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.
FSA targets banks to fund budgets
The Financial Services Authority (FSA) has announced plans to increase the amount of money which the UK financial sector contributes to the FSA budget. At the same time the FSA has announced that its budget will increase by 10% to nearly £455 million in 2010/11 which is an increase of around £40 million. However, it looks as though an across-the-board increase in levies and fines may not be the...Read More
UK government to part nationalise UK banks
The main concept of the £50 billion rescue deal announced today by the UK government is the ability for the UKs largest banks to request additional capital in exchange for the government taking a stake in their businesses. But how will this work? Is there a risk to tax payer's money?
One part of the deal which will no doubted miss the headlines is the fact that this is a wholly vo...
Has Gordon Brown broken the Iceland economy?
As the political tension between the UK and Iceland continues to build up the Icelandic government has accused Gordon Brown of wrecking their economy after a dramatic fall in the country's currency after comments attributed to the UK government. It seems to be the comments that Iceland was 'affectively' in default of payments that spooked the markets and led to a run on the currency.
Royal Bank of Scotland issues customer charter
In a bid to try and regain the trust of the UK public Royal Bank of Scotland has today issued a 14 point customer charter. While the charter contains a number of relevant and interesting points it is the promise that where Royal Bank of Scotland is the "last bank in town" it will ensure that the operation remains open thereby ensuring banking facilities for people in the area. Amongst the other...Read More
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