Wednesday, November 15, 2006

Are the Tra-La days over?

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 (451 views)
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2 thoughts on “Are the Tra-La days over?

  • 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.

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  • 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.

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