[Unjucky]

They're talking about this on the radio. Apparently the banks want to do away with cheques. I'm not too fussed about that as I hardly ever use them now.

But the bit that did prick my ears up was they were saying how a judgement is expected next week re the banks charges for people going overdrawn. It is expected that it go against the banks and to compensate for loss of profits the banks could start charging people to get their money out of ATMs. That ridiculous! Why should I have to pay to get MY money??

[nerohedfrs]

They're talking about this on the radio. Apparently the banks want to do away with cheques. I'm not too fussed about that as I hardly ever use them now.

But the bit that did prick my ears up was they were saying how a judgement is expected next week re the banks charges for people going overdrawn. It is expected that it go against the banks and to compensate for loss of profits the banks could start charging people to get their money out of ATMs. That ridiculous! Why should I have to pay to get MY money??

Because someone built and supports a network of bank branches and ATMs that allow you to have access to money without carrying it all with you. You've then entered into a contract with this party whereby they will invest your money, while keeping it reasonably safe, and providing you with the ability to retrieve it at your convenience, in return for keeping the majority of the profit from investing it. However, since the return on investments has tumbled, they can no longer support this vast banking machine through investment returns alone. Therefore, they propose to charge you for the convenience of withdrawing your money anytime anywhere you want.

Seems pretty reasonable to me, and if you do not like it, you're perfectly within your rights to walk into the bank and close out your account without paying any fees. Where's the outrage?
It's a free market system, and you should feel free to vote with your dollar.

Are you really that self-absorbed? Because it appears as you've got the feeling of entitlement down.

[67Irralphaisa]

How do you pay your rent if you don't use a cheque?

[HarryMet]

Because they're providing you with a service? This is what I was pointing out when I said that free banking is an illusion.

If you don't want to pay for the service, just have your employer pay you by cheque. Oh right, you can't spend a cheque can you, so you'll have to get it cashed. But the banks want rid of them, and even if they didn't, they'd have to take a cut to cover the risk that it would bounce.

Best way is obviously to get paid in cash and keep it under the bed Bungle; seeing as you don't think the banks provide any sort of services, you shouldn't have a problem with it.

[gghrdfffhfyj]

It'll either be an ATM usage fee or a monthly account charge - I know which one I'd prefer (and it's the one I'm already used to...).

[poRmawayncmop]

lots of ATMs around here cost to use, the ATM in my college costs £1.75 to use, and quite a few ATMs around town costs £2 to use.

[Unjucky]

Because someone built and supports a network of bank branches and ATMs that allow you to have access to money without carrying it all with you. You've then entered into a contract with this party whereby they will invest your money, while keeping it reasonably safe, and providing you with the ability to retrieve it at your convenience, in return for keeping the majority of the profit from investing it. However, since the return on investments has tumbled, they can no longer support this vast banking machine through investment returns alone. Therefore, they propose to charge you for the convenience of withdrawing your money anytime anywhere you want.

Seems pretty reasonable to me, and if you do not like it, you're perfectly within your rights to walk into the bank and close out your account without paying any fees. Where's the outrage?

Are you really that self-centered?

Because they're providing you with a service? This is what I was pointing out when I said that free banking is an illusion.

If you don't want to pay for the service, just have your employer pay you by cheque. Oh right, you can't spend a cheque can you, so you'll have to get it cashed. But the banks want rid of them, and even if they didn't, they'd have to take a cut to cover the risk that it would bounce.

Best way is obviously to get paid in cash and keep it under the bed Bungle; seeing as you don't think the banks provide any sort of services, you shouldn't have a problem with it.

They provide me with a service. I let them have MY money! All this is because idiots can't keep their accounts in credit and don't want to be charged for going overdrawn. I keep my nose clean and I get penalised!

How is it "self-centred" to expect to continue receiving the same service that has worked perfectly well for years?

Closing the account is not an option. It's impossible to function into today's world without a bank account.

How do you pay your rent if you don't use a cheque?

I use my account's bill payment service online.

[gghrdfffhfyj]

How is it "self-centred" to expect to continue receiving the same service that has worked perfectly well for years?

Except, of course, that hasn't worked perfectly well - for you, maybe, but not for the banking system as a whole.

[nerohedfrs]

How is it "self-centred" to expect to continue receiving the same service that has worked perfectly well for years?

Because today is different than yesterday.

Closing the account is not an option. It's impossible to function into today's world without a bank account.

Of course it's possible. You just CHOOSE to have conveniences that come with having a bank account. Therefore, you shouldn't be surprised when you're charged for your services.

I don't know what you actually do for a living... but why don't you go ahead and provide your services for free.

I use my account's bill payment service online.

Then don't be surprised for the convenience of not having to write a check, buy a stamp, fill out a form, and drop the bill in the mail.

[Unjucky]

lots of ATMs around here cost to use, the ATM in my college costs £1.75 to use, and quite a few ATMs around town costs £2 to use.

Yeah but they're not regular bank (as in at a bank) ATMs are they?

Except, of course, that hasn't worked perfectly well - for you, maybe, but not for the banking system as a whole.

What has changed......apart from idiots moaning that they get charged when they go overdrawn (aww didums)?

