Should We All Pay Bank Charges?
The UK is one of few countries in the world, Australia and India are others, where if you keep your account in credit, you effectively get free banking. There is an article in the Telegraph, describing how Andrew Bailey of the Bank of England feels this banking model should end, as it encourages things like mis-selling to get the money in other ways.
I always remember my friend, David, who rose to be Buisiness Banking Director of a major clearing bank, said that they made a third of their profits, by lending money overnight.
Now I want with a bank that doesn’t apply charges for direct debits and transfers, keeping most of my money in Zopa. In other words, I own the overnight money at a better rate than my bank will give me.
The banks are going to hell, and I’ll make sure, that I’m not in their handcart
The Anonymous Widower 
Not OZ . . . very few Bank Accounts are free of fees, mainly for lower income people.
What has concerned me for years, is that the OZ banks charged fees for every service; that before EFTPOS were free . . . after EFTPOS was introduced: for years, the Bank Fees collected equalled the Bank Profits reported.
If the people using Banks, paid for the Bank Profits in Bank Fees . . . who benefitted from the normal Banking Profits ? . . “into massive Salaries or what”
Comment by Steam Lover | May 24, 2012 |
I stand corrected. Here they say that there are no charges in Oz and India. They repeated it this morning on the BBC.
Comment by AnonW | May 25, 2012 |