would you pay for Banking services?

entwisi · 23-06-2009, 10:01

you may well have to soon.

I've posted before that to the vast majority of personal customers you get a very good deal. the Banks look after your money, process all your cheques/DDs, STOs, provide networks of thousands of cashpoints for you to withdraw money and even pay interest on your money with no charge to yourself if you stay in the Black(or even an agreed OD limit). In europe people generally pay for Banking services per transaction

Its also widely publicised that people were claiming bank charges back as they were being told they were unfair.

now the law lords are going to decide if overdraft charges are fair or not. what this means is if they decide they aren't then the whole charging model for Banking will be up in the air which could lead to each and every person irrespective of how they run their account paying for Banking as a 'service' in teh same way you pay for gas/eleccy, Water etc.

So, with this in mind are you for or against the charging for unauthorised overdrafts?

jaysay · 23-06-2009, 10:07

Well I've never thought about it myself entwisi, I have an overdraft facility on my account, just in case, but have never used it, as I've never been overdrawn. You can't actually say that banks are hard up, when after all that's gone on one guy can be given £9.2 million salary.

entwisi · 23-06-2009, 10:14

there is a lot more to Banks than retail customers you know...

In fact mots banks make a loss on retail customers but good profit in teh markets

9.2 million yep, thats a lot

MargaretR · 23-06-2009, 10:17

I remember the days when current accounts had bank charges just for the priviledge of having one.

It didn't seem fair, and still doesn't, for banks to charge when an account is in credit - they have use of/interest on that money, which I consider equivalent to payment.

I think that charging for overdrafts and loans is reasonable, but should reflect the actual costs to the bank - ie no sharking thank you.

andrewb · 23-06-2009, 12:30

Quote:

Originally Posted by entwisi

there is a lot more to Banks than retail customers you know...

In fact mots banks make a loss on retail customers but good profit in teh markets

9.2 million yep, thats a lot

See I'd say they need our money in order to play the markets... except if the banking crisis has told us anything, they don't, they can just play the markets with money they don't have.

Margaret Pilkington · 23-06-2009, 13:23

I am for those people who take an unauthorised overdraft paying for that facility.

I have accounts that do not go into the 'red', have never used the overdraft facility......and what is more the bank is using my money and giving me little or no interest......so No, I don't want to be paying for services.

Bob Dobson · 25-06-2009, 19:11

I present another aspect. My wife & I have a joint account with Alliance & Leicester. It is only for over-50s. I pay £10 a month for using it and keep very little in it. However, it gives both of us free travel insurance world-wide. For me to have to buy that would cost a lot more than £120 a year. I was paying more than £120 before I took this account on. There are also some other benefits, but I have forgotten what they are - perhaps credit card protection is one of them. Another is a free ( 1 per year) private medical examination. How much would that cost? The insurance will last until we reach 79yrs of age. Most travel insurance only covers up to 70yrs of age before you pay very high premiums. It is certainly worth looking at.

Margaret Pilkington · 25-06-2009, 20:45

Quote:

Originally Posted by Bob Dobson

I present another aspect. My wife & I have a joint account with Alliance & Leicester. It is only for over-50s. I pay £10 a month for using it and keep very little in it. However, it gives both of us free travel insurance world-wide. For me to have to buy that would cost a lot more than £120 a year. I was paying more than £120 before I took this account on. There are also some other benefits, but I have forgotten what they are - perhaps credit card protection is one of them. Another is a free ( 1 per year) private medical examination. How much would that cost? The insurance will last until we reach 79yrs of age. Most travel insurance only covers up to 70yrs of age before you pay very high premiums. It is certainly worth looking at.

Hmm, I was recently offered a 'Signature' account by my bank.....pay £120 per year.......get green Flag breakdown cover, credit Card cover, gadget cover and travel Insurance........and the girl said it was a good deal.......and so it is if you want those benefits.
We have breakdown cover on our car......with the RAC......it was 'free' when we bought the car.......I have credit card cover, my gadgets are covered on my house insurance policy.....and as for the travel insurance,well, that was only for a maximum of 28 days.......which is Ok unless like you want to travel long haul.......we wouldn't go long haul for anything less than 42 days.......so when I considered it, I felt that it didn't really offer us anything we really wanted......and I am loathe to get into the pay for banking situation unless it is really forced on me.
I don't think it is fair to charge folk who have never gone into the red.....or taken an unauthorised overdraft.
The bank has the use of my money.....and I get very little interest on either the savings or current account......so much for being prudent eh?

entwisi · 25-06-2009, 21:06

I too use additions plus from Barclays though as staff we getit for 1/2 price so 7.50 /month for me.

car breakdown insurance for both Julie and I used to pay 150 /year for that alone

travel insurance, card protection, mobile phone insurance, will writing, extra warranty etc is all benefits that we make use of.

IMHO it works for me, may not for you and thats fair ewnough, its about looking at whats on offer and if you can save money elsewhere...

Margaret Pilkington · 25-06-2009, 21:37

Yes, you are right, if it means that you get benefits that you can use, then it is worth it.......but it really wasn't worth considering for us......the girl was dead miffed when i told her.
In fact I am a bit cheesed off with the selling that the counter staff try to do these days.
I just want to go in and do the banking business that I have to do and get out of there.
I might be retired, but that doesn't mean I have time to listen to selling spiel every time I go in to deposit a cheque.

jaysay · 26-06-2009, 09:34

Quote:

Originally Posted by Margaret Pilkington

Yes, you are right, if it means that you get benefits that you can use, then it is worth it.......but it really wasn't worth considering for us......the girl was dead miffed when i told her.
In fact I am a bit cheesed off with the selling that the counter staff try to do these days.
I just want to go in and do the banking business that I have to do and get out of there.
I might be retired, but that doesn't mean I have time to listen to selling spiel every time I go in to deposit a cheque.

I've overcome that obstacle Margaret, I send my Daughter, works for me

Benipete · 26-06-2009, 11:10

You can always join Benis bank.I can guarantee when I lose your money it won't cost me a penny.

jaysay · 26-06-2009, 16:08

Quote:

Originally Posted by Benipete

You can always join Benis bank.I can guarantee when I lose your money it won't cost me a penny.

Glad to see you've come back from your holiday refreshed and ready for the fray Beni

Benipete · 26-06-2009, 17:23

Quote:

Originally Posted by jaysay

Glad to see you've come back from your holiday refreshed and ready for the fray Beni

Thanks for that Jay,just been checking on the health of Max Bygraves - Got him in a treble.

I could tell you a story - But I won't.

jaysay · 27-06-2009, 09:10

Quote:

Originally Posted by Benipete

Thanks for that Jay,just been checking on the health of Max Bygraves - Got him in a treble.

I could tell you a story - But I won't.

Go on Beni be a devil