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.
Irish government set to outline banking changes
Last year saw the collapse of the Irish property market which led to weakness in the Irish financial sector and the eventual bailout of many banks in the Republic of Ireland. The National Asset Management Agency was set up to manage assets held by Irish financial institutions and the government took more of a hands-on approach with regards to the banking sector and financial services. So what is t...Read More
Is Virgin Money out of the running in the RBS branch sale?
Unofficial sources have claimed that Virgin Money has been dropped from the final three bidders in the ongoing Royal Bank of Scotland branch sale. It is believed that Santander, BBVA and National Australia Bank are the three remaining companies in the running with Virgin Money apparently dropping out due to the level of the company's bid. This would be a bitter blow for Richard Branson and the...Read More
Juniper Research predicts growth in mobile payments
The amount of money transacted via mobile phone is to increase five times over by 2013, Juniper Research has said.According to the firm, £151 billion per year is to be spent this way within five years, due to technological advances.Further findings from Juniper's study show that ticketing will make up around 40 per cent of the payments, while around 60 per cent will be made in the mobile phone ho...Read More
400,000 stranded without salary
The bank payments body Apacs is struggling today to address problems caused by a major technical hitch, which could mean that up to 400,000 people will not receive their end-of-the month salary.The data corruption issue, which came to light on Thursday night, may mean that customers are unable to withdraw cash from ATM machines, although they could still use branch counters for transactions.Despit...Read More
UK Banks could be fined for mistreating customers
In a move which has come about because of a European directive, the Financial Services Authority (FSA) is set to take over regulation of UK payments from the Banking Code Standards Board. The current system is purely voluntary although under the EU directive a statutory system will be put in place which will see UK banks fined if they "fail their customers". But will this actually work?