Build your perfect bank account.

[natweststaffmember]

Re: Build your perfect bank account.

Perfect world so you chose - how would you like your banking account to be structured?
Cannot remember how I answered these questions before so here goes it again.
I would like current account with the ability to have Standing Orders and Direct debits.
How would you like to see the retail banking sector regulated ?
With a completely independent body not only made up of banking people but people like the CAB who deal with people in financial hardship and money problems.
Would you be willing to pay a monthly fee - for what kind of benefits ?
I still favour the small, medium and large fee based idea but I would be open to a yearly overdraft price structure for renewing overdrafts and perhaps paying for any additional debit cards that I would have to get if I lost one(cos queueing up would certainly be punishment enough, lol).
How would you like your overdraft to be managed ?
Renewal fee, and fee for increasing the overdraft if agreed. I don't want fees for excess overdrafts but high interest on them though.
What facilities would you like to have ?
the ability to opt out of overdraft services.
Would you like to see any changes to the Direct Debit system ?
Consumers having the ability to change the date of the Direct Debit without having to jump through hoops. Furthermore, that the DD Guarantee is more widely trained to frontline staff who seem to currently act as judge and jury, something they have no right to do.
Looking for viable thoughts on models for Basic Accounts and Current Accounts. (ie. no nude bank staff and crates of lager)

Basic account: no debit card just an ATM card, no standing orders or direct debits allowed.
Current accounts: debit card and standing orders and direct debits allowed, overdraft for a fee renewable every 12 months but which must be done with a signature otherwise the opt out is activated.
Monthly fees could be achievable depending on cost.

[hicskis]

Re: Build your perfect bank account.

I already have built my ideal structure - both in the UK & Germany because the facilities are already in place and have been since i can remember.

I only pay interest on my overdrafts in Germany (as there are no charges) - i don't use my overdraft facilities in the UK.

I pay no monthly fees on my accounts - which i could here in Germany - but don't have to because of competition and choice.

I have credit cards that cost nothing - in fact i was given money or incentivies to take them out - for example Amazon.

If i borrow i work out the best cost to me.

If i transfer money overseas i do so at the best rate i can find.

Those things do have a cost - yes.

So i suppose what i am saying is that you pay for what you use - but bank accounts themselves can - as they do now - remain free of cost if you choose.