free banking, overdrafts etc... finished?
Discussion
I've had a fall-out with my bank for changing my T&C so that any usage of overdraft is chargeable at £1 a day. This should not really be an issue as this is my household bills account with the same amount going in and out every month. The only issue is timings of payments etc, and with bank holidays sometimes it can go into overdraft for a day or so and it really pisses me off that it costs me money because of the banks. Am I on an un-winnable crusade? Do they all do this now in light of all the s
t over bank charges... like a nice little "fk you" to the public, their customers?
t over bank charges... like a nice little "fk you" to the public, their customers?Blown2CV said:
I've had a fall-out with my bank for changing my T&C so that any usage of overdraft is chargeable at £1 a day. This should not really be an issue as this is my household bills account with the same amount going in and out every month. The only issue is timings of payments etc, and with bank holidays sometimes it can go into overdraft for a day or so and it really pisses me off that it costs me money because of the banks. Am I on an un-winnable crusade? Do they all do this now in light of all the st over bank charges... like a nice little "fk you" to the public, their customers?
I had the same argument with my spanish bank. Went to firstdirect. Great. They have sensible of rates.t over bank charges... like a nice little "fk you" to the public, their customers?all i want is a free buffer of a few hundred quid to cover off cutover from one month to the next... it never stays in the red for more than a day or two, it all depends on the timings! Maybe I'm not the custom they want... they either want people to have no overdraft facility at all, or sit in the red and accrue more and more charges and interest, then do an IVA and they get part of a lot of money.
Blown2CV said:
all i want is a free buffer of a few hundred quid to cover off cutover from one month to the next... it never stays in the red for more than a day or two, it all depends on the timings! Maybe I'm not the custom they want... they either want people to have no overdraft facility at all, or sit in the red and accrue more and more charges and interest, then do an IVA and they get part of a lot of money.
So you want your bank, a commercial enterprise, to give you an interest free payday loan on a bank account that runs at a net balance of £0 and therefore offers no way for the bank to use your money to make a profit?Blown2CV said:
all i want is a free buffer of a few hundred quid to cover off cutover from one month to the next... it never stays in the red for more than a day or two, it all depends on the timings! Maybe I'm not the custom they want... they either want people to have no overdraft facility at all, or sit in the red and accrue more and more charges and interest, then do an IVA and they get part of a lot of money.
Why not keep a float of a few hundred pounds in the account, thereby in theory it should never go overdrawn and therefore no overdraft fees.A decent sum gets paid in there every month, and gradually disappears over the period to the next pay day. Banks are meant to make their money from taking the money in the meantime and investing it. Not by charging me extra fees. I don't want a fking payday loan, I just don't want to check a few hundred quid in there and have it tied up as a buffer because they are in a huff with consumers.
king payday loan, I just don't want to check a few hundred quid in there and have it tied up as a buffer because they are in a huff with consumers. Stick a small buffer amount in another savings account and just cycle it between accounts as required? If it's only a small amount and you're only in the red for a few days, presumably it wouldn't be that difficult to manage your funds better to avoid it in the first place? Tesco don't give me free food when my cupboard is bare.
ETA - you're thinking about spending £7k on a watch and can't avoid going overdrawn? Really?
ETA - you're thinking about spending £7k on a watch and can't avoid going overdrawn? Really?
Blown2CV said:
Banks are meant to make their money from taking the money in the meantime and investing it.
How are they meant to invest your money if it's only there for a week or so? If all there customers are hovering around zero, then it's a hardly a big wad of cash to go shopping with on investments.fido said:
How are they meant to invest your money if it's only there for a week or so? If all there customers are hovering around zero, then it's a hardly a big wad of cash to go shopping with on investments.
Spin it round. Is the OP happy that his money (when he's in the black) is being given to people who are overdrawn free of charge?fido said:
How are they meant to invest your money if it's only there for a week or so? If all there customers are hovering around zero, then it's a hardly a big wad of cash to go shopping with on investments.
perhpas it wouldnt be such a sour pill to take if the banks werent also charging for transactions or even a monthgly fee for even having an account.. in some cases for even paying money into an account can cost you money..hornet said:
Is the OP happy that his money (when he's in the black) is being given to people who are overdrawn free of charge?
If they've paid their monthly fee or have sh8t loads in their private banking account, then they should have priority over someone who gets their 'free banking'. The UK is the only country in Europe to offer free accounts. About time it was phased out IMO.Blown2CV said:
A decent sum gets paid in there every month, and gradually disappears over the period to the next pay day. Banks are meant to make their money from taking the money in the meantime and investing it. Not by charging me extra fees. I don't want a fking payday loan, I just don't want to check a few hundred quid in there and have it tied up as a buffer because they are in a huff with consumers.
It's not that they're in a huff - this account is essentially worthless to them and they need to make some money from administering it. Put a bit more money in, pay the overdraft charge, or move banks. It's your choice.king payday loan, I just don't want to check a few hundred quid in there and have it tied up as a buffer because they are in a huff with consumers. Blown2CV said:
A decent sum gets paid in there every month
...but not enough to get you through the month.Blown2CV said:
Banks are meant to make their money from taking the money in the meantime and investing it. Not by charging me extra fees.
Says who? They can make money whatever way they wish so long as it's legal.Blown2CV said:
I don't want a fking payday loan
Well have enough money in your account so you don't go into your overdraft then.king payday loanYou can't have it both ways unfortunately.
about to move abroad, but want to keep UK bank account presence - currently with Natwest Private Banking but wondering if its worth keeping whilst I'm abroad or whether I should find a better alternative - seems daft to pay a monthly charge for something that will effectively be dormant and I'm unlikley to use their additional services (concierge etc), albeit I'll keep a decent chunk in savings in it.
Any others been in a similar position?
Any others been in a similar position?
OK I now appreciate there is no such thing as free banking. I didn't want to put a couple of hundred quid in there just to prevent the odd sneak into overdraft, but it looks like I will have to do it. However to everyone who has chipped in their two pence into this thread assuming i can't even cover my own costs - fk OFF. This is about timings of payments, and me not wanting to fund the bloody account with several hundred quid just to avoid fees. I am NOT a payday loan scummer, and I have more than enough money every month, I just don't like putting it somewhere where I can never use it, but the banks can make money from it time and time again. You just read half of it and jumped to conclusions, you condescending sts.
k OFF. This is about timings of payments, and me not wanting to fund the bloody account with several hundred quid just to avoid fees. I am NOT a payday loan scummer, and I have more than enough money every month, I just don't like putting it somewhere where I can never use it, but the banks can make money from it time and time again. You just read half of it and jumped to conclusions, you condescending sts. Have you considered changing the dates of your payments to better dates in the month. Most lenders allow you to change the dates of direct debits.
Also, not all people who have had to resortto payday loans to feed their kids are scum. Some are a victim of circumstance and hope you never find yourself in that position in the future. Lose your job, divorce etc...
Also, not all people who have had to resortto payday loans to feed their kids are scum. Some are a victim of circumstance and hope you never find yourself in that position in the future. Lose your job, divorce etc...
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