What would be a fair charge?

[DazNorthants]

Well if they cancelled ever account that had returned DD they wouldn't have many accounts left.

 

If they make a service charge then maybe they should pay a fair interest on our money they hold. !

[tamadus]

Firstly lets face it Banks make a fortune by taking several days to clear cheques etc. The only reason it takes 3-5 days to clear an item is because they delay it so they can make money on the overnight markets.

 

Second, they make another fortune out of interest on loans, overdrafts etc.

 

Thirdly, do any of us want a situation where they make money simply because we spend some of our own money ? If they levy charges per transaction then just using your debit card to spend YOUR money will incur a charge. Trust me it will be at least 50p a time not 5p. They will also charge for every withdrawal.

 

The rate of interest they pay for borrowing OUR money is pathetic at 1-2% when they are making something approaching 20%They are already charging us several times for the same thing so why should we pay any more ?

 

Lets face it the banks make far bigger profits than they can honestly justify and will continue to make those profits. Its not as if they have to spend it on research or development on a new product.

[DazNorthants]

Maybe it's time to go back to cash and money under the matress. I'd rather do this that let banks control my life for their profit

[tamadus]

I fully agree with you. Banks and fuel companies are out to control every aspect of our lives, through travel and money. Even the telecoms companies have reached the point of choking us to death the way banks and fuel companies have.

[Guest NATTIE]

tamadus-please look at the APACS site which show a diagram of the cheque clearing cycle. The banks may make money on the markets but APACS site has clear diagram which I know is what I was trained by those timescales.

We are one of the few countries that have no charges per se for having an account. I personally believe that it may be the beginning of the end, however, the amounts at the moment being refunded is peanuts in comparison with profits made. Until the peanuts become a significant dent then I do not see the charging policies changing.