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.
Is it time to review your banking facilities?
The last few weeks have seen more and more UK consumers checking their credit card figures, their bank statements and other financial arrangements. However, less and less people are nowadays looking at the charges which their banking facilities are attracting, an area which has shown significant growth over the last few years. The ongoing situation with "illegal" overdraft charges would appear to...Read More
Why is the UK financial system under yet more pressure?
While the UK government has poured billions upon billions of pounds into the UK banking system it would appear that the UK building society sector, for years a rock solid foundation of the UK economy, is potentially on the verge of serious financial trouble. While we have seen a number of rescue bids in the past and the collapse of the Dunfermline building society, many believed these were instanc...Read More
Lloyds bank under pressure from EU Competition Commissioner
In line with the Royal Bank of Scotland situation, Lloyds bank is set to receive a notice from the EU Competition Commissioner with regards to state aid and the necessity to sell off part of the company's operations. As with Royal Bank of Scotland, Lloyds bank looks likely to be forced to sell off around one sixth of its market share in the UK which will result in significant branch closures or br...Read More
Dunfermline Building Society collapse could cost taxpayers up to £800 million
As the UK government looks to announce a possible buyer for the "healthy parts" of the Dunfermline Building Society it has been revealed that UK taxpayers will be left to take on an £800 million mix of risky commercial property and mortgage securities. While the UK government has been quick to confirm it is unwilling to take on the business as a whole, preferring to sell off the more viable secti...Read More
Donald Moffat receives £100 billion overdraft bill from Barclays!
When 38-year-old Donald Moffat logged onto his Barclays bank account yesterday morning expecting to see his account in the black he was astonished to say the least when he encountered a £100 billion deficit on his current account!
While the UK economy and savings rates may be under pressure the Scottish student was shocked when he realised he had apparently spent enough money to ba...