Bank Charges.. Only One Possible Outcome??

stevenazari1 said:
I dont think the public would accept having to pay for the service, considering their money is already being used by the bank. Personally I would rather have my cash in hand and put it in my piggy bank that goes "oink" everytime I put something in. Its my money, I earned it. why must I have a bank account to recieve money I have worked for? further to that question why should a bank charge me if I MUST have a bank account to be paid.
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A good point! It echoes my sentiments exactly - the only problem being the banks themselves. If the test case is successful - they'll have quite a large bill to foot and le grande fromages (sp?) arent going to be happy with dents in their 6 figure bonuses - and rightly so(!) :rolleyes:

Thats the sitch as I see it anyway - I agree that I probably wouldnt be happy to have to pay for my bank account. If my current bank introduced a scheme, I would, under some duress be forced to take them up on it - as the benefit of having a bank account for 16 years+ would probably outweigh the opposite benefits of having a free banking service.

I imagine a lot of people feel aggrieved at the thought of having to pay the scoundrels - think of them as a protection racket(!) as I would myself.

I suppose we'll just have to wait and see what transpires...

Tom*
 
Well, I'm going to upgrade to a paying bank account in the next few months, because you can guarantee that if the banks lose this case, they'll stop offering all the nice incentives they currently do.
 
stevenazari1 said:
I dont think the public would accept having to pay for the service, considering their money is already being used by the bank. Personally I would rather have my cash in hand and put it in my piggy bank that goes "oink" everytime I put something in. Its my money, I earned it. why must I have a bank account to recieve money I have worked for? further to that question why should a bank charge me if I MUST have a bank account to be paid.
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No-one is forcing you to have a bank account. Equally, no-one is forcing you to work for an employer who refuses to pay salary any other way.
 
platypus said:
Well, I'm going to upgrade to a paying bank account in the next few months, because you can guarantee that if the banks lose this case, they'll stop offering all the nice incentives they currently do.
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Not to do a 180 - because I would feel annoyed - but I think that I'll probably look into it as well, natwest offer a couple Advantage Gold and Blue I think for current plus accounts and Advantage Private for those earning over £50k - not quite there yet!

Might be worth gettin a leg-up


Tom*
 
itsallaboutyou said:
A good point! It echoes my sentiments exactly - the only problem being the banks themselves. If the test case is successful - they'll have quite a large bill to foot and le grande fromages (sp?) arent going to be happy with dents in their 6 figure bonuses - and rightly so(!) :rolleyes:

Thats the sitch as I see it anyway - I agree that I probably wouldnt be happy to have to pay for my bank account. If my current bank introduced a scheme, I would, under some duress be forced to take them up on it - as the benefit of having a bank account for 16 years+ would probably outweigh the opposite benefits of having a free banking service.

I imagine a lot of people feel aggrieved at the thought of having to pay the scoundrels - think of them as a protection racket(!) as I would myself.

I suppose we'll just have to wait and see what transpires...

Tom*
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If the banks have to intruduce charges to all to remain profitable, and this prompted the majority of people to move banks or not pay them, the bank could simply shut down it's consumer operations (the likes of Morgan Stanley, UBS, Goldman Sachs etc prove that you can still be very profitable without having a high street business division).

Then, everyone loses.
 
growse said:
No-one is forcing you to have a bank account. Equally, no-one is forcing you to work for an employer who refuses to pay salary any other way.
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as far as Im away the only places I have ever seen cash in hand is cheap labour jobs like pubs etc. I dont know 1 high paid job that pays cash in hand. if you could list one it would be nice but Im guessing your going to turn around and say "then dont get a high paid job - nobodies forcing you".....
 
growse said:
If the banks have to intruduce charges to all to remain profitable, and this prompted the majority of people to move banks or not pay them, the bank could simply shut down it's consumer operations (the likes of Morgan Stanley, UBS, Goldman Sachs etc prove that you can still be very profitable without having a high street business division).

