The end of free banking? ( again ?)

[Legal Beagles]

The era of free banking could come to an end after ministers announced plans to impose strict caps on credit and debit card fees, banks have warned. The Government yesterday published a consultation on plans to cut the fees collected by banks from retailers when people use debit or credit cards. However, the UK Cards... Read more »
Read More -> The end of free banking? ( again ?)


More...

[teaboy2]

Re: The end of free banking? ( again ?)

Those are charges on credit and debit cards, not bank accounts par se - so we would have to pay annual fee to have credit or debit cards if they do start charging. Simple solution is to tell the bank you don't want a debit or credit card, and instead go back to using cheaques or withdrawing cash over the counter and paying in cash. Obviously online purchases can be made by bank transfers via the likes of Paypal too.

Or alternatively banks could bring in their own debit cards for use at cash points only, and forgo any connection to the likes of MasterCard or visa that have a monopoly in the credit/debit card sector.

[jon1965]

Re: The end of free banking? ( again ?)

Is it yet another example of the banks making unrealistic threats to try and alter government policy . I know its part of the political process but it is another nail in the coffin of democracy