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Are we set to see the end of free banking in the UK?

While the term "free banking" is something of a mystery to many in the UK, there is a suggestion it arose from the UK banking sector itself. In effect there is no such thing as "free banking" because even if you have a savings account with your bank, they will be using your deposits to bolster their own business and increase their ability to loan money. So the demise of "free banking" is something of a non-event because in effect it has never been available!

That said, the UK is set to be hit by a new wave of bank charges as the banking sector attempts to recover from the worst period in the history of UK finance. Not only has the demise of the UK economy hit them hard, but the ongoing challenge to overdraft charges appears to be falling on the side of the consumer which could lead to billions of pounds of compensation being paid over the next few years.

While many have called the end of "free banking" in the past, it looks as though it is inevitable in the short to medium term and safe to say that banking in the UK will never be the same again.

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