I’ve had 2 bank accounts with two different banks, for over 50 years. Within the last 24 hours, BOTH have charged me £3 for basic (what I would call) requirements. 1/ To get my credit card up and running, (CHARGED ME!) 2/ Because I ‘failed’ to put over £1500 per month into the other bank’s account ) NO, NOT a savings account, a CURRENT account, even though that account has a few thousand £ in there already. 2 days of my life, on the phone for hour upon hour just for some child to patronise me on the phone and treat me like I’ve not been born yet? I’m now going back to my granddparents way of thinking. Better sticking it under your mattress. You actually get CHARGED for THEM ‘owning’ your money. No point in the really is there?
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I know the pain. My bank keeps deactivating my account because I don’t use a checking account for several months. The fee on it is zero because it’s linked to another account that I do use.
I haven’t had a bank charge me for setting up a credit card but I haven’t gotten a new one in a long time. Didn’t know they could do that.
And yes, those service fees are everywhere. It took me hours talking to a customer service person to set up the account to avoid those. And several customer service reps. contradicted each other multiple times. Infuriating.
Welcome to the forum, Nickywillo.
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As long as there are other banks that are completely free of charge it isn’t that bad. I haven’t paid any fees since 1995 but I haven’t used any services other than using a current account either.
Loathe is a strong word but I have had my ups and downs with the banking system too.
Credit Unions were my favoured account and over 30 years ago I joined BHP Credit Union which later combined with BP Credit union to form Blue Sky. For many years I was very happy with them until they were bought out by Australian Unity Mutual Society who changed everything including charging for the use of their credit card.
During this time I also had a credit card with Virgin Money who eventually were bought out by Westpac bank (one of the big four) so after a blazing row with Australian Unity over their threatened fees I opened an account with Westpac and they have been OK. So far have never yet paid any bank fees.
Won’t have anything to do with Australian Unity who I think are a bunch of bastards and certainly won’t be using any of their aged care services in the future.
In the UK, as many here are, we are fortunate as its easy to get a no monthly fee bank account. You might get hit by other charges (overdrawn, new card, etc.) but no monthly fee for an account is actually not that common in other countries. But it make me wonder if that means banks who offer free banking then really stoke up other charges.
Welcome to the forum Nicky…
I was with Yorkshire Bank since I was a nipper (The old Yorkshire Penny Bank) It has recently been acquired by Virgin Money and so far I haven’t had any problems. They don’t charge me anything for having a savings account or a current account, in fact they pay me some interest on both accounts, although on my current account it wouldn’t be enough to buy a cup of tea in the M&S cafe’ After being with them all that time, and having substantial savings with them, they didn’t want to give me a credit card, Tesco weren’t so choosy and they charge me nothing provided I pay up on time. I use the credit card often because the Tesco website is a cinch to access and keep tabs on your spending, but the Virgin internet banking account is so complex you would have thought I was trying to steal some official secrets…I shouldn’t complain really, they are only looking after my brass…bless em’
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The worst thing that happened here was that the World’s Greatest Treasurer in the Commonwealth Labor government sold the Commonwealth Bank, then the coalition NSW State Government sold the State Bank of NSW (ex Rural Bank of NSW) which was later sold to the Commonwealth Bank.
Once those banks were in private hands then they could do what they liked, their excesses curbed only by the Reserve Bank.
Banking is an incestuous industry.
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They’re all rotten to the core. Look at the mess they’ve made over the last decade alone. They are greedy and have zero compassion.
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