And this is the man to thank:
Surely, the regulator should understand that free banking for those who keep their accounts in good order is woven into this country's financial fabric – like good old fish and chips or bangers and mash.
I'm unsure why, looking at him. you'd expect him to know that or care about it. Like our PM he's yet another example of how 'diversity' isn't the panacea the progressives claim it to be.
It's a reward for thrift and should not be abandoned. Most people, especially the elderly, will simply not entertain the idea. A financial uprising? Don't rule it out. For example, we had one 25 years ago when some of the big banks wanted to charge non-customers for using their cash machines. Consumers won that battle, and I am sure they would put up an almighty fight over the loss of free-in-credit banking.
Why should consumers have to gear up again because once more the Financial Conduct Authority has proven to be a watchdog with no teeth? And for those saying 'Well, just change your bank' it's not that easy.
Next Wednesday, the Treasury committee will grill the bosses of Barclays, Lloyds, NatWest and Santander over whether they are giving customers a fair deal – against the backdrop of a persistent cost-of-living crisis. I trust Ms Baldwin will use the opportunity to grill them over whether they intend to abandon free banking for those who stay in credit. Maybe she should also ask Mr Rathi to come along.
I doubt that will do any good.
While we may be accustomed to 'free' banking it only appeared in the 70's as high street banks started competing for customers as companies began shifting away from paying wages in cash. Originally required accounts to be kept above a certain balance (£50 l think). Not exactly part of banking dna in this country more an expensive loss leader. Basic current accounts will remain free so most people will still have access if they want it.
ReplyDeleteWhen the cash machine fight was on consumers had a large building society on there side.
ReplyDeleteNow the last building society is un the hands of a CEO who is desperate to turn it into a bank the public will have no one to fight for them
Rathi? Yet again, another of those traditional English names.
ReplyDeleteI find it somewhat amazing to view just how many of this demographic have been 'installed' (note, nobody got to vote, or even have a say in his "appointment", like so many others, including his ultimate boss), not just in all the positions of power in 'this' country, but across the entire West (or at least the Anglosphere parts of it).
It's almost as if 'they' (the globalists) having been shown the "African" demographic are too lazy/incompetent/incapable or just unwilling to comply (pick as you see fit), having flirted with the Chinese demographic (till they showed loyalty to the CCP wherever they are, and however much they are bribed) so .... they've settled on the "Indians" as their go-to puppets.
They charge for bank accounts in France and I believe in the USA. Not sure about elsewhere.
ReplyDeleteI think that the problem over ATMs was not between the banks themselves but between the banks and the building societies; the building societies did not have a lot of ATMs and wanted their customers to be able to use the banks' ATMs with little reciprocity.
"While we may be accustomed to 'free' banking it only appeared in the 70's as high street banks started competing for customers..."
ReplyDeleteNo doubt if the big banks start charhing, one or two og the smaller ones will offer free banking as an incentive to switch, but that's too much hassle for most.
"Basic current accounts will remain free so most people will still have access if they want it."
I hop you're right, but I fear you're not.
"When the cash machine fight was on consumers had a large building society on there side."
And with the switch to cashless, did it really do any good?
"Rathi? Yet again, another of those traditional English names.
"
Indeed!
"They charge for bank accounts in France and I believe in the USA. Not sure about elsewhere."
I've never been charged in the UK, but then, I've always been in credit.