...

The Royal Bank of Scotland tried to do this to me 3 years ago - I closed my account. Any bank that attempts this will be running a very risky strategy, as there will always be a bank somewhere offering free services. Anyway, as if the banks don't make enough money as it is - pure greed.

Wednesday, November 15, 2006 09:46AM Report Comment

2. David20040 said...

This reminds me of when Barclays tried to introduce charging cash machines / ATMs. Then quickly retreated, everyone will just switch to the free current account offered by one bank. I agree though anyone who tries to charge me will lose my custom.

Wednesday, November 15, 2006 10:41AM Report Comment

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