This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorI’d like to, if I may, discuss Free Banking. Now I understand £100′s of billions of tax-payers money being pumped into the banks might not be described as ‘free’ but I’m talking account services here. Us Brits expect free banking, we don’t even think about an alternative, it’s free to have and use an account but it aint like that across the water, in both directions.
In Europe and the US, customers pay monthly fees for their account along with charges on most transactions and with the raft of changes proposed by HM Government, it’s only a matter of time before our Bentley boys begin charging for the basics.
The financial institutions have already voiced their thoughts on the matter, Nationwide Building Society believes that a proposed change to credit card T’s & C’s could cost banks more than £500 million in lost revenue. And if the bank charges case rules against the banks then they stand to lose an estimated £10 billion, how will they cover that gaping whole? We haven’t got any tax money left.
Another large expense for them is the hundreds of thousands of PPI claims which will cost another few billion. All these positive steps towards a better banking system are necessary but we should be under no illusion – they are not cost-free.
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