free currant accounts

22 Oct

london 8.41am 13.5C cloudy thursday 2015

i like that my bank account is free, in that they dont charge me to keep one. so i dont quite understand why they say it is a bad thing.

of course others pay if they go in the red, or use their services, but isn’t that how the system works, throughout the capitalist way… you pay for extras, and so you should. if u get overdrawn, you should damn well get penalised for it… and pay for unauthorised loan of the money.

 it is never mentioned that we (private personal ) currant account holders get free check books, free credit cards, free debit cards… free direct debits too…free to put in money or withdraw money (just dont do it on a Automatic machine (ATM) that wants u to pay. (dont laugh, businesses have to pay for their check books, and i bet they pay to withdraw money from it.) so it is all a good thing isn’t it?

in other countries they have to pay for each cheque and stamp duty on the cheque. and have to pay a annual fee for having a credit card. so i cant understand why they want to abolish this free currant account and force banks to change. thankfully this report do not ask for that. instead they ask people to change their bank accounts, like they change their gas and electricity or phone supplier. i say it is not the same. you dont really save very much if u switch banks. £70 a year,the report says but how? unless you go for an account that pays you interest on your currant account, but with the small % interest they give nowadays it is hardly worth the bother. to me what is more important is how easy it is to communicate with them and how easy it is to give them instructions or check on my account balance and transactions… and internet banking does all that… that would be the sole criteria for me in choosing a bank. the interest is so low in all of them it is not a factor in chasing that by constantly switching… though u dont have to switch banks to invest in any of their high interest accounts. like mortgages , u dont have to be a customer of that bank with an account with them to get a mortgage from that bank. so why bother to switch banks? sometimes i think this obsession with competition is a bit bogus.

some things in life just do not require competition.

 i am really surprised to see in the chart that bank of scotland have 27% of the currant accounts. that bank nearly went bankrupt and yet it has so many people banking with it… no wonder the bank of england bailed it out, when it did. at the time i was a bit puzzled why they did, spending so much money to bail it out. now i know. haha. it was too big to fail. that is why.

the conversation in the guardian about all this free currant account.

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