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.
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Lloyds Bank Hits Student With £800 Charges For 8p Overdraft!
It seems as though Lloyds Bank cannot keep out of the headlines at the moment, but for all of the wrong reason!
Today sees a claim that the bank has been chasing a student who went 8p overdrawn, charging her £300 in fees to date with a further £500 still to be cleared. The saga began when Laura Gibson made a purchase of around £60 forgetting that this would take her slightly int...
The history of Barclays Bank
Barclays Bank is one of the leading operations in the UK financial sector with exposure to Europe, North America, the Middle East, Latin America, Australia, Asia and Africa. During the ongoing economic crisis Barclays Bank is one of the few UK operations to turn down state funding from the UK government which has ultimately given directors more control over the future direction of the company.
Danish Bank Does A Northern Rock!
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