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.
Computer systems fail at Nationwide
Nationwide has become the latest financial organisation to suffer a system failure, which has meant customers are unable to access online banking as well as account details in branches. The building society has apologised to customers who have been affected and said it will look to sort the problem out as quickly as possible. This is not the first time that customers of Nationwide have had...Read More
Barclays extends Smartphone cheque scheme
05/12/2014 One million more people will be invited to take part in a scheme, which allows people to pay a cheque into their bank account by taking a photo of it on their smart phone. Barclays, who are running the scheme, have only made this available to a few thousand customers so far, but plan on extending the scheme to one million more customers thanks to its success. Customers who ar...Read More
Bank collapse compensation changes set for 2011
The UK government and the Financial Services Authority (FSA) have today announced that various new regulations regarding bank collapses will come into play on 31 December 2010. This will see savers compensated within a seven-day period, if their bank collapses, and also afford protection to those who have loans with the same organisation.
This is all within the EU deposit guarantee...
Alistair Darling to meet City bankers in Davos
Alistair Darling will meet an elite band of City bankers in Davos on Friday amid concerns that the UK government, and the US government, are hitting the financial sector too hard and will hold back a recovery in the worldwide economy. The UK government's windfall tax, a call for a new Tobin tax and the US government's banking tax levy has certainly caused concern within the financial markets and i...Read More
Are We Nearing The End Of Free Banking?
If you read the financial press you might be mistaken for assuming that banking has been 'free' for many years. As the UK banking sector continues to soften customers for the change from 'free' banking to regular charges for your banking arrangements many people are starting to worry. What will it mean? How high will the charges rise?
At this moment in time the truth is that nobod...