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.
Telephone scams see massive increase
02/12/2014 The amount of money fraudsters have gained by using telephone scams has risen to £23.9 million, three times as much as it was last year. Financial Fraud action has released a report, which showed a significant rise in the number of consumers who have been targeted by phone scammers over the last year. Now, an estimated 58% of people have received suspect calls, compared to 41% l...Read More
Surprise ruling from UK Supreme Court
The UK Supreme Court has today ruled that the Office of Fair Trading (OFT) does not have the scope to rule on whether banking overdraft charges are "fair". This is a landmark ruling for the UK banking sector which has been fighting for some time against the OFT. The OFT is looking to push UK banks for compensation in relation to what they see as "unfair" banking overdraft charges. So is this the...Read More
Santander confirms 400 new UK jobs
Spanish banking giant Santander, the owner of Abbey, Bradford and Bingley and the Alliance and Leicester, has today confirmed a further 400 new jobs in the UK. The 400 jobs will be in call centres in Liverpool, Leicester and Glasgow and are on top of the 600 jobs announced in July. It seems that Santander is now making a major push for the UK market at a time when many UK banks are pulling back on...Read More
Danish Bank Does A Northern Rock!
News that Roskilde Bank in Denmark has been saved from the jaws of collapse by a government led bailout has brought back disturbing memories of the Northern Rock debacle in the UK. While this is the second Danish bank which has required third party assistance the Roskilde Bank is actually one of the majors, being the 8th largest in the country, against a relatively small operator earlier this yea...Read More
How will UK bank charges change in the future?
While the UK Supreme Court ruling today has effectively scuppered short-term hopes of compensation for many banking customers, it is not the end of the saga, although it is certainly a dent for confidence. However, there is a feeling that now UK banks have effectively seen their charges "rubber stamp" by the UK Supreme Court we may see a gradual increase in various banking charges which will incre...Read More