Quote:
Originally Posted by Matt F
Banks aren't charities and aren't obliged to provide a public service. They are a business and are there to make money. Therefore, if they have accounts that operate at a loss then they have every right to either close them or make them profitable (by levying a charge).
There's been a hell of a lot of moaning about this - probably because people in the UK (unlike most other countries) have enjoyed free banking for years. What's particulaly amusing is this blaming of the OFT (by some) for making banks reduce the fees they charge on overdrafts/late credit card payments - in other words people are happy if their free banking is paid for by excessive charges made against those who get into financial difficulty.
Anyway, those affected should stop bleating and move their accounts (if they wish) but don't be surprised if the rest of the banks follow FD's lead.
Matt.
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which in theory is all correct,......however people do not have a choice in certain things, people HAVE to have bank accounts, so the banks then have a monopoly on things. People on low incomes and on benefits HAVE to have an account now to have their money paid in, gone are the days of having benefit books. child support has to be paid into an account.. so its still unfair. If the banks want to put their charges on...fine but NOT when people are made to have an account in the first place. If the government make people have an account then the government should absorb the charges, if they dont then they should give people the option of having their benefits and wages etc paid out in cash. Cos then choice is taken off people. bet the bank are laughing ( all the way to the bank ) cos they gonna win all ways. and the public dont.