Is the era of free banking officially over?
Last week's announcement by Lloyds Bank would appear to have sounded the death knell for free banking in the UK with customers now being charged a monthly fee to have in place overdraft facilities. While the issue of "free banking" has been something of a myth in all honesty, it does look as though officially more and more customers will be charged a monthly fee to obtain access to banking facilities.
Many experts believed that the era of free banking ended many years ago with the vast array of UK banks bringing in additional charges for various services. When you compare the cost of banking today compared to the cost of banking 20 years ago there is no real comparison. When you also take into account that banks have been using your savings and your money to finance their own businesses then effectively you have actually been "charged" for banking services for many years.
While officially the banks will argue that you are only being charged for additional services there is no doubt that free banking is coming to an end. So now is the time to shop around for the best deals for you and pull away from the historic trend which many UK consumers have been involved in, i.e. staying with the same banking institution for years and years.
Banks win latest stage of charges case
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Icesave customers receive £0.25bn
Customers of the Icelandic bank Icesave have began receiving compensation, with a total of £0.25 billion paid out by last Friday (November 14th), the Financial Services Compensation Scheme (FSCS) has announced.The organisation has used a modified version of the bank's website to create an online claims process for customers who had accounts with the bank.It said that, during a low-volume trial la...Read More
New Century Bank targets UK
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Virgin Money announces acquisition of Church House Trust
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Northern Rock Ex-Management Face Possible Legal Action
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