I think the charge only applies to people who don't bank at least 1500 pounds a month..or have a balance of 1500 in their accounts. For most people who use it as their main account, that's not likely to be a problem.
It said on the radio this morning it was really aimed at flushing out dormant accounts. Just as in life, in banking there is no such thing as a free lunch: "free" banking is presumably paid for by banks charging more in other areas like overdrafts etc.
If people don't like it, they will no doubt close their account. If that makes other charges more reasonable for users.. fair enough.
I always thought that free banking was funded by the billions of pounds in uncleared checks that the banks have floating around every day.
How is it that when I phone to pay a bill, (even a credit card bill from the same bank) that they can take the money out of the account 24 hours a day, but it still takes three or four 'working days' for the payment to be made. A little old man with a bicycle could do it faster.
Banks are one big rip off - as can be seen by the profits they make from our money.
I think the charge only applies to people who don't bank at least 1500 pounds a month..or have a balance of 1500 in their accounts. For most people who use it as their main account, that's not likely to be a problem.
Yeah, OK for me. I wonder if the other banks are going to follow suit?
In theory this sounds ok, they do need to get rid of people who have useless accounts to make them more efficient and save money. But it still makes me think banks already charge us a lot for very little, often get things wrong.
Having said that, I;ve been with Natwest for 6 years, never had any problems with them.