Then, everyone loses.
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Hadn't even thought of that... - Goldman Sachs are one of the biggest holding/clearing banks in the world right?? - certainly a profitable business to be in!

Tom*
 
itsallaboutyou said:
Not to do a 180 - because I would feel annoyed - but I think that I'll probably look into it as well, natwest offer a couple Advantage Gold and Blue I think for current plus accounts and Advantage Private for those earning over £50k - not quite there yet!

Might be worth gettin a leg-up


Tom*
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Yeah, the natwest one that offers savings on insurance was looking quite good :).
 
If the banks do introduce a monthly charge for accounts then that is absolutely disgusting. Its no surprise that these are some of the biggest companies in the UK and the world.....

for 2006

HSBC £11.7 billion profit (broke previous years records)
RBOS £9.2 Billion profit
Barclays £7.14 Billion profit (broke previous years records)
Lloyds TSB £4.25 Billion profit
Halifax Bank of Scotland £5.42 billion profit (broke previous years records)


Banks quite keen on idea of monthly charging
http://www.thisismoney.co.uk/news/c...rticle_id=414730&in_page_id=19&in_author_id=1

£32 billion 2004
£37 billion 2005
£40 billion 2006
£?? billion 2007

obscene...

Fair enuff its a business so its all about making profit but not by clearly unlawfully exploiting their customers. The line has to be drawn somewhere....jesus.
 
growse said:
the bank could simply shut down it's consumer operations.....
Then, everyone loses.
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i think i can feel quite confident in predicting that this JUST WILL NOT HAPPEN :D


ohh the banks (big 5) made approx £5 billion from charges alone in 2006...
 
stevenazari1 said:
as far as Im away the only places I have ever seen cash in hand is cheap labour jobs like pubs etc. I dont know 1 high paid job that pays cash in hand. if you could list one it would be nice but Im guessing your going to turn around and say "then dont get a high paid job - nobodies forcing you".....
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Who said anything about cash in hand? My employer will pay me by cheque if I want them to.

Surfer said:
i think i can feel quite confident in predicting that this JUST WILL NOT HAPPEN :D


ohh the banks (big 5) made approx £5 billion from charges alone in 2006...
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If the consumer banking business stops becoming profitable, because they can no longer enforce charges and no-one will pay for banking fees, one option open to the banks will be to just exit the market. HSBC et al already make a lot of money in the investment industry, and are under no obligation to compete in the consumer industry.
 
growse said:
Who said anything about cash in hand? My employer will pay me by cheque if I want them to.

If the consumer banking business stops becoming profitable, because they can no longer enforce charges and no-one will pay for banking fees, one option open to the banks will be to just exit the market. HSBC et al already make a lot of money in the investment industry, and are under no obligation to compete in the consumer industry.
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This thread has certainly split opinion! I think, even given the current climate - the banks are in quite a strong position (certainly if profits are up as they say...) but it could - and could being the operative word - mean they would exit the market... However, I still believe that they would remain profitable enough(!) to compete in the high street...

Tom*
 
Regarding the "Free" banking we receive, correct me If I am wrong but I think the bank charges the retailer everytime you make a purchase with your card, therefore your effectively paying through charges passed onto the price of goods?

So they are making money via me purely due to the fact I use my card a few times a week? Probably more than £10 - 15 a month. Whether this makes them money or merely covers the cost of card administration I have no idea, maybe someone here does?
 
r0undb0y said:
Regarding the "Free" banking we receive, correct me If I am wrong but I think the bank charges the retailer everytime you make a purchase with your card, therefore your effectively paying through charges passed onto the price of goods?

So they are making money via me purely due to the fact I use my card a few times a week? Probably more than £10 - 15 a month. Whether this makes them money or merely covers the cost of card administration I have no idea, maybe someone here does?
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I'm not sure about this - Any ideas?

Tom*
 
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