Someone on the radio just made another point. We (we as in the British taxpayer) just bailed out the banks for millions of pounds, and now they want to charge us for getting our own money out!

[poRmawayncmop]

Yeah but they're not regular bank (as in at a bank) ATMs are they?

Ah no, they're not, theyre usually at places you NEED money (like outside a cinema haha) theyre such a scam.

[HarryMet]

They provide me with a service. I let them have MY money! All this is because idiots can't keep their accounts in credit and don't want to be charged for going overdrawn. I keep my nose clean and I get penalised!

You let them keep your money safe and available to you at any one of millions of locations worldwide by either withdrawal of cash or electronic, card authorised payment. Why is it wrong to pay for this service?

Assume a world where everyone maintains a credit balance; where would the funding for services come from then?

I've paid directly for banking services for the past 6 years and have no problem with doing so. I even pay an annual fee on a charge card, because I see the difference in the level of service I get for doing so.

EDIT On the bailout point, we (as taxpayers) haven't just given free money away either. It's been dished out as loans and securities, with associated interest payments, service costs and (hopefully) ultimate capital repayment. The ultimate goal was to save the banking system, not expect them to stop acting commercially and do us a favour. If they don't act commercially and regain capital value, then we really will have given free money away.

[DoctorDulitlBest]

How do you pay your rent if you don't use a cheque?

money order??

[Riprincattiva]

Are you really that self-absorbed? Because it appears as you've got the feeling of entitlement down.

I think what he is upset about is a recent system that seems to have been put in place where people in the UK who were charged for going overdrawn in the last five years or so have been able to get full retroactive refunds. Which as you can imagine has cost the banks dearly. Now in some cases this seems fair. Myself I was only withdrawn once in that period but unfortunately could find any paper work. In this case a payment came out early and it put me 9 pounds over drawn. I was charged 20 pounds even though the funds were there the next day.

Then there's the other extreme, I had a colleague at work who came in with paperwork to make a claim for about 1600 pounds. That means she'd gone over drawn about 80 times in five years! ****! If you can't keep from going overdrawn more than once a month you deserve to be charged but this was how it was working out. My sister was working in the legal at the Halifax settling these claims. They were routinely receiving claims in the 100s of pounds.

What Bungle's getting at is why should people who can't handle their finances have to face zero consequences while people who are good customers have to pay for the experience. Banking has generally been 'free' in the UK for decades. So understandably those who played by the rules are wondering why they should have to pay for it.

[NutChusty]

free banking? which banks provide services for free.

my annual bank charges arent even close to covered by my savings interest. over here we're charged for every single service bar actually going into the bank for a quick consultation. even the use of ATM's are charged annually, altough its not much for the convenience they provide but we still get charged

edit: just checked my account, ATM services are charged on a 6 month period

[cheaploans]

I am a proud member of the nationwide building society, who know how to look after their customers, and wouldnt load these extra charges on us, because I own a part of the Building Society! If they did, I would vote for them to become a bank, and get a nice dividend, since I have been with them for 16 years! [thumbup]

[Hammaduersnes]

free banking? which banks provide services for free.

my annual bank charges arent even close to covered by my savings interest. over here we're charged for every single service bar actually going into the bank for a quick consultation. even the use of ATM's are charged annually, altough its not much for the convenience they provide but we still get charged

edit: just checked my account, ATM services are charged on a 6 month period

Credit Unions tend to offer "free" services. The local one i am part off, gives pretty much everything for free; no monthly fees, no check fees, no atm fees. They tend to make their money through their loans (from what I understand).

[Inonanialry]

Well, cheques have been dead for years. Only thing I use them for is to pay my rent and I'm the only one of my friends to do it this way, everyone else pays by bank transfer/direct debit.

I'd rather banks gave the option to keep the account and services open for "free" but still have the same charges if you go overdrawn (I.e keep the system exactly as it is now) if you KNOW that you'll get charged £35 every time you go overdrawn how can you complain when you go overdrawn and get charged?

If you have a crap sequence of events and can't help running out of money (Wage gets paid late or something) just give the bank a call once you know it'll happen and arrange a short term overdraft, usually they have no problem with that.

I understand that if they are loosing a revenue stream then they need to make it up elsewhere but to be honest, with the way the system works currently... those of us that do "keep our nose clean" and not incur any charges are probably the type of customers they least want. We use their services and put nothing back in return as we don't amass any charges.

Will be strange to see what happens though, the only way it could possibly work would be is if all the banks start charging for all accounts at the same time.... as otherwise everyone will just switch if one bank keeps a "free" account.

[XzBZB2UV]

I've never written a cheque... I don't see the point in them.

To pay rent you can use Bpay or direct debit.

I also don't understand travelers cheques. ATM cards and credit cards work just fine overseas with minimal conversion cost.

[Dwemadayday]

I also don't understand travelers cheques. ATM cards and credit cards work just fine overseas with minimal conversion cost.

except, there are fees incurred in using the atm itself, so you are screwed twice... once by the fees and once by the conversion (and associated fees there)

A travelers check is free (from your bank), secure and easily replaceable if lost or stolen.