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.
Let your bank know if you are in difficulty!
As the number of people in serious financial trouble continues to rise in the UK, yet again we are seeing more and more people burying their heads in the sand and hoping everything will be okay tomorrow. Debts are piling up, income is being spent on interest and pressure is building on everyday life for many people in the UK. So why are people still burying their head in the sand and hoping everyt...Read More
Royal Bank of Scotland fined £5.6 million by FSA
The Financial Services Authority (FSA) has today confirmed that Royal Bank Scotland has been hit with a £5.6 million fine with regards to a failure to comply with FSA regulations. It is believed that internal monitoring of funds transferred from Royal Bank of Scotland fell below acceptable levels in 2008 with the potential for funding to reach organisations or people facing Treasury sanctions....Read More
Anti-fraud group warns of new computer scam
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Alistair Darling set to announce blueprint for banking sector
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FSA defends actions over Dunfermline Building Society debacle
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Those who f...